Posted
From the press release:
Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today reported that year-to-date preliminary net revenues through Monday, Sept. 5, 2022, totaled a record $1.37 billion, driven by record levels of in-park per capita spending ($61.11) and out-of-park revenues ($163 million). Through Labor Day 2022, the Company’s 15 parks have entertained a total of 20.5 million guests.
“We are very pleased with our record results and expect continued outperformance driven by our extremely popular Halloween celebrations, which are set to debut in just a few short weeks,” said President and Chief Executive Officer Richard A. Zimmerman. “Despite weather challenges in several key markets, particularly over this past weekend, our operating trends have been consistently strong throughout the peak summer months, with performance during the critically important period between the Fourth of July and Labor Day in line with our expectations. As attendance channels recover to pre-pandemic levels, record in-park per capita spending and out-of-park revenues are driving double-digit top-line growth as planned.”
For the five-week period ended Sept. 5, 2022, the Company entertained 5.1 million guests and generated preliminary net revenues of $343 million, representing an increase of $74 million, or 27%, when compared to the five-week period ended Sept. 9, 2019. Compared to the five-week period ended Sept. 6, 2021, net revenues in the recently ended five-week period were up 13%, or $40 million, driven in large part by an increase of 15%, or 660,000 visits, in attendance. Over this same period, in-park per capita spending totaled $62.17, down 2% from comparable 2021 levels, and out-of-park revenues totaled $39 million, up $7 million, or 21%, from the same five-week period in 2021.
Operating days for the five-week period ended Sept. 5, 2022, totaled 463, compared with 422 operating days for the five-week period ended Sept. 6, 2021. On a per operating day basis, net revenues in the recently ended five-week period averaged approximately $740,000, representing a 3% increase compared to the same five-week period last year. This year-over-year increase was driven largely by strong attendance trends, as well as record levels of out-of-park revenues. During the five-week period ended Sept. 5, 2022, the Company’s parks entertained an average of approximately 10,900 guests per day, representing a 5% increase in average daily attendance compared to the same period in 2021.
“Our record results reflect the successful strategic investments we have made over the past several years to expand our entertainment offerings and enhance the guest experience,” continued Zimmerman. “Consumer demand for our parks and resort properties is very strong, and we are excited about the growth opportunities ahead of us for the remainder of the 2022 season and longer term. Our recent results, combined with the robust demand for 2023 season pass products, the strength of reservations at our resort properties, and improving trends around group event bookings demonstrate that consumers continue to prioritize experiences over possessions. We are encouraged by these trends and are confident that Cedar Fair is well positioned to continue to capitalize on growth opportunities, further enhance financial performance, and deliver superior returns for our unitholders.”