June 2, 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 reported that combined revenues at its parks through the first five months of the year were down slightly from last year. Poor early-season weather has caused combined attendance to decrease 6% from a year ago, while average in-park guest per capita spending was up 4%, and out-of-park revenues, including resort hotels, were up 1% over last year.
"Although early-season attendance at many of our parks has not met our internal expectations, we are very pleased with the growth in early-season guest spending levels, as well as the initial response from guests to the new rides and attractions we added this year," said Dick Kinzel, chairman, president and chief executive officer. "Unfortunately, poor weather throughout much of the early part of the season has led to lower than expected attendance at several of our parks, including Cedar Point, Dorney Park and Worlds of Fun, where operations have been significantly impacted by unseasonably cool temperatures and frequent rain. However, with approximately 90% of the annual attendance at our seasonal parks still to come over the next few months, we remain confident that our 2003 attendance and revenue goals are still well within reach."
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, the Partnership's only year-round property, also operates at its highest level of attendance in the third quarter of the year.
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.