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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).
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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.
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Sauna trance: art and sauna bathing collide at mesmerising new Tokyo art exhibition
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RMA Ltd is a one-stop global company that can design, build and produce from a greenfield site upw [more...]
WhiteWater

WhiteWater was born in 1980 to create places where families unite and make joyful lasting memories [more...]
Red Raion

Founded in 2014, Red Raion is the CGI studio specialized in media based attractions. [more...]
+ More profiles  
FEATURED SUPPLIER

Triotech and Benoit Cornet’s Bold Move to collaborate on breakthrough innovative media-based attractions
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VIDEO GALLERY

Animalive - Introducing AnimaChat!
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More videos:
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+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

05-07 May 2021

TEA SATE Europe 2020

PortAventura World, Tarragona, Spain
09 Jun 2021

IAAPA Expo Asia 2021

The Venetian Macao, Macao, China
+ More diary  
 


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Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2021

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