Cedar Fair has hailed its most successful ever year following the release of its financial results for 2019.
The amusement resort operator, which has 13 properties in the US and Canada, released two sets of figures: those for its full operations including the two Schlitterbahn waterparks it acquired in July 2019; and same-park figures, which exclude the Schlitterbahn results, enabling a better comparison to its previous year.
Cedar Fair says it's achieved "solid growth" in its three core revenue metrics of attendance, in-park per capita spending and out-of-park revenues.
Attendance increased by 8 per cent to 27.9 million guests (same-park: 5 per cent increase), while in-park per capita spending increased by 1 per cent in both sets of figures. Out-of-park revenues were up 11 per cent to US$169m (€156.6m, £131.4m) (same-park increased by 8 per cent).
On a same-park basis, Cedar Fair's net income increased by 27 per cent (US$34m, €31.5m, £26.4m), while adjusted earnings increased by 5 per cent, or US$21m (€19.5m, £16.3m). Revenues for the full year for the full business (including the Schlitterbahn acquisitions) came to US$1.47bn (€1.36bn, £1.14bn), which is an increase of US$126m (€116.7m, £98m) or 9 per cent, compared to 2018.
Cedar Fair's statement outlined a number of new initiatives for 2020, including the launch of the giga-coaster Orion at Kings Island, new features coming to five of its water parks, and the roll-out of its PassPerks loyalty programme, which was piloted in 2019. Sales of new season passes have made their best ever start, the company said.
Richard Zimmerman, president and CEO of Cedar Fair, said of the 2019 results: "We're extremely pleased with our 2019 season, which was the most successful year in Cedar Fair's history. The initiatives within our long-range strategic plan, which focused on broadening the guest experience through more immersive attractions and entertainment, are clearly resonating in our markets."
Zimmerman added: "In 2020, we plan to expand upon our strategy of offering limited duration special events and experiential entertainment of scale, while continuing to invest in the traditional rides and attractions which have worked so well for so long."
The company has a new long-term growth target, said Zimmerman, of increasing annual adjusted EBITDA to US$600m (€555.7m, £466.5m) by 2024. In 2019, the figure was US$505m (€467.7m, £392.6m).
