SANDUSKY — Cedar Fair LP said Thursday the company collected record revenues at its chain of 11 amusement parks and five water parks through the first eight months of 2019.
The company said that through Sunday its preliminary figures show that revenue increased 8 percent, or about $86 million, to a record $1.12 billion compared with $1.03 billion for the same period in 2018.
Cedar Fair — which is based in Sandusky at its flagship park, Cedar Point — said the growth was fueled by attendance of 21 million guests, which equated to a 6 percent increase, or 1.1 million visits, compared to the first eight months a year ago.
In-park per capita spending increased by 3 percent or $1.24 to $48.79, and out-of-park revenues — largely stays at the company’s 2,300 hotel rooms and luxury RV park spaces — increased by 9 percent, or $10 million, to $130 million.
But the company’s numbers were aided by the addition of two Schlitterbahn water parks that Cedar Fair acquired July 1.
Excluding the Schlitterbahn parks, Cedar Fair’s year-to-date revenues still totaled a record $1.08 billion, up 5 percent or $48 million. On a same-park basis, attendance rose by 465,000 visits, or 2 percent.
Meanwhile, in-park per capita spending increased 2 percent, or $1.08, to $48.63, and out-of-park revenues increased by 5 percent, or $6 million, to $126 million.
Cedar Fair President and CEO Richard Zimmerman said the numbers are confirmation that the company’s strategy to enhance the visitor experience is working.
“Through the Labor Day weekend, we have seen healthy demand across all areas of our business, reaffirming the strength of our business model, as well as the early impact of our strategic initiatives. While our Company’s hallmark is exciting guests with world-class thrill rides, our strategy to further broaden the guest experience by adding more experiential attractions and limited-duration special events is extending our audience reach and encouraging guests to visit our parks more often,” he said.
Mr. Zimmerman added that Cedar Fair is very pleased by the initial performance of the Schlitterbahn parks, which have outperformed early expectations.
Labor Day traditionally marks the end of Cedar Fair’s full operating season with most of the company’s amusement parks moving to limited operating hours and changing to weekend-only Halloween and winter holiday events.
But Mr. Zimmerman said the transition also gives Cedar Fair the opportunity to focus on next year.
Next season will bring a 150th-anniversary celebration at Cedar Point, a 100th-anniversary celebration at Knott’s Berry Farm in Los Angeles, and a new 300-foot-tall giga coaster called Orion at Kings Island near Cincinnati.
“The 2020 additions combined with our existing, industry-leading attractions, immersive entertainment and special events ensure that our parks are not only set to deliver compelling growth in 2020, but well into the future,” Mr. Zimmerman said.
First Published September 5, 2019, 2:44 p.m.
