Posted Thursday, September 5, 2019 8:39 AM | Contributed by Jeff
From the press release:
Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, announced today that year-to-date preliminary net revenues through Sunday, September 1, 2019, increased 8%, or $86 million, to a record $1.12 billion compared with $1.03 billion for the same period in 2018.
The year-over-year growth was driven by a 1.1 million-visit, or 6%, increase in attendance to 21.0 million guests; a 3%, or $1.24, increase in in-park per capita spending to $48.79; and a $10 million, or 9%, increase in out-of-park revenues to $130 million. On a same-park basis (excluding the two Schlitterbahn water parks acquired on July 1, 2019), year-to-date preliminary net revenues totaled a record $1.08 billion, up $48 million, or 5%, on a 2%, or 465,000-visit, increase in attendance; a 2%, or $1.08, increase in in-park per capita spending; and a 5%, or $6 million, increase in out-of-park revenues.
Commenting on the season to date, President and CEO Richard A. Zimmerman said, “Through the Labor Day weekend, we have seen healthy demand across all areas of our business, reaffirming the strength of our business model, as well as the early impact of our strategic initiatives. While our Company’s hallmark is exciting guests with world-class thrill rides, our strategy to further broaden the guest experience by adding more experiential attractions and limited-duration special events is extending our audience reach and encouraging guests to visit our parks more often. At the same time, we continue to drive growth through in-park per capita spending and out-of-park revenues, both of which are at record levels.
“We are also very pleased with the initial performance of the two recently acquired Schlitterbahn water parks, which have outperformed our early expectations,” continued Zimmerman. “These are two of the most highly rated waterparks in the world and we look forward to continuing to deliver great guest experiences and solid financial returns as we integrate the operation of these parks into our existing portfolio.”
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