Cedar Fair on course for 'best year' after Q3 results reflect 'strong' consumer demand | attractionsmanagement.com news
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Cedar Fair on course for 'best year' after Q3 results reflect 'strong' consumer demand
POSTED 11 Nov 2019 . BY Andy Knaggs
Cedar Fair says it is on track for its best year in 2019 Credit: Cedar Fair
"Our strong results to date have been driven by solid growth in in-park per capita spending"
– Richard A.Zimmerman
North American theme park operator Cedar Fair Entertainment Company, which owns and operates 11 amusement parks and five water parks in the territory, has filed Q3 and year-to-date financial results that show increased revenues and Adjusted EBITDA, but reduced net income.

Having acquired the Schlitterbahn water parks this year, the company's figures include an additional "same-park/same-week" basis, which excludes the Schlitterbahn contribution. According to this, Cedar Fair's net revenues in Q3 were up by 7 per cent on 2018; the full revenue figure (ie including Schlitterbahn) was a record US$715m (€645m, £556m), which is up 8 per cent, or US$51m (€46m, £39.7m) on Q3 2018.

Year-to-date preliminary net revenues (through 3 November 2019) were also a record for the company: US$1.37bn (€1.24bn, £1.07bn), an increase of US$113m (€102m, £87.9m), or 9 per cent. On the same-park basis, the preliminary net revenues were US$1.33bn (€1.2bn, £1.03bn), up US$71m (€64m, £55.2m) or 6 per cent.

The Adjusted EBITDA, which Cedar Fair said is the most meaningful measure of its operating results, increased by 5 per cent to US$355m (€320m, £276m) in Q3, compared to the third quarter in 2018, while the nine month EBITDA was US$450m (€406m, £350m), compared to US$400m (€361m, £311m) last year.

Net income, however, took a hit during Q3 2019, totalling US$190m (€171.4m, £147.8m), compared to US$213m (€192m, £165.7m) in Q3 2018. Income was hit by a number of factors, said Cedar Fair, including a re-measurement of US dollar-dominated debt held at its Canadian property, which saw a US$6m (€5.4m, £4.7m) net charge to earnings for foreign currency, compared to a US$13m (€11.7m, £10.1m) net benefit to earnings in 2018. There were also acquisition costs, and higher labour costs driven by wage-rate increases, it said.

Cedar Fair president and CEO, Richard A. Zimmerman, said the company was "well on the way" to making 2019 its best ever year.

"Our strong results to date have been driven by solid growth in in-park per capita spending while entertaining a record number of guests, particularly during our peak summer months.

"This strong consumer demand reflects the quality of our business model and our long-range plan that focuses on broadening the guest experience through more immersive attractions and entertainment."

Zimmerman added that there was much more to come in 2020, saying: "When our gates open next spring, guests can expect new rides or attractions at all of our parks."
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Cedar Fair Entertainment Company, which owns and operates 11 amusement parks and five water parks in North America, has reported Q2 and year-to-date results showing "meaningful" improvements in attendance, in-park per capita spending and out-of-park revenues.
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NEWS
Cedar Fair on course for 'best year' after Q3 results reflect 'strong' consumer demand
POSTED 11 Nov 2019 . BY Andy Knaggs
Cedar Fair says it is on track for its best year in 2019 Credit: Cedar Fair
Our strong results to date have been driven by solid growth in in-park per capita spending
– Richard A.Zimmerman
North American theme park operator Cedar Fair Entertainment Company, which owns and operates 11 amusement parks and five water parks in the territory, has filed Q3 and year-to-date financial results that show increased revenues and Adjusted EBITDA, but reduced net income.

Having acquired the Schlitterbahn water parks this year, the company's figures include an additional "same-park/same-week" basis, which excludes the Schlitterbahn contribution. According to this, Cedar Fair's net revenues in Q3 were up by 7 per cent on 2018; the full revenue figure (ie including Schlitterbahn) was a record US$715m (€645m, £556m), which is up 8 per cent, or US$51m (€46m, £39.7m) on Q3 2018.

Year-to-date preliminary net revenues (through 3 November 2019) were also a record for the company: US$1.37bn (€1.24bn, £1.07bn), an increase of US$113m (€102m, £87.9m), or 9 per cent. On the same-park basis, the preliminary net revenues were US$1.33bn (€1.2bn, £1.03bn), up US$71m (€64m, £55.2m) or 6 per cent.

The Adjusted EBITDA, which Cedar Fair said is the most meaningful measure of its operating results, increased by 5 per cent to US$355m (€320m, £276m) in Q3, compared to the third quarter in 2018, while the nine month EBITDA was US$450m (€406m, £350m), compared to US$400m (€361m, £311m) last year.

Net income, however, took a hit during Q3 2019, totalling US$190m (€171.4m, £147.8m), compared to US$213m (€192m, £165.7m) in Q3 2018. Income was hit by a number of factors, said Cedar Fair, including a re-measurement of US dollar-dominated debt held at its Canadian property, which saw a US$6m (€5.4m, £4.7m) net charge to earnings for foreign currency, compared to a US$13m (€11.7m, £10.1m) net benefit to earnings in 2018. There were also acquisition costs, and higher labour costs driven by wage-rate increases, it said.

Cedar Fair president and CEO, Richard A. Zimmerman, said the company was "well on the way" to making 2019 its best ever year.

"Our strong results to date have been driven by solid growth in in-park per capita spending while entertaining a record number of guests, particularly during our peak summer months.

"This strong consumer demand reflects the quality of our business model and our long-range plan that focuses on broadening the guest experience through more immersive attractions and entertainment."

Zimmerman added that there was much more to come in 2020, saying: "When our gates open next spring, guests can expect new rides or attractions at all of our parks."
RELATED STORIES
Kings Dominion unveils new water attractions for 2020


Cedar Fair's Virginia amusement and waterpark, Kings Dominion, has announced three new additions to its 20-acre (80,900sq m, 265,500sq ft) Soak City waterpark, which is set to open in 2020.
Immersive attractions fuel improved attendance and in-park revenues at Cedar Fair


Cedar Fair Entertainment Company, which owns and operates 11 amusement parks and five water parks in North America, has reported Q2 and year-to-date results showing "meaningful" improvements in attendance, in-park per capita spending and out-of-park revenues.
Cedar Fair acquires Schlitterbahn brand and two Texas waterparks


Cedar Fair has announced the acquisition of waterpark operator Schlitterbahn, gaining two new Texas waterparks in the process.
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.
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RMA Ltd is a one-stop global company that can design, build and produce from a greenfield site upw [more...]
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By combining lighting, video, scenic and architectural elements, sound and special effects we tell s [more...]
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VIDEO GALLERY

Polin Waterparks & Pool Systems - Experience the experience
Have you ever wondered how the fun is created? Polin Waterparks is a global market leader in the design, manufacture and installation of waterparks and water play attractions. Find out more...
More videos:
Introducing AnimaChat! – Animalive
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

08 Oct 2020

VAC 2020 (The Annual National Conference of Visitor Attractions)

Queen Elizabeth II Conference Centre, London, United Kingdom
17-23 Oct 2020

World Leisure Congress 2020

Pinggu, Beijing, China
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2020

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