Cedar Fair Announces Exciting Capital Plans for 2023 Operating Season

Rhea-AI Summary

Cedar Fair Entertainment Company (NYSE: FUN) has announced exciting 2023 plans for its amusement parks, focusing on new attractions, themed areas, and seasonal events. Capital investments will reach approximately $200 million, the largest ever for the company. Highlights include the 50th anniversary of Worlds of Fun and Carowinds, and the introduction of unique rides like Tundra Twister at Canada's Wonderland and the revamped Zambezi Zinger. The parks aim to enhance guest experiences with improved dining options and a full calendar of events, including the return of popular celebrations.

Positive

• Capital investments for 2023 are projected at approximately $200 million, the largest in Cedar Fair's history.
• New attractions such as Tundra Twister and Zambezi Zinger are designed to enhance guest experiences.
• The 50th anniversary celebrations at Worlds of Fun and Carowinds are likely to attract more guests.
• High guest satisfaction ratings indicate successful engagement with previous improvements.

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• None.

New thrilling rides and attractions, original and revitalized themed areas, 50^th anniversary celebrations at Carowinds and Worlds of Fun, a full lineup of fun-filled seasonal events and delicious new dining experiences

SANDUSKY, Ohio--(BUSINESS WIRE)-- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today unveiled exciting plans for the 2023 operating season across multiple properties in the U.S. and Canada. These include new themed areas at Carowinds in North Carolina and Cedar Point in Ohio, several major upgrades at Knott’s Berry Farm in southern California, and 50^th anniversary celebrations at Worlds of Fun in Missouri and Carowinds. In addition, several parks will be introducing a new generation of guests to some iconic rides and attractions from the past – such as the Wild Mouse at Cedar Point and Zambezi Zinger at Worlds of Fun -- that have been reimagined and recast for today’s thrill seekers. There will be plenty of delicious new food and beverage options across the board, and park event calendars will be chock full of seasonal festivals and special celebrations that offer something fun for everyone in the family throughout 2023.

“The investments we will be making in 2023 across our park footprint are focused squarely on what matters most – making people happy and providing our guests with a best-day experience on every visit,” said Cedar Fair President and CEO Richard A. Zimmerman. “Guest satisfaction ratings at our parks this season have been among our highest ever, validating that the investments we’ve made to improve the guest experience are paying off. Our capital plans for 2023 are aimed at taking those experiences to a new level, whether you’re a diehard coaster fan, a foodie with a taste for something unique, or a festival lover who enjoys great live entertainment.”

Zimmerman said Cedar Fair’s capital investments for 2023 will be the largest ever at approximately $200 million. Among the highlighted plans and developments for next season:

• Canada’s Wonderland is inviting guests to buckle in for more thrilling adventures in 2023 with the addition of Tundra Twister, a giant looping ride with rotating gondola arms that will have guests spinning, twisting and twirling 360-degrees, upside-down, at dizzying heights and speeds. This mechanical marvel is the only attraction of its kind in the world and promises a unique thrill experience unlike any other. Also debuting next year is Snoopy’s Racing Railway which will be the park’s 18th roller coaster and will take guests on a wild railway adventure in Planet Snoopy. This family-launch coaster accelerates from zero to 50 km/h (31 mph) in a matter of seconds before zipping through dips and turns as your train narrowly avoids the traps set by Woodstock and his Bad Seed Gang.
• Carowinds will celebrate its 50^th anniversary by unveiling its fourth rethemed area since 2017. At the center of the anniversary celebration will be Aeronautica Landing, where guests can immerse themselves in a land where the Carolinas’ spirit of aviation invention and exploration are celebrated. Construction is now under way in the Crossroads areas of the park, which will be completely renovated and renamed as Aeronautica Landing, complete with the introduction of five new themed attractions opening in 2023. In addition, Aeronautica Landing will boast two new and one upgraded dining venues.
• At Cedar Point, the excitement and nostalgia of the park’s classic lakeside experience will be celebrated in a whole new way in 2023 when the park opens The Boardwalk, a new themed area just steps away from the Lake Erie shoreline that made Cedar Point famous. The Boardwalk is a modern interpretation of the Cedar Point of yesteryear. New ride, dining and entertainment experiences for the entire family will round out the improvements coming to the former Lakeside Midway. Cedar Point’s legacy of roller coaster thrills continues with the addition of the Wild Mouse roller coaster. A nod to the park’s original Wild Mouse coaster, the modern version will provide a ride experience the original couldn’t – its cars will spin 360 degrees as they navigate the ride’s 1,312 feet of bright orange track. Cedar Point’s Grand Pavilion, serving as the all-new anchor to The Boardwalk, commemorates the park’s original Grand Pavilion entertainment space, which made its debut back in 1888.
• Knott’s Berry Farm and the Knott’s Berry Farm Hotel have major changes coming in 2023. Inside the park, Fiesta Village will be completely revitalized to further celebrate all the Hispanic cultural influences present in Southern California. The unveiling of the new Fiesta Village includes a reimagined Montezooma’s Revenge. The historic coaster will be renamed MonteZOOMa: The Forbidden Fortress, with an immersive storyline and new surprise thrills for its riders. And next door to the park, every aspect of the Knott’s Berry Farm Hotel will be transformed, from common areas such as the lobby and the pool area to conference rooms and a new outdoor banquet venue designed to elevate the experience for both corporate and leisure groups alike.
• When Worlds of Fun opens its gates for the 2023 season, guests will be treated to an exciting 50th Anniversary celebration that not only looks back on five decades of fun, but also launches all new experiences to enjoy for years to come. Among the new fun for guests in 2023 is a reimagined Zambezi Zinger, a thrilling new coaster in the heart of the African Serengeti that will bring back memories of the original Zinger while offering an entirely new experience built on a hybrid structure of galvanized steel and wood. The original Zinger was one of the park's most popular rides – and one of three coasters – when Worlds of Fun opened in 1973. The new Zinger is sure to delight a new generation of guests while providing a nod to the past. A season-long celebration of memories and adventure, full of new experiences and entertainment that tell the stories of the park's first 50 years. The hallmark event will be “50 Nights of Fire,” an amazing spectacle that will make you want to party non-stop. The evening stage show will feature some of the greatest top 40 hits from 1973-2023, along with a finale filled with pyrotechnics that will kick up the heat and leave guests yearning for more.
• California’s Great America will include an expanded lineup of events, live shows, new attractions, thrilling rides, kid-sized fun and waterpark adventures in 2023. The PEANUTS Gang comes out to play in a big way with a PEANUTS Celebration, a limited-time, special event where Charlie Brown, Snoopy and the gang take over the entire park. Park guests can also enjoy the recently expanded and upgraded All-American Corners area. It includes The Corner Notes musical song and dance show, expanded food options and two classic rides. Liberty Twirler is a brand-new spin on a classic midway ride that has been thrilling guests for decades. Long-time guests of Great America will instantly recognize Orbit, which spins back into action as part of the expanded area. And Great America will be open for weekends all year long beginning in January.

In addition to new rides and attractions, Cedar Fair will continue to upgrade and expand food and beverage facilities across its portfolio in 2023, with a focus on providing signature menu and beverage items that tap into consumers’ cravings for unique flavors and experiences they can’t find anywhere else. These capital investments also will be aimed at improving the capabilities, technologies and efficiencies of the parks’ food preparation and delivery systems.

Also on tap for 2023 is a full lineup of seasonal events. The wildly popular Grand Carnivale celebration will return to a half-dozen parks next summer, including Carowinds, Dorney Park, Kings Dominion, Kings Island and Worlds of Fun. Carnivale at Orleans Place will return to California’s Great America, while the Frontier Festival will be back at Cedar Point. In the fall, 10 parks will offer Halloween-themed special events such as Tricks and Treats or Halloween Haunt that are sure to appeal to those looking for some frightful family fun or a good scare. And as temperatures drop, WinterFest will return to Carowinds, California’s Great America, Kings Dominion, Canada’s Wonderland and Kings Island. This one-of-a-kind holiday spectacular is filled with millions of lights, enchanting themed areas, live holiday entertainment, sweet and savory treats, and a variety of additional activities for the entire family.

“Each season we introduce a full slate of immersive rides and attractions, limited-time special events, and innovative food and beverage programs,” Zimmerman said. “It’s clear from Cedar Fair’s financial results that consumer demand remains healthy and that guests are responding well to the quality and breadth of the entertainment experience we offer. With 2023 season passes now on sale, we look forward to raising the bar even higher as we continue delivering on our commitment to make people happy.”

For more information about 2023 season passes, please visit www.cedarfair.com and click on your favorite park property.

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 make people happy by providing fun, immersive, and memorable experiences, the Company owns and operates 13 properties, consisting of 11 amusement parks, four separately gated outdoor water parks, and resort accommodations totaling more than 2,300 rooms and more than 600 luxury RV sites. Cedar Fair’s parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto, Ontario.

Forward-Looking Statements

Some of the statements contained in this news release that are not historical in nature constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements as to the Company's expectations, beliefs, goals, and strategies regarding the future. These forward-looking statements may involve risks and uncertainties that are difficult to predict, may be beyond our control and 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 be correct, including the timing of any debt paydown or payment of partnership distributions, or that the Company's growth strategies will achieve the targeted results. Important factors, including the impacts of the COVID-19 pandemic, 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 its reports filed with the Securities and Exchange Commission (the “SEC”) could affect attendance at the Company’s parks, as well as the timing of any debt paydown or payment of partnership distributions, and the Company's growth strategies, and cause actual results to differ materially from the Company's expectations or otherwise to fluctuate or decrease. 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 publicly update or revise any forward-looking statements, whether a result of new information, future events, information, circumstances or otherwise that arise after the publication of this document.

This news release and prior releases are available under the News tab at http://ir.cedarfair.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220811005015/en/

Investor Contact: Michael Russell, 419.627.2233

Media Contact: Gary Rhodes, 704.249.6119

https://ir.cedarfair.com

Source: Cedar Fair Entertainment Company

FAQ

What is Cedar Fair's capital investment for 2023?

Cedar Fair's capital investment for 2023 is approximately $200 million, the largest in the company's history.

What new attractions are planned for 2023 at Cedar Fair parks?

New attractions include Tundra Twister at Canada's Wonderland and the reimagined Zambezi Zinger at Worlds of Fun.

What special events are happening for Cedar Fair's 50th anniversary?

Cedar Fair will celebrate the 50th anniversaries of Worlds of Fun and Carowinds with special events and new experiences.

How does Cedar Fair plan to improve guest satisfaction in 2023?

Cedar Fair aims to improve guest satisfaction through new attractions, enhanced dining options, and seasonal events.