Cedar Fair says revenue up 21% so far over 2019
Posted
From the press release:
Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today reported that preliminary year-to-date net revenues through Monday, May 30, 2022, increased 21%, or $60 million, to a record $343 million when compared with the five-month period ended Monday, June 3, 2019. Given the material impact the coronavirus pandemic had on park operations in 2020 and 2021, results for the five months ended May 30, 2022 are not directly comparable to the first five months of the last two years.
The year-over-year increase in revenues was driven by a 28%, or $12.93, increase in in-park per capita spending to a record $59.70; and a 13%, or $5 million, increase in out-of-park revenues to $45 million. These favorable results were offset in part by a 210,000-visit decrease in attendance to 5.2 million guests, primarily the result of 14 fewer operating days in the current five-month period and the continued disruption within the group sales attendance channel. Excluding groups, year-to-date attendance was up 4%, or 161,000 visits, through May 30, 2022. The fiscal five-month period through Memorial Day weekend traditionally represents approximately 20% of the Company’s full-year operating days.
Commenting on the season to date, President and Chief Executive Officer Richard A. Zimmerman said, “Despite the current macro-environment pressures being placed on consumers, overall demand and guest spending levels remain strong across our parks. Through the Memorial Day weekend, general demand and season pass attendance remain ahead of 2019 levels. Meanwhile, we are seeing gradual improvement in demand trends in group sales as that attendance channel continues to recover from the disruption of the pandemic.”
Zimmerman added, “We are also very encouraged by the continued strength of our long-lead indicators, including sales of all-season products and advanced bookings at our resort properties. Through Memorial Day, sales of 2022 season passes were up $56 million, or 24%, compared to the same period in 2019, while sales of our all-season 'add-on' products, such as all-season dining and all-season beverage, were up $20 million, or 46%. Meanwhile, strong momentum in reservations at our resorts, including our beautifully renovated Castaway Bay and soon-to-be-open Sawmill Creek Resort properties at Cedar Point, position us well to drive growth in out-of-park revenues over the balance of the year.”
Read the entire press release from Cedar Fair.
These favorable results were offset in part by a 210,000-visit decrease in attendance to 5.2 million guests, [partially] the result of [...] the continued disruption within the group sales attendance channel. Excluding groups, year-to-date attendance was up 4%, or 161,000 visits, through May 30, 2022.
I'm remembering something that Holiday World shared back circa 2008, when their group sales business all but evaporated and their daily tickets more than made up for it. I wonder to what degree the increase in attendance is related to the disruption of the group sales business. Lots of people are going to go to $PARK whether the company picnic happens there or not.
--Dave Althoff Jr.
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I'm starting to wonder if we overestimate the number of cheap pass visitors in the park at any given time. The gate price is $85, and we have to assume that someone is silly enough to get in at that rate, while they're $55 at various points during the season online. Getting to $60 a day per person isn't easy with a passholder that goes four or more times. And mind you, I'm thinking of Cedar Point only. Other parks are less expensive and would bring that average down.
Jeff - Editor - CoasterBuzz.com - My Blog
A big chunk of the first 5 months is Knott's - open daily for the first 5 months - no other park is open until late March and typically weekends only until late May. Knott's is one of the parks that prices the gate right. I'd guess the per cap will come down once they release the post July 4 update and you've got daily operation from all the parks in there for a month + 2 holiday weekends.
Using Cedar Point again as an example, I often see quite a few customers at the ticket windows and wonder why, figuring these days most people have surely gone on line or somehow purchased a cheaper ticket in advance. Maybe they’re groups. Or redeeming something will-call style, or turning in a pop can or something.
Anyway, if I remember, someday I’ll try a non-scientific survey and stop and ask the cashiers out of curiosity if they can give me their impression of how many people come through on gate-price admission.
Or if anyone else going soon would like do the same, let us know.
You would be surprised at the amount of people who just show up with zero plans made ahead of time. I talked to a couple from Canada at the Resort Gate once who were driving by, saw a billboard on Route 2, and decided right then to stop in and "..see what this place is all about". Not to mention the amount of people like my parents who are at an age where going to the gate is all they know how to do.
-Chris
^ All of this. When I worked Epcot Main Entrance I was genuinely surprised how many guests came in with a One Day One Park they had just purchased minutes earlier at the ticket windows.
I used to visit Cedar Point every year and always had a great experience. My last visit was 2019, on a Tuesday in early August. I purchased "Fast Lane Plus", hoping to get significantly more rides for the $100+ upcharge. Even with Fast Lane, wait times for Steel Vengeance, Maverick, & Millennium Force were easily 30 to 60 minutes... on a weekday. I think part of this was due to Top Thrill Dragster being closed for a month, but I honestly think that Cedar Point specifically was overselling the Fast Lane passes to increase revenue, even pre-pandemic. I had a great time at King's Island in 2021, which didn't seem to do this. As a result, I'm skipping Cedar Point again this year, as they are down two major coasters and from what I've heard from friends, still haven't properly limited the Fast Lane sales to make them worth the money. King's Dominion, Carowinds, and King's Island may be on my agenda this year, but I'm taking a break from Cedar Point for a while.
99er:
Not to mention the amount of people like my parents who are at an age where going to the gate is all they know how to do.
I'm SOOOOO showing this to your mom. ;)
June 11th, 2001 - Gemini 100
VertiGo Rides - 82
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