Record results in 2019 for Cedar Fair after water park acquisitions | attractionsmanagement.com news
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
POST YOUR JOB ONLINE
Free ezine/digital edition sign up
Jobs   News   Features   Video    Products   Company profilesProfiles   Magazine   Handbook   Advertise  
NEWS
Record results in 2019 for Cedar Fair after water park acquisitions
POSTED 20 Feb 2020 . BY Andy Knaggs

The initiatives within our long-range strategic plan...are clearly resonating in our markets
– Richard A. Zimmerman
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).
Sign up here to get the Attractions Management weekly ezine and every issue of Attractions Management magazine free on digital.
RELATED STORIES
Cedar Fair on course for 'best year' after Q3 results reflect 'strong' consumer demand


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.
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.
MORE NEWS
UK Budget 2021: Business rates cut by half for health clubs, leisure and hospitality
Health clubs, gyms, hotels, pubs and other leisure businesses will receive a 50 per cent cut in business rates over the next year.
Winners of first-ever Surf Park Awards revealed
Australian surf park operator URBNSurf and wave generating specialist Wavegarden are among the winners of the inaugural Surf Park Awards.
Little Amal, a puppet of a refugee girl, has walked 5,000km across Europe
A puppet of a refugee girl has 'walked' across Europe on a 5,000km (3,100m) journey, with the help of eleven puppeteers and is now nearing the end of her journey from Syria to the UK.
Eden Project Qingdao reaches construction milestone
Construction work on the Eden Project Qingdao visitor attraction in China has reached a major milestone.
+ More news   
LATEST JOBS
Commercial Operations Manager
Heritage Great Britain
Salary: £38,000 - £40,000
Job location: Land's End, Cornwall , United Kingdom
Assistant Premises Managers x 2
Chesterfield Borough Council
Salary: c£25,250 FTE
Job location: Chesterfield, Derbyshire , United Kingdom
+ More jobs  

COMPANY PROFILES
ProSlide Technology, Inc.

A former national ski team racer, ProSlide® CEO Rick Hunter’s goal has been to integrate the smoot [more...]
Painting With Light

By combining lighting, video, scenic and architectural elements, sound and special effects we tell s [more...]
FORREC Ltd

We create guest experiences others don’t, masterplan like no one else can, and give the world’s bi [more...]
WhiteWater

WhiteWater was born in 1980 to create places where families unite and make joyful lasting memories [more...]
+ More profiles  
FEATURED SUPPLIER

IAAPA helps move leisure and attractions industry forward with IAAPA Expo Europe
As the leisure and attractions industry continues to recover and look to the future, IAAPA, the global association for the attractions industry, is moving forward with plans to host IAAPA Expo Europe this September. [more...]
VIDEO GALLERY

Proslide Tech Inc - ProSlide | Atlantis Dubai
More videos:
+ More videos  

CATALOGUE GALLERY
 
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

24-25 Nov 2021

Scotland’s National Tourism Industry Conference

EICC, Edinburgh, United Kingdom
01-07 Dec 2022

World Leisure Congress 2022

tbc, Dunedin, New Zealand
+ More diary  
LATEST ISSUES
+ View Magazine Archive

Attractions Management

2021 issue 3


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

Attractions Management

2021 issue 2


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

Attractions Management

2021 issue 1


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

Attractions Management

2020 issue 1


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 2021
Jobs    News   Products   Magazine
NEWS
Record results in 2019 for Cedar Fair after water park acquisitions
POSTED 20 Feb 2020 . BY Andy Knaggs
The initiatives within our long-range strategic plan...are clearly resonating in our markets
– Richard A. Zimmerman
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).
Sign up here to get the Attractions Management weekly ezine and every issue of Attractions Management magazine free on digital.
RELATED STORIES
Cedar Fair on course for 'best year' after Q3 results reflect 'strong' consumer demand


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.
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.
MORE NEWS
UK Budget 2021: Business rates cut by half for health clubs, leisure and hospitality
Health clubs, gyms, hotels, pubs and other leisure businesses will receive a 50 per cent cut in business rates over the next year.
Winners of first-ever Surf Park Awards revealed
Australian surf park operator URBNSurf and wave generating specialist Wavegarden are among the winners of the inaugural Surf Park Awards.
Little Amal, a puppet of a refugee girl, has walked 5,000km across Europe
A puppet of a refugee girl has 'walked' across Europe on a 5,000km (3,100m) journey, with the help of eleven puppeteers and is now nearing the end of her journey from Syria to the UK.
Eden Project Qingdao reaches construction milestone
Construction work on the Eden Project Qingdao visitor attraction in China has reached a major milestone.
World’s first UNESCO digital trail launches in Scotland
Scotland's Unesco World Heritage Sites are being brought together through the world’s first ever UNESCO digital trail.
Jakob Wahl appointed IAAPA's chief operating officer
Jakob Wahl has been named executive VP and chief operating officer of global attractions industry body IAAPA.
+ More news   
 
COMPANY PROFILES
ProSlide Technology, Inc.

A former national ski team racer, ProSlide® CEO Rick Hunter’s goal has been to integrate the smoot [more...]
Painting With Light

By combining lighting, video, scenic and architectural elements, sound and special effects we tell s [more...]
FORREC Ltd

We create guest experiences others don’t, masterplan like no one else can, and give the world’s bi [more...]
WhiteWater

WhiteWater was born in 1980 to create places where families unite and make joyful lasting memories [more...]
+ More profiles  
FEATURED SUPPLIER

IAAPA helps move leisure and attractions industry forward with IAAPA Expo Europe
As the leisure and attractions industry continues to recover and look to the future, IAAPA, the global association for the attractions industry, is moving forward with plans to host IAAPA Expo Europe this September. [more...]
VIDEO GALLERY

Proslide Tech Inc - ProSlide | Atlantis Dubai
More videos:
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

24-25 Nov 2021

Scotland’s National Tourism Industry Conference

EICC, Edinburgh, United Kingdom
01-07 Dec 2022

World Leisure Congress 2022

tbc, Dunedin, New Zealand
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2021

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