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2008 Cedar Fair Capital Expenditures Press Release


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SANDUSKY, OHIO, November 5, 2007 – Cedar Fair Entertainment Company (NYSE: FUN), a publicly traded leader in regional amusement parks, water parks and active entertainment, has announced plans for a record high $88 million in exciting new family attractions, roller coasters, thrill rides and general improvements for the 2008 season at its parks across the United States and in Canada.

Dick Kinzel, chairman, president and chief executive officer, reported that the 2008 improvement program will be highlighted by Behemoth, a $21 million record-breaking roller coaster at Canada’s Wonderland, Toronto. “Behemoth will smash all Canadian roller coaster records as Canada’s tallest, fastest and longest coaster. At 230 feet tall, Behemoth will forever change the skyline at Canada’s Wonderland and will become one of the great roller coasters that Cedar Fair is known for.”

Riders on Behemoth will board never-before-seen open-air trains that feature unobstructed views of the coaster’s 5,300 feet of steel tubular track. Featuring an 85-degree first drop, banked twists, turns and massive hills that will give riders extreme “airtime,” Behemoth will be the largest investment in the history of Canada’s Wonderland.

In addition to Behemoth, four other exciting roller coasters will make their marks across the United States in 2008 within the Cedar Fair family of parks.

Rising 161 feet above the landscape and commanding the sky at Kings Dominion in Doswell, Virginia will be Dominator, the park’s 14th roller coaster. Riders will experience a sense of freedom and excitement as their feet dangle freely below on “floorless” coaster trains that travel just inches above the steel track. At 4,210 feet, Dominator will be the longest floorless roller coaster in the world and will feature five inversions, including the tallest roller coaster vertical loop ever built.

At Dorney Park in Allentown, Pennsylvania, guests will “be possessed” by VooDoo, an inverted steel scream machine that launches riders both forward and backward underneath a 185-foot-tall, U-shaped steel track. VooDoo riders will twist 360 degrees as they ascend one end of the massive structure while rising at a 90-degree angle in reverse at the opposite end.

“First Class” thrills will truly be delivered to guests at Knott’s Berry Farm in Buena Park, California with the debut of Pony Express. Riders will saddle up on one of two, 12-passenger trains, riding “horseback” as they are launched forward at the beginning of the ride. Featuring low-to-the-ground maneuvers, hairpin turns and steep banks, Pony Express will be ready to thrill riders in the Ghost Town section of the park.

The Thunderhawk roller coaster will swoop down at Michigan’s Adventure in Muskegon, Michigan and will be the largest capital expenditure in the park’s history. Riders will be suspended from a steel track as they climb a 105-foot-tall lift hill and drop 86 feet to the ground at a top speed of 50 mph. Thunderhawk’s swooping turns, heart-pounding inversions and the nothing-below-your-chair-but-air trains will thrill guests all summer long.

Family attractions and a new thrill ride will debut at three of Cedar Fair’s parks.

The Company’s flagship park, Cedar Point in Sandusky, Ohio, will debut several attractions geared toward family-friendly fun. A brand-new children’s area, featuring seven rides and a family lounge with quiet areas for feeding, resting and changing, will replace the former Peanuts Playground.

Also, the Sandcastle Suites hotel, located on the tip of the Cedar Point Peninsula, will undergo a complete interior renovation.

The surf will be up at Carowinds in Charlotte, North Carolina with an expansion of Boomerang Bay, a 20-acre waterpark adjacent to the rides and coasters of Carowinds. The highlight of the addition will be Bondi Beach, a 600,000-gallon wave action pool that simulates fun on the high seas.

Finally, at California’s Great America in Santa Clara, California, guests will flip for a new thrill ride that will give a whole new meaning to “head-over-heels.” Riders will be seated stadium-style in two rows of 20 riders each on a gondola that rotates 360 degrees. The gondola will lift off the ground as it’s flipped, turned and tumbled during its ride cycle.

To complement the new thrill ride, California’s Great America will also debut a new ice-skating show, featuring talented skaters, intricate skating maneuvers and music that will have the audience moving.

“We strongly believe that we have an excellent overall entertainment package lined up at all of our parks for the 2008 season,” said Kinzel. “We are committed to enhancing the guest experience with new shows, thrill rides and family attractions that everyone can enjoy.”

Kinzel concluded by noting the company will host a conference call with analysts to discuss the Company’s third quarter results tomorrow, November 6, 2007, at 2:00 p.m. Eastern Time. This call will be web cast live in “listen only” mode via the Cedar Fair web site (www.cedarfair.com). It will also be available for replay starting at approximately 5:00 p.m. ET, Tuesday, November 6, 2007, until 11:59 p.m. ET, Tuesday, November 20, 2007. In order to access the replay of the earnings call, please dial 1-877-519-4471 followed by the access code 9333116.

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So, nothing for KI this year?

I would have thought some GL flats would have made the trip south to Mason :(.

I cant wait to learn more about Knott's Pony Express though, that soulds like a Motorbike. I really need to make the LA Super trip (SFMM, KBF, DL, USH.)

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I would imagine KI is in the "Family attractions and a new thrill ride will debut at three of Cedar Fair’s parks" group...

EDIT: Ooops...just reread that--I misinterpreted it. Nope, no mention (or hint of a mention) of KI...

I found the mention of CP's new attraction interesting:

"A brand-new children’s area, featuring seven rides and a family lounge with quiet areas for feeding, resting and changing, will replace the former Peanuts Playground."

I'm glad Sandcastle Suites is getting a room/public area rehab...the decor in that place is like a Motel 6 from the late 80s...

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You are right JZ, Worlds of Fun, ValleyFair!, and Kings Island are not discussed, so they could be the parks discussed in that one liner. However, the line could be just referring to the three parks listed under it, as if it were an Intro!

Im holding out hope though that Kings Island is included in the one liner.

EDIT: I edited the heck out of this post, I needed to reinterpret some details!

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The three parks mentioned are CGA,CP & Carowinds so it looks like VF,WOF & KI will be taking the 2008 season off as far as new rides go,which is what I pretty much expected after the addition of Firehawk for the 2007 season.

Don't be too disappointed though,remember there's that rumored hyper that's possibly coming to KI in 2009,I'm suprised though that there's no mention of BLMR from GL becoming part of CP's lineup as the result of the Peanuts playground rennovation.

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When this level of investment was announced (the day before the quarterly earnings conference call), the stock market responded...with Cedar Fair units closing up and Six Flags (which had previously announced that next year's capital investment will be of historic proportions, but did NOT mention a specific figure...that will probably come Friday or before) stock closing markedly down. With the debt both companies face, the market is pleased with the relatively low investment at Cedar Fair for 2008. Whether the attending public will be as pleased remains to be seen. My guess is that they will be.

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... I do believe the park will get something in 2008...

However, if i were to assume for a moment that we were not, it would be the first time in a great long while that a new attraction(s) has not been added. Im not sure how that would be marketed. "If you thought 2007 was great, 2008 will be just the same" . Maybe we'll get some new shows, although I cant really say any show at Kings Island this past summer was all that stellar, id much rather see "santas workshop" in the middle of july.

But as i said, i do believe our additions have just not been mentioned yet, and im excited to see what new additions 2008 will bring.

As a completely off topic comment - I find it virtually unfathomable that Kings Island Entertainment has not developed a "blast" type program. As a former performer for a similar producation at Tokyo Disneyland, these types of programs are totally different than the typical sing and dance revue. And, anyone that knows the Dayton/Cincinnati area is aware of what a gold mind southwestern ohio is for these types of performers....

Just a thought...

http://www.blasttheshow.com/

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Notice that the press release does NOT have the typical slug line across the bottom, listing the company's parks and attractions. I guess that was to make it harder for analysts to figure out which parks were excluded from the announced plans? :)

Oh, wait! The official version, which I have here in my box, DOES include this paragraph (omitted from above):

Cedar Fair Entertainment Company (NYSE: "FUN") is a publicly traded partnership headquartered in Sandusky, Ohio. The Partnership, which owns and operates eleven amusement parks, six outdoor water parks, one indoor water park and five hotels, is one of the largest regional amusement park operators in the world. Its parks are located in Ohio, California, North Carolina, Virginia / District of Columbia, Pennsylvania, Minnesota, Missouri, Michigan, and Toronto, Ontario. Cedar Fair also owns and operates Star Trek: The Experience, an interactive adventure located in Las Vegas, and operates the Gilroy Gardens Family Theme Park in Gilroy, California under a management contract. Cedar Fair's flagship park, Cedar Point, has been voted the "Best Amusement Park in the World" for ten consecutive years in a prestigious annual poll conducted by Amusement Today newspaper.

Still doesn't name the parks, though. How...convenient.

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“First Class” thrills will truly be delivered to guests at Knott’s Berry Farm in Buena Park, California with the debut of Pony Express. Riders will saddle up on one of two, 12-passenger trains, riding “horseback” as they are launched forward at the beginning of the ride. Featuring low-to-the-ground maneuvers, hairpin turns and steep banks, Pony Express will be ready to thrill riders in the Ghost Town section of the park.
Hmmm, sounds sort of like Maverick, although the name doesn't sound very, uhh, thrilling.
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^ I was wondering when that image would make it onto the forums. Let me at least say this: a lot of people were excited earlier this year because of construction by Top Gun... and it was Club Blood. I even remember a few years ago when they were building a "new coaster station" outside of Adventure Express... and it was Jacob's Ladder. My point is, anything can be anything, and anything is possible when it comes to Kings Island. Don't forget that the park can't have too many restrooms either...

Anyone else see the that the two other parks in Ohio other than Cedar Point are gettting nothing. Well that was a waste of a season pass for next year.sad.gif Shame on you Kings Island.

Since when does "getting something" have to involve a ride? I can think of dozens of things that Kings Island could add which would be absolutely wonderful. Waste of a season pass? I guess that's your own opinion. I love Kings Island for what it is. If they add a new ride, it's icing on the cake to me. Don't get me wrong, Firehawk was great last year, but I really think that Firehawk, in combination with the 5 new lives shows, numerous new eating options, and the expanded/extended haunt attraction last year where what really made the season in my book.

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Canada's Wonderland got nothing new for 2007, except for two new restaurants and a skating show and just look at what they are getting this year.

I still don't like the terminology, "got nothing new." They didn't get a new ride.. that's true. But based on what you just posted, they clearly got 3 new things.

Don't forget that rides are a part of the Kings Island experience. They're a big part, but still just a part. You are very fortunate to call such a diverse and talented park your home park, and I hope that you guys don't take that for granted.

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So Kings Island is getting nothing next year?

Its not that simple. This years attraction was not announced until after track had already started showing up in the parking lot. Which was not that long before the start of the season. I am sure someone can remind us of when it occurred.

Although I suspect next year is going to be upgrades mostly and maybe a new water slide or new movie in the action theater. Its also possible KI could end up with the Beaver Land Mine Ride or some flat from Geauga Lake. Since the dry side of the park is closing I would think anything that management feels is worth moving will end up somewhere. The parks Ferris Wheel is only a few years old. These kinds of rides would not be worth talking about this early.

I would be very surprised if the park got nothing. I just don't expect a large coaster to suddenly show up.

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There is nothing wrong with getting a year off of the coaster business some nice new shows and smaller attractions that some people tend to miss would be awesome for this year. Just think the longest steel in the world only at Kings Island in 2009 .. now wouldnt that be worth the wait... not saying it will happen but just a thought ;)

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There is nothing wrong with getting a year off of the coaster business some nice new shows and smaller attractions that some people tend to miss would be awesome for this year. Just think the longest steel in the world only at Kings Island in 2009 .. now wouldnt that be worth the wait... not saying it will happen but just a thought ;)

Longest, tallest, fastest... does it really matter? That's just a statistic. All that really matter is a good quality ride experience.

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So what if KI doesn't get any new rides next season. Is there not enough to do already? They already have the best kids' area (Golden Ticket or not as evidenced by the sheer number of people in NU), world class coasters and thrill rides. I also have heard that the shows improved some this year. I can think of many things that could be fixed/updated without adding any new ride. I'm sure if you look at the history of the park expenditures, you'll find many years where there were no new rides.

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