June 1, 2004
SANDUSKY, OH -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates seven amusement parks and five water parks, today reported that combined revenues at its parks through the first five months of the year were up approximately 3% from last year. This increase was the result of a 3% increase in average in-park guest per capita spending, a slight increase in out-of-park revenues, including resort hotels, and essentially flat combined attendance.
Richard L. Kinzel, chairman, president and chief executive officer, noted that the 2004 figures include results from the Partnership's newest park, Geauga Lake, which was acquired at the beginning of April and had 14 operating days through the end of May. On a same-park basis, revenues through the first five months of the year were still up approximately 1% between years, on a 3% increase in average in-park guest per capita spending, a slight increase in out-of-park revenues, and a 2% decrease in combined attendance.
"The decrease between years in early-season attendance at several of our seasonal parks can be primarily attributed to poor early-season weather in the Midwest, as well as the timing of the 2004 operating calendar, which resulted in fewer operating days in the month of May," said Kinzel. "Although some of our properties are a bit behind last year, we are pleased with the initial response from guests to the new rides, attractions and resort facilities we added at our parks this year. In addition, we are pleased with the early-season performance of Knott's Berry Farm, where revenues are trending up more than 6% through the end of May. With approximately 90% of the annual attendance at our seasonal parks still to come over the next three months, we remain confident that our 2004 attendance and revenue goals are still well within reach."
Kinzel noted that virtually all of Cedar Fair's revenues from its seasonal amusement parks, as well as its water parks and other seasonal resort facilities, 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.
Cedar Fair's seven 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; Geauga Lake near Cleveland, Ohio; 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.