Posted Thursday, September 10, 2015 8:38 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 announced that preliminary net revenues through Monday, September 7, 2015, increased 7% to a record $1.02 billion. As such, the Company expects 2015 to be its sixth consecutive year of record results.
The Company stated year-to-date net revenues through September 7, 2015, increased 7%, or $69 million, to $1.02 billion compared with $950 million a year ago. This year-over-year growth was driven by a 5%, or 1.0 million-visit, increase in attendance to 20.3 million visits; a 2%, or $0.73, increase in average in-park guest per capita spending to $46.21; and a 10%, or $10 million, increase in out-of-park revenues including resort accommodations to $108 million. On a constant-currency basis1, net revenues through Labor Day would have increased 9% and average in-park guest per capita spending would be up 4%.
"We are extremely pleased with the continued growth we are experiencing across all areas of our business," said Matt Ouimet, Cedar Fair's president and chief executive officer. "Our strategy of encouraging guests to visit our parks early and often has exceeded our expectations. This approach has resulted in higher season pass sales, higher season pass visits and more general admission visitors, while at the same time also generating higher guest spending."
Ouimet noted the Company had a very strong capital program this year where it introduced a world-record-breaking roller coaster at Carowinds, a new interactive dark ride at Knott's Berry Farm and a newly renovated hotel at Cedar Point. These investments, combined with the further development of its individual premium park brands and continued emphasis on enhancing the overall guest experience, were large contributors to its record results to date and will serve as anchors to its longer-term capital investment strategy.
"The consumer demand for our entertainment offerings has never been stronger and we are excited about the growth opportunities ahead of us," added Ouimet. "We have a solid lineup of new adrenaline-rushing and family-friendly experiences for our increasingly popular Halloween events this Fall; and our 2016 capital announcements have already been receiving national media attention. This includes Valravn, a world-record-breaking roller coaster at our flagship park, Cedar Point, and Carolina Harbor, the largest water park in the Carolinas, at Carowinds."
Ouimet concluded by stating the Company remains on track to achieve its FUNforward 2.0 long-term growth goal of $500 million, or more, in Adjusted EBITDA by 2018.
Read the entire press release from Cedar Fair.