Cedar Fair Reports Positive Attendance And Revenue Trends Through July 4th
July 06, 2017 at 07:30 AM EDT
SANDUSKY, Ohio, July 6, 2017 /PRNewswire/ -- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today reported preliminary net revenues through July 4, 2017 of approximately $524 million, a $2 million increase on a same-park basis when compared with the same period a year ago. This period represents approximately 40% of the Company's total operating days for 2017.
On a same-park basis, excluding the closing of a stand-alone water park in Cleveland, Ohio, preliminary net revenues were up as a result of a 1%, or 110,000-visit, increase in attendance to 10.5 million visits, and a 2% increase in out-of-park revenues to $62 million. Average in-park guest per capita spending of approximately $45.41 was comparable with the same period in 2016 when taking into consideration changes in foreign currency exchange rates.
"We are well-positioned to make 2017 our eighth consecutive year of record results, as we have been able to build upon the record attendance and revenues we achieved during the first half of last year," said Matt Ouimet, Cedar Fair's chief executive officer. "Mystic Timbers, a world-class roller coaster at Kings Island and the significant water park investments at Cedar Point Shores and Knott's Soak City have all set various attendance records at their respective parks. This early-season success of our capital investment program gives us great confidence as we head into the peak vacation months of July and August."
Ouimet noted that in 2017 Cedar Fair has again generated record season pass sales across its properties. The Company also reported increased sales from its other advance purchase channels -- including all-season dining and beverage programs; FunPix, its digital imaging platform; and group business bookings.
"Our current-year sales trends in advance purchase commitments are strong and support our positive outlook for 2017," added Ouimet. "We believe our significant capital investments, combined with the lengthening of our operating season via WinterFest, are contributing to these advanced sales and current year results, and will continue to create value in the long term."
Based on its year-to-date results and continuing consumer trends toward prioritizing experiences over possessions, the Company believes it is on track to achieve its FUNforward 2.0 long-term goal of $500 million of Adjusted EBITDA by the end of 2017, a year earlier than planned.
About Cedar Fair
Cedar Fair Entertainment Company (NYSE: "FUN"), one of the largest regional amusement-resort operators in the world, is a publicly traded partnership headquartered in Sandusky, Ohio. Focused on its mission to become "THE place to be for FUN," the Company owns and operates 11 amusement parks including its flagship park, Cedar Point, along with two outdoor water parks, one indoor water park and five hotels. It also operates an additional theme park under a management contract. Its parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan and Toronto, Ontario.
Some of the statements contained in this news release constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements as to the Company's expectations, beliefs and strategies regarding the future. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, adverse weather conditions, competition for consumer leisure time and spending, unanticipated construction delays, changes in the Company's capital investment plans and projects and other factors discussed from time to time by the Company in reports filed with the Securities and Exchange Commission (the "SEC") could affect attendance at the Company's parks and cause actual results to differ materially from the Company's expectations. Additional information on risk factors that may affect the business and financial results of the Company can be found in the Company's Annual Report on Form 10-K and in the filings of the Company made from time to time with the SEC. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
This news release and prior releases are available online at www.cedarfair.com.
Contact: Stacy Frole (419) 627-2227
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SOURCE Cedar Fair