Cedar Fair continues its record revenue and attendance trend

Posted Thursday, July 6, 2017 9:49 AM | Contributed by Jeff

From the press release:

Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today reported preliminary net revenues through July 4, 2017 of approximately $524 million, a $2 million increase on a same-park basis when compared with the same period a year ago. This period represents approximately 40% of the Company's total operating days for 2017.

On a same-park basis, excluding the closing of a stand-alone water park in Cleveland, Ohio, preliminary net revenues were up as a result of a 1%, or 110,000-visit, increase in attendance to 10.5 million visits, and a 2% increase in out-of-park revenues to $62 million. Average in-park guest per capita spending of approximately $45.41 was comparable with the same period in 2016 when taking into consideration changes in foreign currency exchange rates.

"We are well-positioned to make 2017 our eighth consecutive year of record results, as we have been able to build upon the record attendance and revenues we achieved during the first half of last year," said Matt Ouimet, Cedar Fair's chief executive officer. "Mystic Timbers, a world-class roller coaster at Kings Island and the significant water park investments at Cedar Point Shores and Knott's Soak City have all set various attendance records at their respective parks. This early-season success of our capital investment program gives us great confidence as we head into the peak vacation months of July and August."

Ouimet noted that in 2017 Cedar Fair has again generated record season pass sales across its properties. The Company also reported increased sales from its other advance purchase channels -- including all-season dining and beverage programs; FunPix, its digital imaging platform; and group business bookings.

"Our current-year sales trends in advance purchase commitments are strong and support our positive outlook for 2017," added Ouimet. "We believe our significant capital investments, combined with the lengthening of our operating season via WinterFest, are contributing to these advanced sales and current year results, and will continue to create value in the long term."

Based on its year-to-date results and continuing consumer trends toward prioritizing experiences over possessions, the Company believes it is on track to achieve its FUNforward 2.0 long-term goal of $500 million of Adjusted EBITDA by the end of 2017, a year earlier than planned.

Read the entire press release from Cedar Fair.

Monday, July 10, 2017 10:34 AM

I remember Howard Johnson's. My family ate at one in Fredericksburg, VA right after my parents made our annual 2 hour drive to Kings Dominion only to find it was closed (they didn't realize the college semester had begun that week).

HoJo's was a superb substitute for a day at KD, let me tell ya.

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Monday, July 10, 2017 12:10 PM

I don't want to start a new thread, but people have got me thinking now.

Did Wildwater Kingdom close because it was losing cash or did it just make sense to sell that whole piece of land in one go and be done with it?

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Monday, July 10, 2017 12:11 PM

To the best of my (limited) knowledge Cedar Fair hasn't said

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Monday, July 10, 2017 12:34 PM

Ye gods,...

I knew I'd hear from your elderly ass after that one...

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Monday, July 10, 2017 2:11 PM

Captain Hawkeye said:

To the best of my (limited) knowledge Cedar Fair hasn't said

I was leaning towards it was just a sale of convenience for cash flow or just to give them some focus, unless something stopped it being profitable, after running it for a decade in that state.

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Monday, July 10, 2017 2:23 PM

I heard it was a conspiracy to buy it up in order to close it and they're all going to hell.
I can't remember exactly where I heard it tho.

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Monday, July 10, 2017 2:29 PM

from Gonch. :)

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Monday, July 10, 2017 3:05 PM

Hell is too good for those responsible for the crimes against humanity perpetrated at Geauga Lake.

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Monday, July 10, 2017 4:19 PM

They didn't call Richard Kenzel "Dick" for no reason. :-)

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Monday, July 10, 2017 9:49 PM

Rick_UK said:

Even without SeaWorld?

I had a great time at the Cedar Fair parks I visited this year. Hats off to them, I guess.

Yes, a right sized park without sea world worked long before Shamu landed in the 70s.

I'm not one of those still bitter or anything but trying to make geauga lake a competitor to CP was a terrible idea that it never recovered from. And in a world where shareholders want immediate results, the park was doomed unless someone independant wanted to come along and right size it. CF didn't do that. They never should have purchased it in the first place.

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Monday, July 10, 2017 11:09 PM

Does CF have any other standalone water parks? Maybe they just wanted to get out of that business and just keep water parks attached to amusement parks. But I think Liberty Ford wants to build on that land now.

And I thought Howard Johnson's was a hotel.

Last edited by Thabto, Monday, July 10, 2017 11:09 PM
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Tuesday, July 11, 2017 12:07 AM

Nope. They sold them in 2012 (San Diego) & 2013 (Palm Springs)

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Tuesday, July 11, 2017 9:08 AM

Last I heard, there's still one Howard Johnson's restaurant left, and it's only a couple miles from Great Escape. Start planning now.

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Tuesday, July 11, 2017 9:33 AM

Thabto said:

And I thought Howard Johnson's was a hotel.

No, Howard Johnson's was originally a chain of restaurants. The hotels came later.

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Tuesday, July 11, 2017 9:58 AM

Baskin Robbins' 3 extra flavors must have really killed HoJo's mojo.

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Tuesday, July 11, 2017 4:55 PM

Here's a pretty good article about the history and the information on the last remaining location

https://www.eater.com/2017/2/14/14601970/last-howard-johnsons-lake-...e-new-york

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Wednesday, July 12, 2017 12:12 PM

There actually used to be a Howard Johnson hotel near the Lancaster outlets that stuck around long after most of the other hotels and restaurants shut down. The only reason I remember this one specifically was because it had a tube water slide that came out of the side of the building and snaked back inside. I wanted to check it out because at the time, that was unusual for a hotel, and it was even more unusual for a failing chain hotel. It is no longer a HoJo, but last time I passed it, it was still a hotel and still had that slide.

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Friday, August 11, 2017 7:21 AM

BBC have done a little piece about the last Howard Johnson's - http://www.bbc.co.uk/news/av/world-us-canada-40866112/last-orders-for-an-american-roadside-legend

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