Cedar Fair management contract for Gilroy Gardens ended and no one noticed
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Gilroy Gardens Family Theme Park quietly ended its relationship with amusement park operator Cedar Fair L.P. at the end of last year. The company and the non-profit that owns the park mutually chose not to renew it.
Read more from Silicon Valley Business Journal.
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It likely doesn't matter that the park didn't announce it, but that seems like something a public company should have said somewhere.
Jeff - Editor - CoasterBuzz.com - My Blog
Public companies don't announce everything that they do. There are materiality thresholds. Gilroy's annual revenues are about $14 million. Cedar Fair's net revenues pre-Covid were about $1.5 billion. Less than 0.1%. And presumably the management fee Cedar Fair received was only a percentage of those total park revenues.
Maybe Gilroy should have said something though.
from 2020 annual report (description of business):
Our parks are family-oriented, with recreational facilities for people of all ages, and provide clean and attractive environments with exciting rides and immersive entertainment. Our parks include: Cedar Point, located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Knott's Berry Farm, near Los Angeles, California; Canada's Wonderland, near Toronto, Ontario, Canada; Kings Island, near Cincinnati, Ohio; Carowinds, in Charlotte, North Carolina; Kings Dominion, near Richmond, Virginia; California's Great America, in Santa Clara, California; Dorney Park & Wildwater Kingdom ("Dorney Park"), in Allentown,
Pennsylvania; Worlds of Fun, in Kansas City, Missouri; Valleyfair, near Minneapolis/St. Paul, Minnesota; Michigan's Adventure, in Muskegon, Michigan; Schlitterbahn Waterpark & Resort New Braunfels in New Braunfels, Texas; and Schlitterbahn Waterpark Galveston in Galveston, Texas. We manage and operate Gilroy Gardens Family Theme Park in Gilroy, California. With limited exceptions, all rides and attractions at the parks are owned and operated by us.
From 2021 annual report (description of business):
Our parks are family-oriented, with recreational facilities for people of all ages, and provide clean and attractive environments with exciting rides and immersive entertainment. Our parks include: Cedar Point, located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Knott's Berry Farm, near Los Angeles, California; Canada's Wonderland, near Toronto, Ontario, Canada; Kings Island, near Cincinnati, Ohio; Carowinds, in Charlotte, North Carolina; Kings Dominion, near Richmond, Virginia; California's Great America, in Santa Clara, California; Dorney Park & Wildwater Kingdom ("Dorney Park"), in Allentown, Pennsylvania; Worlds of Fun, in Kansas City, Missouri; Valleyfair, near Minneapolis/St. Paul, Minnesota; Michigan's Adventure, in Muskegon, Michigan; Schlitterbahn Waterpark & Resort New Braunfels in New Braunfels, Texas; and Schlitterbahn Waterpark Galveston in Galveston, Texas. With limited exceptions, all rides and attractions at the parks are owned and operated by us.
Missing from 2021:
We manage and operate Gilroy Gardens Family Theme Park in Gilroy, California.
it was hiding in plain sight in the 2nd paragraph of item 1, in the annual Form 10-K. The verbiage in that paragraph is identical to prior years, with the exception that the line about managing Gilroy Gardens was deleted. No other mention of Gilroy in the document at all.
Dang, GoBucks beat me to it while I was typing
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