Cedar Fair revenue, attendance up over last year, capital expenditure amount disclosed

Posted Tuesday, November 12, 2002 6:32 AM | Contributed by Jeff

Cedar Fair, LP, the parent company of Cedar Point, Knott's Berry Farm and other parks, announced yesterday that their earnings were up about 5% over last year after three quarters. In-park per capita spending was flat while attendance was up at most of the parks.

Cedar Point maintained its attendance mark while seeing a 15% increase in resort revenue. In-park per capita spending was flat, and they partially attribute this to strong season pass sales.

Dorney Park again had a record year, with attendance up another 4%. Worlds of Fun saw a 2% increase while Knott's was up 1%. Valleyfair was off less than 1%. Michigan's Adventure was flat, but increased per capita spending by 15%.

In a conference call today, CEO Dick Kinzel said that capital expenditures for 2003 would total around $45-50 million, including the Intamin Impulse Steel Venom at Valleyfair, and the unannounced ride at Cedar Point. He said the "major new thrill ride" would be announced in the "near future."

Kinzel also said that they're pleased with the performance of the Lighthouse Point cabins, cottages and full-hookup camp sites, and will likely expand that resort facility in 2004.

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