Cedar Fair on course for 'best year' after Q3 results reflect 'strong' consumer demand | attractionsmanagement.com news
POST YOUR JOB ONLINE
Free ezine/digital edition sign up
Jobs   News   Features   Video    Products   Profiles   Magazine   Handbook   Advertise  
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.
MORE NEWS
V&A launches digital database for cultural heritage preservation projects
The Victoria and Albert Museum (V&A) is demonstrating its commitment to protecting the world's cultural heritage and supporting communities that suffer cultural loss, through the launch of a new Culture in Crisis Portal.
Star Wars: Rise of the Resistance opens at Disney World
Star Wars: Rise of the Resistance has opened at Disney's Hollywood Studios in Orlando, Florida.
Disney's first Mickey Mouse ride gets 2020 opening date
Disney has announced an opening date for Mickey & Minnie's Runaway Railway at its Hollywood Studios park, with the new attraction set to debut on 4 March 2020.
Astronaut Tim Peake calls for more investment in science
British astronaut Tim Peake has urged the UK government to invest more in science, education and research and development.
+ More news   
LATEST JOBS
Front Office Clerk
Gardaland Resort
Salary: Competitive
Job location: Castelnuovo del Garda, VR, Italy
Education Specialist
Sea Life
Salary: Competitive
Job location: East Rutherford, NJ, USA
Attractions Assistant Manager
Legoland
Salary: Competitive
Job location: Goshen, NY, USA
Admissions Assistant Manager
Legoland
Salary: Competitive
Job location: Goshen, NY, USA
HR Manager
Madame Tussauds
Salary: Competitive
Job location: Tokyo, Japan
Operations Manager
Madame Tussauds
Salary: Competitive
Job location: Hollywood, Los Angeles, CA, USA
+ More jobs  

COMPANY PROFILES
IAAPA EMEA

We are pleased to announce that Euro Attractions Show is now IAAPA Expo Europe. [more...]
Gantner Ticketing

GANTNER Ticketing was established in 1990. [more...]
Holovis

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

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
+ More profiles  
FEATURED SUPPLIER

ProSlide appoints Chantal Theoret as director of global marketing
ProSlide Technology has appointed Chantal Theoret as its new director of global marketing. [more...]
VIDEO GALLERY

instantprint - Online Print Made Easy!
We're the only online printing company who really gets your business. Find out more...
More videos:
Trailer Pinocchio - A Modern Tale VR – Red Raion
Introducing AnimaChat! – Animalive
Trailer Aladdin - The Bachelor Party VR – Red Raion
+ More videos  

CATALOGUE GALLERY
 

+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

14 Jan 2020

BALPPA Annual General Meeting

ExCel, London, United Kingdom
14-16 Jan 2020

EAG International

ExCel London Exhibition Centre, London,
+ More diary  
LATEST ISSUES
+ View Magazine Archive

Attractions Management

2019 issue 4


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

Attractions Management

2019 issue 3


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

Attractions Management

2019 issue 2


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

Attractions Management

2019 issue 1


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

Attractions Management News

27 Nov 2019 issue 144


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

©Cybertrek 2019
Jobs   News   Products   Magazine
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.
MORE NEWS
V&A launches digital database for cultural heritage preservation projects
The Victoria and Albert Museum (V&A) is demonstrating its commitment to protecting the world's cultural heritage and supporting communities that suffer cultural loss, through the launch of a new Culture in Crisis Portal.
Star Wars: Rise of the Resistance opens at Disney World
Star Wars: Rise of the Resistance has opened at Disney's Hollywood Studios in Orlando, Florida.
Disney's first Mickey Mouse ride gets 2020 opening date
Disney has announced an opening date for Mickey & Minnie's Runaway Railway at its Hollywood Studios park, with the new attraction set to debut on 4 March 2020.
Astronaut Tim Peake calls for more investment in science
British astronaut Tim Peake has urged the UK government to invest more in science, education and research and development.
Government support signals green light for South Korean theme park plan
The long-proposed US$3.8bn (€3.4bn, £2.9bn) theme park at Hwaseong, 45km (30mi) from South Korea's capital Seoul, looks set to definitely go ahead, after the country's finance minister pledged the government's support.
Hong Kong protests force closure of Museum of Art shortly after grand reopening
Having only reopened on Saturday 30 November after a closure of more than four years, the Hong Kong Museum of Art (HKMoA) quickly found itself at the centre of ongoing political protests in the territory at the weekend, forcing it to close almost immediately.
+ More news   
 
COMPANY PROFILES
IAAPA EMEA

We are pleased to announce that Euro Attractions Show is now IAAPA Expo Europe. [more...]
Gantner Ticketing

GANTNER Ticketing was established in 1990. [more...]
Holovis

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

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
+ More profiles  
FEATURED SUPPLIER

ProSlide appoints Chantal Theoret as director of global marketing
ProSlide Technology has appointed Chantal Theoret as its new director of global marketing. [more...]
VIDEO GALLERY

instantprint - Online Print Made Easy!
We're the only online printing company who really gets your business. Find out more...
More videos:
Trailer Pinocchio - A Modern Tale VR – Red Raion
Introducing AnimaChat! – Animalive
Trailer Aladdin - The Bachelor Party VR – Red Raion
+ More videos  

CATALOGUE GALLERY
 

+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

14 Jan 2020

BALPPA Annual General Meeting

ExCel, London, United Kingdom
14-16 Jan 2020

EAG International

ExCel London Exhibition Centre, London,
+ More diary  
 


ADVERTISE . CONTACT US

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

©Cybertrek 2019

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