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People enjoy The Millenium Force roller coaster at Cedar Point in Sandusky, Ohio.
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Cedar Fair shoots to $158 million in profits

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Cedar Fair shoots to $158 million in profits

Corrected version: The magnitude of the annual profit has been changed.

SANDUSKY — Amusement park chain Cedar Fair LP said today that its 2016 profits rose 58 percent to $178 million, or $3.14 a share, on revenues of $1.29 billion.

A year earlier, the Sandusky company, which owns Cedar Point and 10 other amusement parks and three water parks, had a profit of $112 million, or $1.99 a share, on revenues of $1.24 billion.

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The company attributed the performance to a 3 percent increase in attendance to a record 25.1 million customers, plus a 2 percent increase in average in-park per patron spending to $46.90, which also was a record.

Cedar Fair said it also experienced higher occupancy rates and average daily room rates at its five resort properties, which combined for a record $146 million, or 6 percent increase, in out-of-park revenues.

For the fourth quarter, the company had a loss of $6.8 million, or 12 cents a share, on revenues of $191.9 million, which compared with a loss of $25.7 million, or 46 cents a share, on revenues of $166.9 million for the same period a year earlier. The company typically has a loss in the fourth quarter, when only two of its parks are operating.

Company CEO Matt Ouimet called the performance “the most successful year in our history.”

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First Published February 15, 2017, 2:59 p.m.

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