Posted Wednesday, June 1, 2005 5:32 PM | Contributed by Jeff
Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates seven amusement parks and five water parks, today reported that combined revenues at its parks through the first five months of the year were up approximately 5% from last year. This increase was the result of a 6% increase in average in-park guest per capita spending, a 31% increase in out-of-park revenues, including resort hotels, and an 8% decrease in combined early-season park attendance.
Commenting on operations through the first five months of the year, Dick Kinzel, chairman, president and chief executive officer, said, “Through May, combined attendance at our twelve parks was down approximately 145,000 visits, with the majority of that shortfall occurring at Knott’s Berry Farm, where record rainfall negatively impacted operations throughout much of the first quarter. Although some of our seasonal properties are also a bit behind last year, we are pleased with the initial response from guests to the new rides, attractions and resort facilities we added at our parks this year. In addition, we are pleased with the early-season trends in in-park guest spending, as well as the results at our resort properties, where revenues are up approximately $6 million through the end of May. With approximately 90% of the annual attendance at our seasonal parks still to come over the next three months, we remain confident that our 2005 attendance and revenue goals are still well within reach.”
Read the entire press release from Cedar Fair.
The revenue might be up for the prices being so high on food and all the other things that are included in the parks. PKI was significantly cheaper than the two ohio cF parks in food and souvenirs. Just a thought to why this might be.
The weather around here has just been cool, not that wet. I think even if Geauga Lake's water park would've opened on time, the attendance wouldn't be great because it has been cold. I was surprised last weekend to see Soak City open and empty.
With 90% of the money still to come, I'd say it's a solid start, even if they would've liked to see better attendance.
There it is in a nut shell.
I plan on going to Knotts this year, but it will be on a clear and sunny day.
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