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Leland Wykoff

Cedar Fair Clocks Record Revenues through Labor Day

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Clearer financial reporting and increased transparency removes obscurity and cloudiness surrounding performance of legacy parks.  Reported growth is reported on a comparable basis, along with the overall increases due to the inclusion of the results of the Schlitterbahn acquisition.  The news is good and offers clarity of improved performance by the legacy parks:

"...(on a same park basis, excluding the Schlitterbahn parks) year-to-date preliminary net revenues totaled a record $1.08 billion, up $48 million, or 5%, on a 2%, or 465,000-visit, increase in attendance; a 2%, or $1.08, increase in in-park per capita spending; and a 5%, or $6 million, increase in out-of-park revenues."

The overall results, including the Schlittrbahn revenues, improve the results further.  Cedar Fair claims the Schlitterbahn Water Parks are contributing results ahead of  forecasts.  Presumably FUN has already taken steps to reduce costs and improve revenues at Schlitterbahn Resorts:

"The year-over-year growth was driven by a 1.1 million-visit, or 6%, increase in attendance to 21.0 million guests; a 3%, or $1.24, increase in in-park per capita spending to $48.79; and a $10 million, or 9%, increase in out-of-park revenues to $130 million."

All these results are to be tempered by the knowledge a significant number of operating days shifted into the reporting period.  While FUN has improved the transparency of the reporting the company failed to provide guidance or a reminder in the release of the impacts of shifted operating days into this period.  Perhaps next reporting period we shall enjoy more clarity on these issues.  Cedar Fair has more room for improvement in reporting of revenues and attendance trends by fully accounting for such anomalies in the calendar.

CEO Richard Zimmerman indicated a strong start to the season pass sales for next year, introduction of new PassPerks rewards program, and strong acceptance of special events is driving sales in a positive direction.  

https://ir.cedarfair.com/news/news-details/2019/Cedar-Fair-Reports-Record-Revenues-Through-Labor-Day-Weekend/default.aspx

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Zimmerman concluded by noting, “We believe the continued growth in the advance sales of our 2020 season passes is a direct result of the compelling lineup of new attractions and entertainment offerings we will be delivering next year. Highlighted by the 150th anniversary celebration at Cedar Point in Sandusky, Ohio; the 100th anniversary celebration at Knott’s Berry Farm in Buena Park, California; and, the new 300-foot-tall giga coaster, Orion, at Kings Island near Cincinnati, Ohio, our slate of 2020 additions offers something new at each and every park next season. The 2020 additions combined with our existing, industry-leading attractions, immersive entertainment and special events ensure that our parks are not only set to deliver compelling growth in 2020, but well into the future,” said Zimmerman.

 

Wait a minute I thought Orion is 287 feet tall...  If the CEO says it is a 300 foot tall giga, then that is what it is:P  Debate closed...or has it made the debate worse...

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3 hours ago, disco2000 said:

Zimmerman concluded by noting, “We believe the continued growth in the advance sales of our 2020 season passes is a direct result of the compelling lineup of new attractions and entertainment offerings we will be delivering next year. Highlighted by the 150th anniversary celebration at Cedar Point in Sandusky, Ohio; the 100th anniversary celebration at Knott’s Berry Farm in Buena Park, California; and, the new 300-foot-tall giga coaster, Orion, at Kings Island near Cincinnati, Ohio, our slate of 2020 additions offers something new at each and every park next season. The 2020 additions combined with our existing, industry-leading attractions, immersive entertainment and special events ensure that our parks are not only set to deliver compelling growth in 2020, but well into the future,” said Zimmerman.

 

Wait a minute I thought Orion is 287 feet tall...  If the CEO says it is a 300 foot tall giga, then that is what it is:P  Debate closed...or has it made the debate worse...

Did the CEO just make a verbal typo?!

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