July 5, 2001
Sandusky, OH -- Cedar Fair, L.P. a publicly traded partnership which owns and operates six amusement parks and five water parks, today reported that combined attendance at its parks for the month of June increased 5% from a year ago, due to the recent acquisitions of two small parks.
Richard L. Kinzel, president and chief executive officer, noted that the 2001 figures include results from the Partnership's two newest properties, Michigan's Adventure and Oasis Water Park, both of which were acquired at the end of May. On a same-park basis, attendance was essentially flat with June of 2000. During this same period, in-park guest per capita spending increased 3-5% at the Partnership's various parks, but due to the mix of the attendance, weighted average per capita spending increased only slightly compared with the prior year.
"In spite of improved weather over the past several weeks, attendance has remained somewhat soft and below our expectations for this season," said Kinzel. "Excluding results from our two newest properties, combined attendance through the first six months of the year is down 4% from 2000, while in-park guest per capita spending has continued to increase at each park. With the peak portion of the operating season and nearly 70% of our annual attendance still ahead of us, we remain hopeful that we can recoup at least some of this shortfall by yearend."
Kinzel concluded by noting that virtually all of Cedar Fair's revenues from its seasonal amusement parks and water parks are realized during a 130-day operating period beginning in early May, with the major portion concentrated in the peak vacation months of July and August. Knott's Berry Farm is open year-round but also operates at its highest level of attendance in the third quarter of the year.