Posted Thursday, January 6, 2005 6:10 PM | Contributed by Jeff
Cedar Fair's total attendance was up 3% from 2003 to 12.6 million. Excluding Geauga Lake, attendance was down 1% at the company's amusement parks, and more at its water parks. The company also announced that the new general partner for Mall of America has decided not to renew Cedar Fair's management contract for Camp Snoopy, but that it would not have a "material financial affect" on the company.
Read the press release from Cedar Fair.
So when Geauga is out of the picture, the attendance was down 1%. With it, it's up 5%. That leads me to infer that GL's attendance is only 6% of the total of the seven parks? That's brutal. No wonder they're lowering the entrance fee. They gotta do something.
When I first glanced at the news title I thought that it meant they had lost the Snoopy character rights. That would have been bad as much as they hype all the Peanuts stuff.
Does Camp Snoopy at the Mall of America still have their Tampico Tumbler??
I don't have time to do the math but I think kpjb is not using the numbers properly.
The fact is that despite issuing more units in 2004, it's still trading over $30 and the quarterly distribution has stayed right where it's at.
I can hear it now "Six Flags Mall of America"
It will be interesting to keep an eye on Camp Snoopy to see how this affects the operation and quality of the park. I wouldn't be surprised if some day the Cedar Fair phones are ringing again.
While I'm sure CF is disappointed in attendance overall (especially at GL), Jeff is right...they're still making the numbers where it really counts. Revenue, profitability, and stock dividends have grown consistently, with a strong balance sheet. I'm sure the GL acquisition didn't go quite as smoothly in year one as they would have liked, but those things happen. Assuming we have better Summer weather this year, and with the right marketing message, I expect we'll see attendance improve significantly at GL, and return to normal at CP. (Although, if you look at CP's historical attendance levels, 2004 is still within the "normal" range...)
I think it'll be interesting to see what happens to "out of park spending" at CP next year due to the addition of Castaway Bay...
It would be a same if Cedar Fair had to eat that.
Also, if I recall correctly, the new management company for the MOA also operates a big mall in Canada (Edmonton) that also has an in door amusement park operated under a generic name. Perhaps this will be switched to match.
Because.............although it was not mentioned, to my understanding the Knott family had exclusive rights for the use of the Camp Snoopy name, and it was they who chose to allow a Camp Snoopy to operate at MOA. When CF acquired Knotts in 1997, they also acquired the rights and have spread the concept to most of their other parks (apart from VF, GL, and MiA.)
This might mean the whole CAMP SNOOPY name disappears from MOA, giving Valleyfair! the ability to have a Camp Snoopy finally.
Time will tell.
Not very much of the big picture. Of course Cedar Point and Knott's together make up 60%, leaving 40% to be split by the other 5 parks.
United Features Syndicate holds the rights to the Peanuts Characters in any form. So it is they who can allow or not allow the use of the characters, not Knotts. KBF, or now Cedar Fair, have purchased rights and have been granted permission for use. Perhaps you mean the "Camp Snoopy" name is strictly for CF, which may or may not be the case. I have no way of finding out.
Believe it or not, Cedar Fair is not one of the top partners who utilize Peanuts. Hallmark, ABC, Paramount, and Proctor And Gamble are a few companies who market Peanuts heavily because of their enduring appeal.
How do I know? I work for Scripps Howard which partly owns UFS.
However, based on past news releases I have (which may not be correct), the Knott family signed the rights for use of the Camp Snoopy name for Knott's Berry Farm in 1983, and under those terms, no other park in North America could have a Camp Snoopy in it if it was not Knott's. Hence, the Knott's Camp Snoopy MOA moniker in Bloomington.
When Cedar Fair acquired Knott's those rights transferred to them, to the best of my knowledge, allowing them to create Camp Snoopy at their other parks.
Now that Knott's and later Cedar Fair are no longer managing the MOA location, does the Camp Snoopy name disappear with it? Per the terms of the existing contract, yes. However, somewhere I have a press release that states the terms of the original contract, which I think was due to expire soon regardless. I also think there was some contractual reasons that they could not open a Camp Snoopy at Valleyfair! due to the proximity of the two parks.
What does Paramount (Viacom) do with the Peanut license? Is it just via CBS's broadcasting of the specials (and associated advertising), or other stuff too?
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