December 1, 2000
Sandusky, OH -- Cedar Fair, L.P., a publicly traded partnership which owns and operates five amusement parks and four water parks, has finalized plans for $38 million in capital expenditures at its parks for the 2001 operating season.
Cedar Fair's five amusement parks are Cedar Point, located on Lake Erie between Cleveland and Toledo; Knott's Berry Farm in Buena Park, California, near Los Angeles; Dorney Park & Wildwater Kingdom near Allentown, Pennsylvania; Valleyfair near Minneapolis / St. Paul; and Worlds of Fun and Oceans of Fun, located in Kansas City, Missouri. The Partnership's water parks are located in Sandusky, Ohio; Kansas City, Missouri; Chula Vista, California, near San Diego; and Buena Park, California. Cedar Fair also operates Knott's Camp Snoopy at the Mall of America in Bloomington, Minnesota, under a management contract.
Richard L. Kinzel, president and chief executive officer, reported that capital expenditures at Worlds of Fun will total $2 million and will be highlighted by the addition of Camp Snoopy, a family play-land featuring Charles Schulz's popular Peanuts characters.
"We are pleased to have the opportunity to bring the Peanuts characters to Worlds of Fun," said Kinzel. "Camp Snoopy will feature a variety of family rides and interactive play elements that have proven to be very popular at three of our other parks, and we expect this new attraction to be a big draw for the family market in the Kansas City area."
Kinzel also reported that the Partnership will be investing approximately $4 million at Knott's Berry Farm next season, including the addition of a Skycoaster ride. This new thrill ride, which will be a separate-charge attraction, combines the excitement of skydiving, bungee jumping and free-falling into one adrenaline-pumping adventure. Improvements to picnic shelters, restrooms and retail facilities are also planned.
The Partnership previously announced that planned 2001 capital expenditures at Dorney Park will total $17 million, including the construction of a world-class suspended roller coaster. Cedar Point has announced a $14 million capital program for next season that will be highlighted by the addition of a luxury camping area, and Valleyfair will invest $1 million for 2001 in park improvements.
"These improvements underline our philosophy of continuous reinvestment in new attractions and our dedication to offering the best in family entertainment and guest service," said Kinzel. "Including the $38 million in expenditures for 2001, Cedar Fair will have invested more than $450 million in its parks since becoming a public company in 1987."