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Cedar Fair Reports Early-Season Trends
June
10, 2008
A
Cedar Fair Press Release
SANDUSKY, OHIO, June 10, 2008 -- Cedar Fair Entertainment
Company (NYSE: FUN), a leader in regional amusement parks,
water parks and active entertainment, today announced that
attendance and revenues at its parks through June 1, 2008
were relatively unchanged to the same period a year ago.
Historically, results through May represent approximately
15% of the Company’s full-year revenues.
“Our early-season results have been somewhat mixed across
our properties,” said Dick Kinzel, chairman, president and
chief executive officer. “In the northern region, attendance
and revenues have been soft with the exception of Canada’s
Wonderland near Toronto where Behemoth, a record-breaking
rollercoaster, has been well received by its guests. This
softness was offset by improved performances at our southern
and western region parks, including Great America, which
continues to attract guests with its new ride, new shows and
new hours.
“We continue to see strength in our season pass sales and
group business across our parks, but hotel bookings are
running slightly behind last year at this time,” said
Kinzel. “With approximately 85% of the annual attendance and
revenues at our seasonal parks still to come, it is still
too early to draw any conclusions about our full-year
results based on these early-season trends. However, we
remain confident that our 2008 attendance and revenue goals
for our properties are well within reach.”
Kinzel concluded by noting the Company will provide a
mid-season update on attendance and revenue trends through
the month of July in its second quarter earnings release.
The Company currently anticipates issuing this release
before market hours on Tuesday, August 5, 2008.
Cedar Fair is a publicly traded partnership headquartered in
Sandusky, Ohio. The Company, which owns and operates eleven
amusement parks, six outdoor water parks, one indoor water
park and five hotels, is one of the largest regional
amusement park operators in the world. Amusement parks in
the company’s northern region include two in Ohio: Cedar
Point, Sandusky, consistently voted “Best Amusement Park in
the World” in Amusement Today polls; and Kings Island, near
Cincinnati; as well as Canada’s Wonderland, near Toronto;
Dorney Park, Allentown, Pa.; Valleyfair, Shakopee, Minn.;
and Michigan’s Adventure, near Muskegon, Mich. In the
southern region are Kings Dominion, Richmond, Va.; Carowinds,
Charlotte, N.C.; and Worlds of Fun, Kansas City, Mo. Western
parks in California include: Knott’s Berry Farm, Buena Park;
and Great America, Santa Clara; as well as Star Trek: The
Experience, an interactive adventure in Las Vegas. Cedar
Fair also operates the Gilroy Gardens Family Theme Park in
Gilroy, California, under a management contract.
Some of the statements contained in this news release
constitute forward-looking statements. These statements may
involve risk 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, competition
for consumer leisure time and spending, adverse weather
conditions, unanticipated construction delays and other
factors could affect attendance at our parks and cause
actual results to differ materially from the Company’s
expectations. In addition, risks and uncertainties
concerning the acquisition of the Paramount Parks include,
but are not limited to the ability of the Company to combine
the operations and take advantage of growth, savings and
synergy opportunities. |