December 19, 2001
Sandusky, OH -- Cedar Fair, L.P., a publicly traded partnership which owns and operates six amusement parks and five water parks, has finalized plans for $42 million in capital expenditures at its parks for the 2002 season.
Cedar Fair's six amusement parks are Cedar Point, located on Lake Erie between Cleveland and Toledo; Knott's Berry Farm near Los Angeles in Buena Park, California; Dorney Park & Wildwater Kingdom near Allentown, Pennsylvania; Valleyfair near Minneapolis/St. Paul; Worlds of Fun, located in Kansas City, Missouri; and Michigan's Adventure near Muskegon, Michigan. The Partnership's water parks are located near San Diego and in Palm Springs, California, and adjacent to Cedar Point, Knott's Berry Farm and Worlds of Fun. Cedar Fair also operates Camp Snoopy at the Mall of America in Bloomington, Minnesota under a management contract.
Richard L. Kinzel, president and chief executive officer, reported that 2002 capital expenditures at Knott's Berry Farm will total $14 million and will be highlighted by the addition of Xcelerator, a new world-class roller coaster that will be the fourth major thrill ride added at the park since its acquisition by Cedar Fair late in 1997.
"This new coaster will be one of the largest single investments in Knott's Berry Farm's history, and it will bring a whole new level of thrill riding to the park," said Kinzel. Designed and manufactured by Intamin International of Switzerland - the same firm that created Cedar Point's Millennium Force - Xcelerator will launch riders smoothly from zero to 82 mph in only 2.3 seconds and then will climb to a height of 205-feet before spiraling down a 130-foot inverted drop. The continuous track will then race through a series of inversions, banks and turns.
"Xcelerator will continue to build upon the momentum we have established at Knott's through strategic capital spending over the past four years, and it will further increase the park's level of recognition in the very attractive and competitive Southern California market," Kinzel added.
Commenting on the capital programs at the other parks, Kinzel said, "In 2002, capital expenditures at Worlds of Fun will total $4 million and will be highlighted by the addition of ThunderHawk, a six-story-tall spinning thrill ride that has proven to be very popular at several of our other parks. At Dorney Park, planned capital expenditures will total $3 million and will feature the addition of a mid-size thrill ride, along with other park improvements, while a total of $3 million will be invested in various upgrades at our other parks."
The Partnership previously announced that planned 2002 capital expenditures at Cedar Point will total $13 million, including the addition of Wicked Twister, the park's 15th roller coaster, and a family ice show themed around the Peanuts characters. At Michigan's Adventure, capital expenditures will total more than $5 million and will feature the addition of seven new rides and attractions, as well as significant upgrades to the park's picnic, merchandise and restroom facilities.
"These improvements follow 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 $42 million in expenditures for 2002, Cedar Fair will have invested more than $340 million in its parks over the past five years."