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Net revenues for the quarter ended March 26, 2006, decreased 4% to $23.9 million from $24.8 million in 2005, due primarily to a decrease in revenues at the Partnership’s indoor water park resort, Castaway Bay, in Sandusky, Ohio. This decrease was the result of lower occupancy and average daily room rates at the resort in 2006, which were anticipated in light of increased competition in the Sandusky area and following a very successful inaugural year in 2005. In addition, first quarter results for 2005 benefited from the earlier timing of the Easter and spring-break seasons at Knott’s Berry Farm and Castaway Bay compared to 2006, which should benefit the second quarter in 2006. The decrease in revenues at Castaway Bay was somewhat offset by improved operating results at Knott’s Berry Farm, which benefited from favorable weather comparisons to the first quarter of 2005 when Southern California experienced record rainfall.
Read the press release from Cedar Fair.