June 4, 2002
Sandusky, OH -- Cedar Fair, L.P., a publicly traded partnership which owns and operates six amusement parks and five water parks, today reported that in spite of poor early-season weather, attendance at its parks through the first five months of the year increased 6% from a year ago. Over the same period, average in-park guest per capita spending was down 2%, largely due to the mix of attendance among the parks.
Richard L. Kinzel, president and chief executive officer, noted that the 2002 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 last year. Excluding the two acquisitions, combined attendance was up 1% through the first five months of the year and combined guest per capita spending was essentially flat.
"We are very pleased with the initial response from guests to the new rides and attractions we added this year at our parks," said Kinzel. "In spite of very cool temperatures and frequent rain throughout much of the early part of the season, attendance has been relatively strong at our seasonal parks, including a 3% increase at Cedar Point. Attendance at Knott's Berry Farm has remained even with last year, although tourism in Southern California continues to be soft."
Kinzel noted 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.
"With approximately 90% of the annual attendance at our seasonal parks still to come over the next three months, and Knott's Berry Farm preparing to debut its new world-class roller coaster later this month, we remain confident that our 2002 attendance and revenue goals are still well within reach," concluded Kinzel.