Cedar Fair net revenue up 5% through July 5
Posted
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 5, 2015 of approximately $491 million, an increase of $24 million, or 5%, when compared with the same period a year ago. This period traditionally represents approximately 40% of the Company's full-year net revenues.
The higher net revenues are a result of a 2% increase in attendance, a 2% increase in average in-park guest per capita spending and a 10% increase in out-of-park revenues, including resort hotels.
"We are pleased with the strong start to the first half of 2015," said Matt Ouimet, president and chief executive officer. "Our strategy heading into this year was to provide experiences which would encourage our guests to visit our parks early and to visit them often. This included a focus on early season pass sales, the introduction of an all-season dining program across all of our parks, new spring-time events and delivering innovative new rides and attractions as early as possible. We believe our successful execution in these four areas has been the major driver in our current year growth in terms of both attendance and guest spending."
Ouimet stated that the overall guest response to Fury 325 at Carowinds, along with the new interactive dark ride, Voyage to the Iron Reef, at Knott's Berry Farm, have exceeded expectations. A major water park expansion at Valleyfair has also been well received by its guests, while the renovation of the historic Hotel Breakers at Cedar Point and improved bookings at the Great America Pavilion have both contributed nicely to the growth in out-of-park revenues.
"Our success so far, reaffirms our confidence in our long-term business strategy, our continued commitment to investing in the overall guest experience and our expectations that 2015 will be another record year for Cedar Fair," Ouimet concluded.
Read the entire press release from Cedar Fair.
I'm a bit surprised at these numbers considering the weather in June. Happy, but surprised.
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^ I was thinking the same thing. CP was dead last night when I was there. This weather has to be hurting the bottom line. Although, this article is talking about the chain as a whole, not just Cedar Point. I'm sure the Ohio parks will report lower attendance.
Brian
How much of CF's revenue comes from CP and KI? I know we had a record-rain May here in TX, but there's no CF park down here.
Hobbes: "What's the point of attaching a number to everything you do?"
Calvin: "If your numbers go up, it means you're having more fun."
Maybe that revenue is coming from selling ponchos. But CP had 2 washout days, including high winds and waves from the lake. And both of those days were on weekend days.
Brian
I would suspect that most of the 5 percent raise would come from Cedar Fairs warm weather states. And, since those parks are the ones getting the big new attractions. You can bet their attendance has peaked to make up for the lack of guests who have avoided the bad weather days in the northern states.
Most weekends here in Michigan have been dry, with rain during the week. It is mainly Indiana and northern Ohio that have getting dumped on.
I didn't do it! I swear!!
There've been a lot of people at Carowinds. Not sure why...
It's because it's better than Michigan's Adventure.
Hobbes: "What's the point of attaching a number to everything you do?"
Calvin: "If your numbers go up, it means you're having more fun."
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