Posted Monday, July 11, 2016 7:21 PM | 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, 2016 of approximately $517 million, an increase of $20 million, or 4%, when compared with the same period a year ago. This period traditionally represents approximately 40% of the Company's full-year net revenues.
The higher net revenues are a result of a 3% increase in attendance, a 1% increase in average in-park guest per capita spending and a 7% increase in out-of-park revenues, including resort hotels.
"There is no question that our commitment to the quality of the guest experience is the primary driver behind our strong results," said Matt Ouimet, president and chief executive officer. "We want to provide experiences that encourage guests to visit our parks early and to visit them often. Across our portfolio we have added record-breaking roller coasters; more than two dozen family rides; immersive midway entertainment; multi-week special events, including food and music festivals; expanded water park offerings; and extended park operating hours. Combined with our existing attractions and entertainment packages, we have created a very strong consumer value proposition."
Ouimet noted that Cedar Fair has generated record season pass sales across its properties. The Company is also reporting increased revenues from all-season dining and beverage programs and increased group sales and resort bookings.
"We are even more confident today in our long-term business model as we continue to see consumers prioritize having fun with their family and friends this summer. With all of the distractions and obligations people have, they continue to choose our parks in record numbers, keeping us on track to have our seventh straight year of record results," concluded Ouimet.
Read the entire press release from Cedar Fair.