Early Cedar Fair attendance down, revenue up

Posted | Contributed by Jeff

Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates seven amusement parks and five water parks, today reported that combined revenues at its parks through the first five months of the year were up approximately 5% from last year. This increase was the result of a 6% increase in average in-park guest per capita spending, a 31% increase in out-of-park revenues, including resort hotels, and an 8% decrease in combined early-season park attendance.

Commenting on operations through the first five months of the year, Dick Kinzel, chairman, president and chief executive officer, said, “Through May, combined attendance at our twelve parks was down approximately 145,000 visits, with the majority of that shortfall occurring at Knott’s Berry Farm, where record rainfall negatively impacted operations throughout much of the first quarter. Although some of our seasonal properties are also a bit behind last year, we are pleased with the initial response from guests to the new rides, attractions and resort facilities we added at our parks this year. In addition, we are pleased with the early-season trends in in-park guest spending, as well as the results at our resort properties, where revenues are up approximately $6 million through the end of May. With approximately 90% of the annual attendance at our seasonal parks still to come over the next three months, we remain confident that our 2005 attendance and revenue goals are still well within reach.”

Read the entire press release from Cedar Fair.

Comments: 7