Cedar Fair Completes Sale of Canadian Land

SANDUSKY, Ohio, Aug. 21-- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today reported that it has completed the sale of its 87 acres of surplus land adjacent to Canada's Wonderland near Toronto to the Vaughan Health Campus of Care.

"I am pleased to announce that yesterday we completed the sale of our surplus land near Toronto," said Dick Kinzel, Cedar Fair's chairman, president and chief executive officer. "The completion of this transaction is another step towards our goal of reducing debt and improving our capital structure for the long term."

Mr. Kinzel concluded by noting that the net proceeds of approximately $54 million from this asset sale will be used entirely to pay down the Company's term debt.

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.

This news release and prior news releases are available online at http://www.cedarfair.com .

SOURCE Cedar Fair Entertainment Company

Thats kinda smart, I have never been up there. Does anyone know how much undeveloped land they now have?

Yes but in the long term they might need the land. I guess they plan to never grow that park that big.

Or maybe they just had a huge surplus of land and still have enought to make the park very large.

They need all the money they can get at this point, good news on Cedar Fair's part. I doubt that Cedar Fair even owns that park five years from now, so it doesn't really matter.

Well, it will matter when a company wants to put in new rides, but can't without removing some, so that would matter to the people who go there .

So, did it matter when Carl Lindner kept quite a bit of the original Kings Island property (including virtually all of it across the street) and did not sell it to Paramount Parks? Or when Paramount Parks sold the former campground to Great Wolf Lodge, keeping a minority interest, which was offered to Cedar Fair, which turned it down, so CBS (then owner of the interest) sold the remaining minority interest to Great Wolf Lodge?

They need all the money they can get at this point, good news on Cedar Fair's part. I doubt that Cedar Fair even owns that park five years from now, so it doesn't really matter.

Really? Isn't Canada's Wonderland one of the most profitable parks?

I'd strongly suspect it is. Given how much Cedar Fair owes, however, along with taking into account the general overall economy and earnings potential in the mid-term, one cannot totally discount the possibility that Cedar Fair will not own any amusement parks five years hence. There can be no assurance that that potential does not exist.

Alternatively, a suitor could come in and offer so much moola that all unitholders, including Mr. Kinzel himself, would rush to sell. Likely? No. Totally impossible? Also, no.