Posted Tuesday, November 20, 2012 11:04 PM | Contributed by Jason Hammond
[Ed. note: The following is an excerpt of a press release. -J]
Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced that it has sold Knott’s Soak City – San Diego, a stand alone water park in Southern California, to a subsidiary of SeaWorld Parks & Entertainment. Terms of the agreement were not disclosed and are not material to Cedar Fair’s results of operations. The sale of the San Diego water park has no impact on the Company's other properties located in California.
“For this particular property, a unique opportunity presented itself to team with SeaWorld to offer a premium product to its guests in the San Diego region,” said Matt Ouimet, president and chief executive officer. “The net proceeds from this sale will be reinvested in our core assets including the multi-year refreshment of our hotel properties in Sandusky, Ohio that was announced earlier this month.”
Read the entire press release from Cedar Fair.