January 8, 2003
Sandusky, OH -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates six amusement parks and five water parks, today announced that combined attendance for 2002 at its eleven properties totaled a record 12.4 million guests, 4% above the Partnership's total attendance last year of 11.9 million.
"We are very pleased with the record attendance we were able to achieve in 2002, particularly with the continued overall weakness of the economy," said Dick Kinzel, president and chief executive officer. "For the entire year, attendance at our six amusement parks totaled 10.9 million, up 3% from a year ago, and attendance at our five water parks increased 15% to 1.5 million guests.
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.
Commenting on results at the individual parks, Kinzel said, "At our flagship property, Cedar Point, the introduction of the park's 15th roller coaster and the addition of a new PEANUTS-themed ice show led to a 5% increase in attendance to 3.25 million guests in 2002. These results once again demonstrated the drawing power of a great new thrill ride, as well as the strong appeal of a good family attraction. We were also very pleased with the record season at Dorney Park, particularly given the park's moderate capital budget. For the year, attendance at Dorney totaled 1.6 million guests, up 4% from the preceding year. Results at our other three seasonal parks were also solid. For the year, attendance at Worlds of Fun was up 2% to 940,000 guests, Valleyfair was down slightly at 1.04 million, and Michigan's Adventure was essentially flat between years at 420,000 guests. At our only year-round park, Knott's Berry Farm, attendance finished the year up almost 2% at 3.6 million guests, in spite of the fact that tourism in Southern California remained soft throughout the year."
Kinzel concluded by noting that the Partnership plans to release details on its 2003 capital spending plans later this week, and its full 2002 operating results in the coming weeks.