The Interpreter Posted January 6, 2011 Share Posted January 6, 2011 Cedar Fair Entertains a Record 22.8 Million Guests in 2010 - Attendance Improves 7.8%, or 1.7 Million Visits, From 2009 - Stellar Year Attributed to Successful Value-Creating Growth Strategy Including Aggressive Marketing Efforts and Key Investments SANDUSKY, Ohio, Jan. 5, 2011 /PRNewswire/ -- Cedar Fair (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, announced today that attendance at its 17 locations totaled 22.8 million guests in 2010, up 7.8%, or 1.7 million visits from the Company's total attendance of 21.1 million in 2009. "We saw strong gains in attendance in all regions throughout the year, including significant improvements in season pass visits and group sales, as our aggressive marketing efforts and investments in new attractions drew increasing numbers of guests to our parks," said Dick Kinzel, chairman, president and chief executive officer. "Through these efforts, we have been able to leverage the growing popularity of our parks and successfully navigate through a very challenging economic period by continuing to offer guests a best-in-class experience." Attendance at Cedar Fair's northern region parks, which include Cedar Point in Sandusky, Ohio and Canada's Wonderland near Toronto, increased 3.7% to 12.7 million guests in 2010 compared with 12.2 million in 2009. The Company's southern region parks entertained 4.8 million guests in 2010, up 17.9% from 4.1 million a year ago. Its western region parks hosted 5.3 million guests in 2010 versus 4.8 million guests in 2009, for an increase of 9.7%. Average in-park guest per capita spending in 2010 increased approximately 1% from the prior year. "The record attendance is the latest highlight of what has been an outstanding year for Cedar Fair," Kinzel continued. "In July 2010, we completed the refinancing of our debt to create a capital structure with a stronger balance sheet and provide the flexibility to take advantage of further value-creating growth opportunities. In addition, under the new financing agreement, we were able to reinstate the cash distribution to unitholders in December 2010, after the distribution had been suspended for a year due to covenants within the prior credit agreement. As we look ahead to the 2011 season, we will continue to focus on adding value to the guest experience while maintaining our commitment to delivering excellent value to our unitholders, including growing the distribution." The Company plans to issue a news release and host a conference call with analysts on Tuesday, February 15, 2011, to discuss 2010 fourth-quarter and full-year earnings results. The Company's 2010 year-end tax information will be processed and mailed to unitholders at the beginning of March 2011. The same tax information will be available to unitholders through the Investor Relations section of the Company's corporate website (www.cedarfair.com) beginning February 28, 2011. About Cedar Fair Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio, and one of the largest regional amusement-resort operators in the world. The Company owns and operates 11 amusement parks, six outdoor water parks, one indoor water park and five hotels. Amusement parks in the Company's northern region include two in Ohio: Cedar Point, consistently voted "Best Amusement Park in the World" in Amusement Today polls, and Kings Island; as well as Canada's Wonderland, near Toronto; Dorney Park, PA; Valleyfair, MN; and Michigan's Adventure, MI. In the southern region are Kings Dominion, VA; Carowinds, NC; and Worlds of Fun, MO. Western parks in California include: Knott's Berry Farm; California's Great America; and Gilroy Gardens, which is managed under contract. Additional Information About the Special Meeting of Unitholders This may be deemed to be solicitation material in respect of the Company's Special Meeting of Unitholders scheduled for January 11, 2011. On December 10, 2010, in connection with the Special Meeting, the Company filed a definitive proxy statement and a form of proxy with the SEC and the definitive proxy statement and a form of proxy has been mailed on or about December 13, 2010 to the Company's unitholders of record as of December 9, 2010. In addition, the Company will file with, or furnish, to the SEC all additional relevant materials. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY'S DEFINITIVE PROXY STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE SPECIAL MEETING. Investors and security holders will be able to obtain a copy of the definitive proxy statement and other documents filed by the Company free of charge from the SEC's website, www.sec.gov. The Company's Unitholders will also be able to obtain, without charge, a copy of the definitive proxy statement and other relevant documents by directing a request by mail or telephone to Investor Relations, Cedar Fair, L.P., One Cedar Point Dr., Sandusky, OH 44870, telephone: (419) 627-2233, or from the Company's website, www.cedarfair.com or by contacting Morrow & Co., LLC, at (203) 658-9400 or toll free at (800) 206-5879. The Company and its directors and executive officers and certain other members of its management and employees may be deemed to participate in the solicitation of proxies in respect of the Special Meeting of Unitholders. Additional information regarding the interests of such potential participants is included in the definitive proxy statement. SOURCE Cedar Fair Entertainment Company RELATED LINKS http://www.cedarfair.com http://www.prnewswir...-112974899.html Quote Link to comment Share on other sites More sharing options...
CoastersRZ Posted January 6, 2011 Share Posted January 6, 2011 Interesting that the only two parks mentioned directly when talking about attendance were Cedar Point and Canada`s Wonderland. Also interesting that the northern region saw the smallest percentage increase of the three regions. And they realized a 1% increase in in-park per capita spending. In other words, don`t look for Kings Island to hold the line or even reduce prices on food inside the park anytime soon. (Even if it means they may make more money on a reduced profit margin per item sold). It still amazes me that the big themers down in Florida (and even Dollywood) charge less for soft drinks then what Kings Island does. Just imagine how well a place that serves $1 hot dogs and soft drinks would do at KI? I know at the Reds games I went to this year, the $1 concession stand on the main concourse had among the longest lines of all the food venues! Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted January 6, 2011 Author Share Posted January 6, 2011 Says the Toledo Blade: http://toledoblade.com/article/20110105/BUSINESS03/110109759 Quote Link to comment Share on other sites More sharing options...
Truth Seeker Posted January 6, 2011 Share Posted January 6, 2011 Interesting that the only two parks mentioned directly when talking about attendance were Cedar Point and Canada`s Wonderland. Also interesting that the northern region saw the smallest percentage increase of the three regions. And they realized a 1% increase in in-park per capita spending. In other words, don`t look for Kings Island to hold the line or even reduce prices on food inside the park anytime soon. (Even if it means they may make more money on a reduced profit margin per item sold). It still amazes me that the big themers down in Florida (and even Dollywood) charge less for soft drinks then what Kings Island does. Just imagine how well a place that serves $1 hot dogs and soft drinks would do at KI? I know at the Reds games I went to this year, the $1 concession stand on the main concourse had among the longest lines of all the food venues! With the nearby Holiday world having such cheap prices on it's food and Kentucky Kingdom (if it even opens) scheduled to feature just as cheap or cheaper prices, one has to wonder if King's Island will start to get the picture after realizing how much better in park spending does at these parks. I might be dreaming here but, it's something to think about. Quote Link to comment Share on other sites More sharing options...
74Gibson Posted January 6, 2011 Share Posted January 6, 2011 It always amazes me how much people can get stuck in a line (rut) of thinking. I honestly believe the only thing that will lower food prices is a change in upper management... especially after the increase in attendance and per cap spending last year. Quote Link to comment Share on other sites More sharing options...
CoastersRZ Posted January 6, 2011 Share Posted January 6, 2011 I`m not sure who determines food pricing at the Cedar Fair parks. But I know that as of September, Cedar Point had LOWER prices on 20 ounce soft drinks than what Kings Island had. Granted, both parks have different soft drink companies (I wonder how long until we see either Pepsi or Coke take over the entire chain?) so that may have an impact on the pricing of soft drinks. But it still seems odd. Especially since fast food establishments seem to be within closer proximity of Kings Island`s parking lot compared to Cedar Points. As an aside, Cedar Fair`s unit price has nudge up considerably since this press release was issued (up 3% today). As of this writing, the price has gone up .49 cents to 16.72. The 52 week high for Cedar Fair units was set earlier this morning at $17 a unit. And yesterday, the units closed up 4.17%! Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted January 6, 2011 Author Share Posted January 6, 2011 I`m not sure who determines food pricing at the Cedar Fair parks. But I know that as of September, Cedar Point had LOWER prices on 20 ounce soft drinks than what Kings Island had. Granted, both parks have different soft drink companies (I wonder how long until we see either Pepsi or Coke take over the entire chain?) so that may have an impact on the pricing of soft drinks. But it still seems odd. Especially since fast food establishments seem to be within closer proximity of Kings Island`s parking lot compared to Cedar Points.... And on closing day Cedar Point was offering an admittedly rather large soda for $5.99 plus tax....and people WERE buying them, too... Terp, just sayin' Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted January 6, 2011 Author Share Posted January 6, 2011 CORRECTION ISSUED BY THE COMPANY Read on.... http://www.tradingma...y/-1406660.html The corrected sentence should have read: Average in-park guest per capita spending in 2010 decreased approximately 1% from the prior year. Does this change things?? Quote Link to comment Share on other sites More sharing options...
RailRider Posted January 6, 2011 Share Posted January 6, 2011 Not sure because FUN closed at a 52 week high of $17.06, actually this is a 2 year high. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted January 6, 2011 Author Share Posted January 6, 2011 Well, if Mr. Dick Kinzel had had his way, current investors would have been frozen out at $11.50 a unit back in April, and he and a few of his favored friends and family would have continued to held equity interests in what would then have been Apollo... Terp, just sayin' Quote Link to comment Share on other sites More sharing options...
RailRider Posted January 6, 2011 Share Posted January 6, 2011 Not sure Q has the best of intentions either, seeing as how 3 out of 4 Proxy Advisory firms recomend FUN's current distribution policy. 3 out of 4 I believe there is a happy medium, I want a meaningfull change in leadership, but keeping a focus on debt repayment is crucial. Quote Link to comment Share on other sites More sharing options...
CoastersRZ Posted January 6, 2011 Share Posted January 6, 2011 How could they have overlooked an error as large as that was with regards to the guest per capita spending? In park per capita spending has been going down for a while now. Yet attendance seems to be rebounding. Clearly, something is not working once guests get inside the parks, otherwise the in park spending would be going up not down. Is it merely the fact that they are discounting admission, or are the food price to quality ratio way out of whack? I seem to think that it is the the latter. But Cedar Fair will never admit that. At least current leadership won`t. Quote Link to comment Share on other sites More sharing options...
RailRider Posted January 6, 2011 Share Posted January 6, 2011 I would agree about the latter of the two you mentioned. Poor price to quality ratio. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted January 6, 2011 Author Share Posted January 6, 2011 Or how about just poor quality in general...with VERY few exceptions. I, for one, wouldn't want any more of Cedar Point's new, so-called improved pizza if it were 2 cents a slice. The frozen custard at Cedar Point, on the other hand... Quote Link to comment Share on other sites More sharing options...
RailRider Posted January 6, 2011 Share Posted January 6, 2011 I prefer an all inclusvie park experience, I really do not want to go out in the parking lot and eat from a cooler nor do I want to reenter a park after leaving for a meal. This is one reasson that I have begun taking multiple visits to parks that provide this and why I am a seasson pass holder at Dollywood (among other reassons). Quote Link to comment Share on other sites More sharing options...
CoastersRZ Posted January 7, 2011 Share Posted January 7, 2011 I agree. I too am a pass holder to Dollywood this year (second time I`ve had a pass there. And while I`m at it, there season pass renewal process is quite simple. My first pass there was in 2009 (bought in December of 2008). I went down there again this December, and renewed my pass online. All I had to do was enter my pass # when renewing, and as easy as that, I have a 2011 Dollywood pass). However, I`m ashamed to admit I have never eaten anything inside of Dollywood so far. I think it would be fair to say that most families that visit KI are going to go ahead and pay the premium on the food, simply so that they do not have to deal with leaving the park. Your local pass holder family that will visit the park for a few hours here and there would be more apt to picnic in the parking lot, or simply grab food before or after their visit to the park. And of course, group sales were up. These people typically are not paying for admission, (at least not all of it), and so they are more apt to spend money on food and games once inside the park. I still think Cedar Fair would be wise to introduce an across the board discount on food for season pass holders. Say a 10% discount. While the discounted prices would still be high, it may be just enough to entice more pass holders to buy food while in the park as opposed to picnicing in their cars in the parking lot. Quote Link to comment Share on other sites More sharing options...
XGatorHead 8904 Posted January 7, 2011 Share Posted January 7, 2011 However, I`m ashamed to admit I have never eaten anything inside of Dollywood so far. Yes, you should be ashamed to admit that! Dollywood's food is wonderful! Quote Link to comment Share on other sites More sharing options...
74Gibson Posted January 7, 2011 Share Posted January 7, 2011 When I was younger, I always wanted to spend money in parks. Now, when I go to Cedar Fair parks, it's me verse them. I get a kick out of every penny I don;t give them. That's not normal for me. I go to Holiday world or even a zoo and want to spend money there because I appreciate the place. CF is trying to rip me off with poor quality, overpriced food and I say screw you! I'm going to the parking lot for a tailgate or Ruby Tuesdays for a meal. I'll gladly spend 10-15 on a meal if it's good food. Now, when I think of going to CP or KI, tailgaiting or Ruby Tuesdays is an automatic. It's a tradition that I love now and I don't want to change. People see us out there in our camping chairs w/ good food and I can't count the people that say that's what they're doing next time. We wouldn't be out there if CF had reasonably priced food. In fact, we've recently discovered the sports bar under Raptor and love it... until our last visit. The food was not as fresh/good as previous visits. My friends and I honestly try to spend money in the park but it's just not worth it. Why do I keep posting these rants... hoping someone will listen. Maybe DK should take away my PC and put it with the Blackberries:lol: Quote Link to comment Share on other sites More sharing options...
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