Posted Friday, June 1, 2007 9:48 PM | Contributed by Jeff
Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced that combined 2007 revenues at its parks through the Memorial Day weekend were $147.2 million, on 3.0 million guest visits and average in-park per capita spending of $41.26. The 2007 results include the operations of the Paramount parks which the company acquired from CBS on June 30, 2006.
On a same-park basis, the company opened several of its amusement parks later in 2007 versus 2006, thereby reducing the number of operating days in 2007 by 10% or 19 days. The reduction in the number of operating days led to a decrease in net revenues of 2%, or $1.5 million, from a year ago. The decrease in revenues is expected to be offset by a reduction in seasonal operating expenses during this same period. Attendance on a same-park basis decreased 5%, while average in-park guest per capita spending increased 5% leaving total in-park revenues relatively unchanged for the first five months of the year.
Read the press release from Cedar Fair.