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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).
RELATED STORIES
  Cedar Fair and Six Flags merge – combined company will operate 51 theme parks and resorts


Two iconic theme park operators, Cedar Fair and Six Flags, have confirmed they are merging.
  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.
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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).
RELATED STORIES
Cedar Fair and Six Flags merge – combined company will operate 51 theme parks and resorts


Two iconic theme park operators, Cedar Fair and Six Flags, have confirmed they are merging.
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.
MORE NEWS
Excurio and The Muséum National d'Histoire Naturelle create evolutionary VR experience
Virtual reality creators Excurio has teamed up with experts from The Muséum National d'Histoire Naturelle to create Life Chronicles London, a free-roaming VR experience.
The Park Playground opens first immersive VR franchise in Porto
The Park Playground, has opened its first Immersive VR franchise in Porto, Portugal.
Bridgerton Season three – most Instagrammed locations
Following the release of season three Of Bridgerton, a study reveals its ten most Instagrammable filming locations.
Getty Museum refuses to surrender prized Greek bronze to Italy
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COMPANY PROFILES
ProSlide Technology, Inc.

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

Founded in 2014, Red Raion is the CGI studio for media-based attractions. [more...]
IAAPA EMEA

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

We’re a Yorkshire-based online printer, founded in 2009 by Adam Carnell and James Kinsella. [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
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