July 2, 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 combined attendance at its parks for the month of June increased 5% from a year ago. Over the same period, average in-park guest per capita spending was essentially flat, in part due to the mix of attendance among the parks.
"As weather has continued to improve over the past several weeks, attendance at our parks has begun to pick up," said Dick Kinzel, president and chief executive officer. "During June, attendance at our seasonal parks was relatively strong, including a 6% increase at our largest park, Cedar Point, which introduced a great new roller coaster this year. Attendance at Knott's Berry Farm was down 1% from June of 2001, as tourism in Southern California remained soft. However, the park debuted its new world-class roller coaster on June 22, and attendance over the past week improved nicely as expected."
Kinzel continued by noting that combined attendance through the first six months of the year was up 5% from 2001, due in part to the inclusion of 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 impact of the two acquisitions, combined attendance was up 3% through the first six months of the year and combined guest per capita spending was essentially flat," he said. "With 70% of our annual attendance still ahead of us, we remain confident that our combined 2002 attendance and revenue goals are still realistic and achievable."
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.