Cedar Fair revenue, attendance up over last year, capital expenditure amount disclosed
Posted
Cedar Fair, LP, the parent company of Cedar Point, Knott's Berry Farm and other parks, announced yesterday that their earnings were up about 5% over last year after three quarters. In-park per capita spending was flat while attendance was up at most of the parks.
Cedar Point maintained its attendance mark while seeing a 15% increase in resort revenue. In-park per capita spending was flat, and they partially attribute this to strong season pass sales.
Dorney Park again had a record year, with attendance up another 4%. Worlds of Fun saw a 2% increase while Knott's was up 1%. Valleyfair was off less than 1%. Michigan's Adventure was flat, but increased per capita spending by 15%.
In a conference call today, CEO Dick Kinzel said that capital expenditures for 2003 would total around $45-50 million, including the Intamin Impulse Steel Venom at Valleyfair, and the unannounced ride at Cedar Point. He said the "major new thrill ride" would be announced in the "near future."
Kinzel also said that they're pleased with the performance of the Lighthouse Point cabins, cottages and full-hookup camp sites, and will likely expand that resort facility in 2004.
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But come on Jeff, what do you expect them to say? "We're running our parks into the ground, the jig is up, and people are avoiding us like the plague"?
Even I wouldn't do that, even if it were the truth...
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"Escuse me, can you tell me where the heck the Mystery Lodge is"?
No, I expect them to say, "Following our aggressive cap ex program, we plan to renew our focus on customer service and guest experience."
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Jeff - Webmaster/Admin - CoasterBuzz.com - Sillynonsense.com
"Climbing as we fall, we dare to hold on to our fate, and steal away our destiny to catch ourselves with quiet grace" - The Stairs, INXS
That sounds even worse lol...
At that point, they'd be outright lying.
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"Escuse me, can you tell me where the heck the Mystery Lodge is"?
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CPaction
"Is it over yet?" me going up the first hill on 'The Beast' age seven
I'm glad CF is doing well this year, especially with the economy down. I hope SF is doing well also, they both are awesome companies.
http://www.cedarpoint.com/public/inside_park/webcam/beach.cfm
Has anyone checked that out lately? The track is curving at the top, which suggests this may not be a tophat...
I think the bashing of Six Flags should be whittled down a little. Magic Mountain, prior to the Premier purchase of Six Flags, was already a great park. Try as they might, Premier still hasn't screwed it up that bad. That should be kudos to the M.M. executives and staff who stayed on through the transition.
The Six Flags parks that were struggling before they were Six Flags parks (ala WoA) generally are still struggling. That proves to me that throwing money at a park without getting your hands dirty by addressing the real problems doesn't solve anything.
When Cedar Fair goes in and buys a park they throw their company philosophy into it from the beginning. It has to start there, doesn't it?
Get over it. This isn't bashing, it's math.
CF has always very conservative with their expenditures and Premier has been very speculative.
CF has always been very, very anal when it comes to operations and SF is at best, not as anal.
Unless you're SF management and this is a direct reflection of your work, why take it so personally?
-'Playa
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The CPlaya 100--6 days, 9 parks, 47 coasters, 2037 miles and a winner.....LoCoSuMo.
Worlds of Fun, anal about operations? Ok, yeah sure. Good one. ;) Knott's on the other hand seems to have the anal part covered.
Just trying to give people a hard time today, don't mind me.
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Fav Steel: Millenium Force Fav Wood: Viper
and sometimes they've got it and sometimes they don't.
CF didn't have it when the new Knotts ride missed the opening day mark. SF doesn't have it today when they post a headline on their investors web page that says they will announce their numbers for quarter 3 on 11/13, but inside the article uses 11/14 as the date.
(11/13 for numbers 11/14 for Webcast)
CF may have learned with the early constuction at CP. Will SF learn? Let's hope so.
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"She said to me oh I love it when you're mean,
don't you know it's boring when it's quiet and serene.
I said to her no way baby, life ain't what it seems,
Well don't you know baby that life is a scream!" - Gordon Gano
*** This post was edited by CoasterDad64 on 11/13/2002. ***
*** This post was edited by CoasterDad64 on 11/13/2002. ***
Six Flags reported disappointing earnings again -- $1.31/share vs. the $1.45/share Wall Street was expecting, and a full $.08/share less than the same period a year ago, in which they blamed their woes on terrorism and the weather.
They also blamed the weather again:
Kieran E. Burke: "...Our October operations were not as strong as we had expected they would be, reflecting the impact of difficult weather in several markets, which constrained what would otherwise have been strong growth over last year. As a result, we now expect full year operations, excluding New Orleans, to generate consolidated revenues of approximately $1.04 billion, approximately 1% less than last year, EBITDA from consolidated operations of approximately $350 million and Adjusted EBITDA of approximately $385 million."
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