The move that will give Sandusky s Cedar Fair LP a monopoly on major amusement parks in northern Ohio should produce about a $1 a share in profits this year, the company said.

Cedar Fair said yesterday it expects by early next month to acquire Six Flags Worlds of Adventure near Cleveland, which includes the former Sea World of Ohio and Geauga Lake.

Cedar Fair expects to open Geauga Lake s roller coasters, water slides, and other rides as scheduled on May 1.

Cedar Fair s maintenance workers and managers are expected to be at the 116-year-old Aurora park today, assessing the rides, poring over marketing plans, and beginning to interview its 160 full-time employees.

“This acquisition will add another successful operation to the Cedar Fair family of parks and one in a market that we already know very well,” Dick Kinzel, Cedar Fair s chairman, president, and chief executive, told analysts, reporters, and investors during a conference call.

Cedar Fair plans to open the lake-front rides on the former Sea World side of the park but has not decided what to do with the rest of the property, which could be revamped as part of the amusement park or sold, officials said. Deciding not to keep the former Sea World operating was difficult, but it helps secure the park s success, Mr. Kinzel said.

“From a business perspective, we don t have a great deal of experience in managing animal-life parks,” he said. “Our expertise lies in operating amusement parks.”

While sad to see what remains of the former Sea World leave Ohio, that part of the park was not profitable, said Daniel Poole, an analyst with NatCity Investments in Cleveland. He and other analysts praised the purchase.

“Cedar Fair will be able to do a much better job with it,” he said.

Some might consider the purchase a possible detriment to Cedar Point, which draws customers from hundreds of miles away, but the purchase will enable one of the nation s major amusement park operators to eliminate its closest competitor and probably increase attendance at both parks, said Robert Routh, an analyst with Natexis Bleichroeder, Inc., in New York.

“Even if they are cannibalizing themselves, at least they re paying themselves now,” he told The Blade. “These guys know how to run amusement parks.”

Wall Street often will harm the stock of an acquiring company, but Cedar Fair shares closed up 96 cents at $35.71 a share on the New York Stock Exchange.

The Sandusky firm owns 11 amusement and water parks nationwide, including Cedar Point and Soak City in Erie County; Knott s Berry Farm and Knott s Soak City in Buena Park, Calif.; Dorney Park in Allentown, Pa.; Michigan s Adventure in Muskegon, Mich., and Valleyfair near Minneapolis.

The 690-acre Six Flags park draws more than 1.5 million visitors annually, less than half the 3.3 million Cedar Point attracted last year. The park has averaged revenues of $64 million and cash operating profit of $16 million over the past three years.

The Cleveland area was Six Flags most difficult market, the company said in a statement, which also announced the sale of its European division for $200 million. “Overall, the past three years have been tough on everyone in our industry,” said Ms. Nauser, Six Flags spokesman.

Six Flags, which will have 31 amusement parks in North America after the sale, is the second-biggest theme-park business behind Walt Disney Co., based on sales.

Cedar Fair shareholders will gain $1 a share from the acquisition this year, an amount that could be higher depending on how much executives are able to save by combining marketing and other costs with Cedar Point, Mr. Routh said. Executives were quick with assurances that Geauga Lake, which may initially take an attendance hit without animals, will not hurt Cedar Point, which is a two-hour drive away.

Cedar Point will continue to be marketed as an overnight destination while Geauga Lake will be billed as a regional, daily attraction, they said. A combined ticket package will be developed, although the admission to Geauga Lake only has not been set. Six Flags daily ticket price was $39.99.

Julie M. McKinnon can be reached at jmckinnon@theblade.com or 419-724-6087.

First Published March 11, 2004, 12:10 p.m.