Latest
issue
GET ATTRACTIONS MANAGEMENT
magazine
Yes! Send me the FREE digital edition of Attractions Management and the FREE weekly Attractions Management ezines and breaking news alerts!
Not right now, thanksclose this window
Get Attractions Management digital magazine FREE
Sign up here ▸
Jobs   News   Features   Products   Company profilesProfiles   Magazine   Handbook   Advertise    Subscribe  
NEWS
Cedar Fair acquires Schlitterbahn brand and two Texas waterparks
POSTED 18 Jun 2019 . BY Andy Knaggs

These properties...align with our strategy to identify compelling opportunities to accelerate our growth and profitability.
– Richard Zimmerman
Cedar Fair has announced the acquisition of waterpark operator Schlitterbahn, gaining two new Texas waterparks in the process.

Upping its waterpark portfolio to 15, the Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston represent a cash purchase of US$261m (€233.4m, £208.2m) for Cedar Fair. As part of the deal, the company also has an option to acquire a third site in Kansas City, which previously operated as a Schlitterbahn waterpark. This site would cost US$6m (€5.36m, £4.79m).

"These properties represent new markets for us, with attractive demographics in the growing Central Texas region, and they align with our strategy to identify compelling opportunities to accelerate our growth and profitability," said Richard Zimmerman, Cedar Fair's president and CEO.

"The investments we've made over the past five years to strengthen our back-of-house and customer-facing systems will support a smooth integration of these properties by ensuring a premium guest experience, strong team collaboration and superior execution."

In 2018, the two Texas waterparks and New Braunfels resort received 1.2 million guests and generated annual revenues of approximately US$68m (€60.79m, £54.26m) – numbers that can be added to Cedar Fair's 25.9 million guests and US$1.35bn (€1.21bn, £1.08bn) in reported annual net revenues. The company's Adjusted EBITDA margin was 35 per cent, and it said it expected the Texas waterparks to perform in line with this.

The Henry family, which founded the Schlitterbahn enterprise in 1979, said its remaining South Padre waterpark would remain under family ownership and be eventually be rebranded. The Corpus Christi waterpark that Schlitterbahn still operates for Diamond Beach will remain as such.

"Under Cedar Fair's leadership, the Schlitterbahn brand will have an opportunity to grow and expand like the early days when the sky was the limit," said the Henry family's statement. "While it's a difficult decision, after several challenging years, we believe that our team, communities, guests and fans are going to enjoy what lies ahead."

Criminal charges including murder were recently dropped against Schlitterbahn following the death of 10-year-old Caleb Schwab in 2016 on the record-breaking 17-storey Verrückt waterslide. The ride has since been demolished. The incident occurred at Schlitterbahn's Kansas waterpark.

The transaction remains subject to regulatory approval and other terms and conditions, which Cedar Fair expects to be completed this year. It said it will finance the transaction through additional long-term borrowing.

RELATED STORIES
  Cedar Fair acquires Great America amusement park land in California


In what it calls a “once in a generation opportunity”, amusement resort operator Cedar Fair Entertainment has entered into an agreement to buy the rights to the land beneath its California’s Great America park in Santa Clara, California.
  Criminal charges dropped over Schlitterbahn waterslide death


A county judge in Kansas, US, has dismissed a number of criminal charges, including murder, against the designers and operators of Verrückt – a record-breaking 17-storey waterslide that killed 10-year-old Caleb Schwab in 2016.
  Cedar Fair looks ahead with optimism after 2018 results


Cedar Fair has reported positive Q4 and full 2018 figures, along with a new long-term growth target.
  Cedar Fair eyes out-of-park investments as operator reports record revenues in 2018


Cedar Fair has revealed plans to grow and expand its external revenue streams through new developments attached to its existing parks portfolio.
MORE NEWS
Getty Museum refuses to surrender prized Greek bronze to Italy
The European Court of Human Rights has recognised Italy’s claim to a prized Greek antiquity.
Merlin unveils record-breaking Hyperia coaster at Thorpe Park
Merlin Entertainments has launched its new Hyperia rollercoaster at Thorpe Park to celebrate its 45th year.
Second Chaos Karts launches in Dubai
Live action video game experience Chaos Karts has launched in a 15,000sq ft arena in Al Quoz, Dubai.
Vietnam Van Gogh exhibition uses VIOSO-powered immersive installations
Twenty-five cameras, nine servers, 70 projectors and a range of AV technologies are being used to bring the art of Van Gogh to life in Ho Chi Minh City, Vietnam.
+ More news   
LATEST JOBS
Epping Forest Keeper (countryside Ranger)
City of London Corporation
Salary: £35,663 - £39,805pa + Local Govt Pension + benefits
Job location: Epping Forest, London , United Kingdom
+ More jobs  

COMPANY PROFILES
IAAPA EMEA

IAAPA Expo Europe was established in 2006 and has grown to the largest international conference and [more...]
DJW

David & Lynn Willrich started the Company over thirty years ago, from the Audio Visual Department [more...]
Holovis

Holovis is a privately owned company established in 2004 by CEO Stuart Hetherington. [more...]
Simworx Ltd

The company was initially established in 1997. Terry Monkton and Andrew Roberts are the key stakeh [more...]
+ More profiles  
CATALOGUE GALLERY
 

+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

03-05 Sep 2024

ASEAN Patio Pool Spa Expo

IMPACT Exhibition Center, Bangkok, Thailand
03-08 Sep 2024

Spa Peeps International Corporate Cruise

Cruise London, Amsterdam, Zeebrugge, United States
+ More diary  
LATEST ISSUES
+ View Magazine Archive

Attractions Management

2024 issue 2


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2024 issue 1


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2023 issue 4


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2023 issue 3


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management News

06 Apr 2020 issue 153


View on turning pages
Download PDF
View archive
FREE digital subscription
Print subscription

Attractions Handbook

2019


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription
 
ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
 
ATTRACTIONS MANAGEMENT
ATTRACTIONS MANAGEMENT NEWS
ATTRACTIONS HANDBOOK
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS
ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024
Get Attractions Management digital magazine FREE
Sign up here ▸
Jobs    News   Products   Magazine   Subscribe
NEWS
Cedar Fair acquires Schlitterbahn brand and two Texas waterparks
POSTED 18 Jun 2019 . BY Andy Knaggs
These properties...align with our strategy to identify compelling opportunities to accelerate our growth and profitability.
– Richard Zimmerman
Cedar Fair has announced the acquisition of waterpark operator Schlitterbahn, gaining two new Texas waterparks in the process.

Upping its waterpark portfolio to 15, the Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston represent a cash purchase of US$261m (€233.4m, £208.2m) for Cedar Fair. As part of the deal, the company also has an option to acquire a third site in Kansas City, which previously operated as a Schlitterbahn waterpark. This site would cost US$6m (€5.36m, £4.79m).

"These properties represent new markets for us, with attractive demographics in the growing Central Texas region, and they align with our strategy to identify compelling opportunities to accelerate our growth and profitability," said Richard Zimmerman, Cedar Fair's president and CEO.

"The investments we've made over the past five years to strengthen our back-of-house and customer-facing systems will support a smooth integration of these properties by ensuring a premium guest experience, strong team collaboration and superior execution."

In 2018, the two Texas waterparks and New Braunfels resort received 1.2 million guests and generated annual revenues of approximately US$68m (€60.79m, £54.26m) – numbers that can be added to Cedar Fair's 25.9 million guests and US$1.35bn (€1.21bn, £1.08bn) in reported annual net revenues. The company's Adjusted EBITDA margin was 35 per cent, and it said it expected the Texas waterparks to perform in line with this.

The Henry family, which founded the Schlitterbahn enterprise in 1979, said its remaining South Padre waterpark would remain under family ownership and be eventually be rebranded. The Corpus Christi waterpark that Schlitterbahn still operates for Diamond Beach will remain as such.

"Under Cedar Fair's leadership, the Schlitterbahn brand will have an opportunity to grow and expand like the early days when the sky was the limit," said the Henry family's statement. "While it's a difficult decision, after several challenging years, we believe that our team, communities, guests and fans are going to enjoy what lies ahead."

Criminal charges including murder were recently dropped against Schlitterbahn following the death of 10-year-old Caleb Schwab in 2016 on the record-breaking 17-storey Verrückt waterslide. The ride has since been demolished. The incident occurred at Schlitterbahn's Kansas waterpark.

The transaction remains subject to regulatory approval and other terms and conditions, which Cedar Fair expects to be completed this year. It said it will finance the transaction through additional long-term borrowing.

RELATED STORIES
Cedar Fair acquires Great America amusement park land in California


In what it calls a “once in a generation opportunity”, amusement resort operator Cedar Fair Entertainment has entered into an agreement to buy the rights to the land beneath its California’s Great America park in Santa Clara, California.
Criminal charges dropped over Schlitterbahn waterslide death


A county judge in Kansas, US, has dismissed a number of criminal charges, including murder, against the designers and operators of Verrückt – a record-breaking 17-storey waterslide that killed 10-year-old Caleb Schwab in 2016.
Cedar Fair looks ahead with optimism after 2018 results


Cedar Fair has reported positive Q4 and full 2018 figures, along with a new long-term growth target.
Cedar Fair eyes out-of-park investments as operator reports record revenues in 2018


Cedar Fair has revealed plans to grow and expand its external revenue streams through new developments attached to its existing parks portfolio.
MORE NEWS
Getty Museum refuses to surrender prized Greek bronze to Italy
The European Court of Human Rights has recognised Italy’s claim to a prized Greek antiquity.
Merlin unveils record-breaking Hyperia coaster at Thorpe Park
Merlin Entertainments has launched its new Hyperia rollercoaster at Thorpe Park to celebrate its 45th year.
Second Chaos Karts launches in Dubai
Live action video game experience Chaos Karts has launched in a 15,000sq ft arena in Al Quoz, Dubai.
Vietnam Van Gogh exhibition uses VIOSO-powered immersive installations
Twenty-five cameras, nine servers, 70 projectors and a range of AV technologies are being used to bring the art of Van Gogh to life in Ho Chi Minh City, Vietnam.
Use of cinematography techniques significantly increases engagement with VR
A study has found that the use of cinematic and video editing techniques can drastically increase the aesthetic appeal and user engagement of virtual reality environments.
Disneyland Paris renames theme park as part of $2 billion transformation
Disneyland Paris has unveiled a new name for Walt Disney Studios Park as part of the park’s US$2 billion transformation.
+ More news   
 
COMPANY PROFILES
IAAPA EMEA

IAAPA Expo Europe was established in 2006 and has grown to the largest international conference and [more...]
DJW

David & Lynn Willrich started the Company over thirty years ago, from the Audio Visual Department [more...]
Holovis

Holovis is a privately owned company established in 2004 by CEO Stuart Hetherington. [more...]
Simworx Ltd

The company was initially established in 1997. Terry Monkton and Andrew Roberts are the key stakeh [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

03-05 Sep 2024

ASEAN Patio Pool Spa Expo

IMPACT Exhibition Center, Bangkok, Thailand
03-08 Sep 2024

Spa Peeps International Corporate Cruise

Cruise London, Amsterdam, Zeebrugge, United States
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
ATTRACTIONS MANAGEMENT NEWS
ATTRACTIONS HANDBOOK
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS