September 4, 2002
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 attendance at its properties for the month of August increased 3.5% from a year ago. Over the same period, average in-park guest per capita spending was up 1%.
"Attendance at our parks in August was reasonably good as weather continued to be in our favor throughout most of the month," said Dick Kinzel, president and chief executive officer. "Both Cedar Point and Dorney Park continued to perform well, and trends in per capita spending at each of our parks showed some improvement. Out-of-park revenues were also strong during the period, up over 8%, primarily due to increased hotel revenues at Cedar Point."
Kinzel continued by noting that combined attendance through the first eight months of the year was up 4% from 2001, due in part to the inclusion of the Partnership's two newest properties, Michigan's Adventure and Knott's Soak City - Palm Springs, both of which were acquired at the end of May last year. "Excluding the impact of the two acquisitions, combined attendance was still up 3% through the first eight months of the year, while combined guest per capita spending remained essentially flat," he said. "Based on preliminary August results, we remain comfortable with our full-year projection of 3-5% top-line revenue growth and a modest increase in operating cash flow over 2001."
The Partnership also reported that it will be investing $9 million at Valleyfair for the 2003 season, highlighted by the addition of a new impulse roller coaster similar to the Wicked Twister at Cedar Point. The new thrill ride, to be named Steel Venom, will be the park's seventh roller coaster. It will use linear induction motor (LIM) technology to launch passengers out of the coaster's station at speeds up to 68 mph, propelling them up a 185-foot-tall tower with a 450-degree corkscrew, before pausing and then reversing and accelerating backward up a second 185-foot-tall tower. "Steel Venom is the second major thrill ride we have added at Valleyfair in four years, and it will bring a whole new type of thrill riding to the park," said Kinzel.
Kinzel concluded by explaining that additional capital expenditure plans at the Partnership's other parks for next season are in the process of being finalized and will be announced at a later date, including details of another major new thrill ride at Cedar Point for the 2003 season.