Posted Thursday, July 6, 2017 9:49 AM | Contributed by Jeff
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 4, 2017 of approximately $524 million, a $2 million increase on a same-park basis when compared with the same period a year ago. This period represents approximately 40% of the Company's total operating days for 2017.
On a same-park basis, excluding the closing of a stand-alone water park in Cleveland, Ohio, preliminary net revenues were up as a result of a 1%, or 110,000-visit, increase in attendance to 10.5 million visits, and a 2% increase in out-of-park revenues to $62 million. Average in-park guest per capita spending of approximately $45.41 was comparable with the same period in 2016 when taking into consideration changes in foreign currency exchange rates.
"We are well-positioned to make 2017 our eighth consecutive year of record results, as we have been able to build upon the record attendance and revenues we achieved during the first half of last year," said Matt Ouimet, Cedar Fair's chief executive officer. "Mystic Timbers, a world-class roller coaster at Kings Island and the significant water park investments at Cedar Point Shores and Knott's Soak City have all set various attendance records at their respective parks. This early-season success of our capital investment program gives us great confidence as we head into the peak vacation months of July and August."
Ouimet noted that in 2017 Cedar Fair has again generated record season pass sales across its properties. The Company also reported increased sales from its other advance purchase channels -- including all-season dining and beverage programs; FunPix, its digital imaging platform; and group business bookings.
"Our current-year sales trends in advance purchase commitments are strong and support our positive outlook for 2017," added Ouimet. "We believe our significant capital investments, combined with the lengthening of our operating season via WinterFest, are contributing to these advanced sales and current year results, and will continue to create value in the long term."
Based on its year-to-date results and continuing consumer trends toward prioritizing experiences over possessions, the Company believes it is on track to achieve its FUNforward 2.0 long-term goal of $500 million of Adjusted EBITDA by the end of 2017, a year earlier than planned.
Read the entire press release from Cedar Fair.