October 15, 2003
Sandusky, OH -- Cedar Fair, L.P., a publicly traded partnership which owns and operates six amusement parks and five water parks, has announced plans for $25 million in capital expenditures at its parks for the 2004 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.
Dick Kinzel, chairman, president and chief executive officer, reported that 2004 capital expenditures at Cedar Point will total approximately $10 million and will be focused on the resort side of the park. "Our efforts to enhance Cedar Point as a total resort destination continue with expansions to our Lighthouse Point luxury camping complex and Soak City water park," said Kinzel. "The addition of 14 new lakeside cottages, 30 cabins and 38 luxury RV campsites at Lighthouse Point will add capacity to what has quickly become one of our most popular guest accommodation facilities. The expansion of Soak City will be highlighted by the introduction of Splash Zone, a multi-story interactive play area that the entire family can enjoy. This new attraction will feature more than 100 wet and wild water gadgets, including a 1,000-gallon bucket that empties every ten minutes on guests below."
Commenting on the capital programs at the Partnership's other parks, Kinzel said, "In 2004, capital expenditures at Knott's Berry Farm will total $5 million and will feature the introduction of Rip Tide, a mid-size thrill ride that will twist and turn riders in 360-degree arcs as high as 59 feet in the air. Rip Tide is scheduled to debut at Knott's next Spring." He continued by noting that planned capital expenditures at Worlds of Fun will total roughly $4 million and will feature the addition of a new thrill ride, details of which will be announced at a later date. A total of approximately $6 million will be invested in various new attractions and upgrades at the Partnership's other parks.
"These improvements are consistent with our philosophy of continuous reinvestment in new attractions and our dedication to offering the best in family entertainment and guest service," added Kinzel. "Including the $25 million in expenditures for 2004, Cedar Fair will have invested more than $280 million at its parks since 2000."
Kinzel concluded by noting that further details on the Partnership's plans for a major upgrade to its Radisson hotel property at Cedar Point, including the addition of an indoor water park, will be announced in the near future.