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Cedar Fair Reports Record Revenues Through Labor Day 2022
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Cedar Fair Entertainment Company (NYSE: FUN) reported record year-to-date preliminary net revenues of $1.37 billion through September 5, 2022, driven by in-park per capita spending averaging $61.11 and out-of-park revenues of $163 million. Average daily attendance rose 5% year over year, totaling 20.5 million guests. For the five-week period ending September 5, revenues reached $343 million, marking a 27% increase compared to the same period in 2019. The company anticipates strong demand for its Halloween celebrations and season pass sales for 2023.
Positive
Record year-to-date preliminary net revenues of $1.37 billion.
Average daily attendance up 5% year over year.
In-park per capita spending at record levels of $61.11.
Significant increase in out-of-park revenues, totaling $163 million.
Strong demand expected for 2023 season pass sales.
Negative
In-park per capita spending decreased by 2% compared to 2021 levels.
Strong recent performance driven by improving demand trends, with average daily attendance over the past five weeks up 5% year over year
Record levels of year-to-date in-park per capita spending and out-of-park revenues continue
Strong demand expected for early cycle sales of 2023 season pass and related all-season products
SANDUSKY, Ohio--(BUSINESS WIRE)--
Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today reported that year-to-date preliminary net revenues through Monday, Sept. 5, 2022, totaled a record $1.37 billion, driven by record levels of in-park per capita spending ($61.11) and out-of-park revenues ($163 million). Through Labor Day 2022, the Company’s 15 parks have entertained a total of 20.5 million guests.
“We are very pleased with our record results and expect continued outperformance driven by our extremely popular Halloween celebrations, which are set to debut in just a few short weeks,” said President and Chief Executive Officer Richard A. Zimmerman. “Despite weather challenges in several key markets, particularly over this past weekend, our operating trends have been consistently strong throughout the peak summer months, with performance during the critically important period between the Fourth of July and Labor Day in line with our expectations. As attendance channels recover to pre-pandemic levels, record in-park per capita spending and out-of-park revenues are driving double-digit top-line growth as planned.”
For the five-week period ended Sept. 5, 2022, the Company entertained 5.1 million guests and generated preliminary net revenues of $343 million, representing an increase of $74 million, or 27%, when compared to the five-week period ended Sept. 9, 2019. Compared to the five-week period ended Sept. 6, 2021, net revenues in the recently ended five-week period were up 13%, or $40 million, driven in large part by an increase of 15%, or 660,000 visits, in attendance. Over this same period, in-park per capita spending totaled $62.17, down 2% from comparable 2021 levels, and out-of-park revenues totaled $39 million, up $7 million, or 21%, from the same five-week period in 2021.
Operating days for the five-week period ended Sept. 5, 2022, totaled 463, compared with 422 operating days for the five-week period ended Sept. 6, 2021. On a per operating day basis, net revenues in the recently ended five-week period averaged approximately $740,000, representing a 3% increase compared to the same five-week period last year. This year-over-year increase was driven largely by strong attendance trends, as well as record levels of out-of-park revenues. During the five-week period ended Sept. 5, 2022, the Company’s parks entertained an average of approximately 10,900 guests per day, representing a 5% increase in average daily attendance compared to the same period in 2021.
“Our record results reflect the successful strategic investments we have made over the past several years to expand our entertainment offerings and enhance the guest experience,” continued Zimmerman. “Consumer demand for our parks and resort properties is very strong, and we are excited about the growth opportunities ahead of us for the remainder of the 2022 season and longer term. Our recent results, combined with the robust demand for 2023 season pass products, the strength of reservations at our resort properties, and improving trends around group event bookings demonstrate that consumers continue to prioritize experiences over possessions. We are encouraged by these trends and are confident that Cedar Fair is well positioned to continue to capitalize on growth opportunities, further enhance financial performance, and deliver superior returns for our unitholders.”
About Cedar Fair
Cedar Fair, L.P. (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 or that the Company's growth strategies will achieve the target 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 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
