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Cedar Fair Reports Attendance & Revenues Through Labor Day


Skywriter
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I have your anwser don't eat their food

Eating food at an amusement park (inside the park) is part of the overall park experience.

I actually think the park entrance fee itself, although expensive, is not unfair when compared to other parks. The problems begin when you set foot in the park.

Our family attended KI one day this year. We ate lunch in the parking lot but since we like LaRosa's pizza in the park we had it for dinner. I don't recall the exact figure but 3 pieces of pizza, 1 order of breadsticks, and a large Coke (with a ton of ice in it) set me back over $20. That is just plain ridiculous. The food was cold, but the line was long so we ate it.

And - if nobody eats their food, they don't make money, and they get rid of employees.

The solution is to lower food and drink prices and supply a better product to the consumer. Otherwise, attendance will continue to drop.

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And typical theme park guests (NOT us, we are not typical) will remember that overpriced cold food next year...and may decide to go to Disney, the beach, the movies or just watch DVD's next summer. I strongly fear that Cedar Fair has sowed seeds with their cold and overpriced food offerings, not to mention the at best apathetic and at worst openly hostile food service at the old Paramount Parks this summer. People who don't come to the park and don't have season passes don't spend ANY money there.

If they DO come, they are apt to eat in their cars, lowering per caps even further. Oddly, I have NEVER experienced cold or bad food at Cedar Point, or Dorney, or Worlds of Fun (you get the picture). And I don't chafe at the high food prices there. It is the combination of BAD food, POOR service and HIGH price at the former Paramount Parks that especially irks me, and many others. Cedar Fair CAN do better. They DO at their legacy parks. It's time someone in food service at the old Paramount Parks was shown the door and a new team was given a try.

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See also:

I Know What You Didn't Do This Summer (The Motley Fool):

http://www.fool.com/investing/dividends-in...his-summer.aspx

Particularly interesting quote:

...The company may have bitten off more than it could chew when it acquired the Paramount Parks chain from CBS (NYSE: CBS) last year. It didn't add enough marquee attractions to its flagship parks this season. There are also several factors like pesky oil prices, weather, and economic sentiment that are clearly beyond the company's control....
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^ The Motley Fool seems to jump on the negative/ positive bandwagon when they see fit. Sure CF's numbers are rather lackluster, but they are far from the only ones with difficult numbers this summer. I do like the quote though about not adding enough marquee attractions to the "flagship parks" for 2007. But I guess that adding 3 coasters in '07, a massive rebuild/ redesign on another coaster, removing 2 coasters with one of them re-located in '07 and the other in '08, plus a rather large addition already announced for '08 just isn't enough for Motley Fool.

Eating food at an amusement park (inside the park) is part of the overall park experience.

My family has been packing a cooler at every park we go to since the late 70's. Now when IR was around, we always had dinner there. But since there is no longer an actual sit down restaurant at the park, we have just packed the cooler a little more.

While the food may be part of the overall experience, it is not a deal breaker.

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Actually, this is noteworthy as before the PP purchase, there was no stronger cheerleader for FUN or its management than Rick Aristotle Munarriz, who wrote this article and a previous, highly-negative article about the merger. Rick has been to both Cedar Point and Kings Island many times, and was at Kings Island opening day. He truly wants to like this combined company, that is clear.

And overpriced, cold food may not be a dealbreaker for you, but it is for many people. I bet many of those people who decide not to come back (or to pack their own food) will find their absence (and/or their food spending) is felt by Cedar Fair next season.

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I read this on GLtoday.

"Now, Cedar Fair bought Paramount parks for $1.3 Billion.

They also took out a second loan for $500,000,000 to upgrade each of those parks, so in turn, their debt is $1.8 Billion, but its dropping."

I sure would like to know how they are using that $500,000,000.

With that kind of money they could put a $15 million coaster in all 5 former Paramount parks for the next six years and still have $50 million left over for other improvements.

That is if that information is accurate.

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As crappy as I think the food is (for the most part) at KI, I've never heard one person complain either at the park, or the numerous people I talk to that visit the park. I really don't believe its that much of a deal breaker. I think its an issue that IS noticed more by the enthusiasts than the GP. There's also never a shortage of people to line up and shell out the money for it when I'm at the park.

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PKIMike, that information is NOT accurate. First of all, the purchase price for PP was $1.24 billion. Second, some of the borrowed money is to be spent paying out dividends to unit holders...yes, they borrowed money to pay out as income. The amount borrowed also included a refinancing of existing Cedar Fair debt (part of which was incurred buying Geauga Lake from Six Flags). Third, the entire capital spending budget for the entire company is not at the level that post contemplates.

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In addition to eating in the car, I never set foot in any shop... ever. The only thing I was ever tempted to buy was an overpriced T-shirt that had Son of Beast on it because it is the tallest/fastest and may not be around for much longer.

I hate concept of hiring employees to bother guests and try to take their picture. Why spend $20 on a picture you could have taken with your phone? Ohh, and a SOB ride photo was tempting but again so grossly overpriced I couldn't bring myself to get it.

Still, I love the KI attractions and THAT'S what I come for. Once I'm in, I hold onto my $$$$

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  • 6 years later...

^Couldn't have said it better myslef. All of those things you say are true. We were complaining about these high prices and poor food service well before CF entered the picture. I grow tired of hearing all of the negativity towards CF. They have definitely not had enough time to mold the old "Paramount" parks to their specifications. Look at Geauga Lake...CF has owned it for a little longer and that park is still not where they want it to be. Rome was not built in a day.

So is Geauga Lake now where they wanted it to be, seven years later?

Terp, who likes to ask questions

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Wow- this post started in 2007- I was wondering for a second why people were complaining about the food and prices, I didn't look at the date at first, and wondered what was wrong with all of you. I was going to dismiss the lot of you as a bunch of granny nags

Reading this thread shows me how far the park had come, due to Ouimet's skills.

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