Cedar Fair Reports Record Revenues Through the Memorial Day Weekend

Rhea-AI Summary

Cedar Fair (NYSE: FUN) reported a 21% increase in year-to-date net revenues, totaling $343 million, through May 30, 2022, compared to the same period in 2019. Factors contributing to this growth include a 28% rise in per capita spending and a 13% increase in out-of-park revenues, despite a reduction in attendance by 210,000 visitors due to fewer operating days. The company is optimistic about future demand, noting stronger sales in season passes and resort bookings. They plan to provide another performance update by July 4, 2022.

Positive

• 21% year-to-date revenue increase to $343 million compared to 2019.
• 28% increase in in-park per capita spending to a record $59.70.
• 13% rise in out-of-park revenues to $45 million.
• 24% increase in season pass sales, totaling $56 million compared to 2019.
• 46% increase in sales of all-season add-on products.

Negative

• 210,000 decrease in total attendance to 5.2 million guests.
• 14 fewer operating days compared to the previous year.

• Company continues to see strength in long-lead indicators, including sales of all-season products and reservations at its resort properties

SANDUSKY, Ohio--(BUSINESS WIRE)-- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today reported that preliminary year-to-date net revenues through Monday, May 30, 2022, increased 21%, or $60 million, to a record $343 million when compared with the five-month period ended Monday, June 3, 2019. Given the material impact the coronavirus pandemic had on park operations in 2020 and 2021, results for the five months ended May 30, 2022 are not directly comparable to the first five months of the last two years.

The year-over-year increase in revenues was driven by a 28%, or $12.93, increase in in-park per capita spending to a record $59.70; and a 13%, or $5 million, increase in out-of-park revenues to $45 million. These favorable results were offset in part by a 210,000-visit decrease in attendance to 5.2 million guests, primarily the result of 14 fewer operating days in the current five-month period and the continued disruption within the group sales attendance channel. Excluding groups, year-to-date attendance was up 4%, or 161,000 visits, through May 30, 2022. The fiscal five-month period through Memorial Day weekend traditionally represents approximately 20% of the Company’s full-year operating days.

Commenting on the season to date, President and Chief Executive Officer Richard A. Zimmerman said, “Despite the current macro-environment pressures being placed on consumers, overall demand and guest spending levels remain strong across our parks. Through the Memorial Day weekend, general demand and season pass attendance remain ahead of 2019 levels. Meanwhile, we are seeing gradual improvement in demand trends in group sales as that attendance channel continues to recover from the disruption of the pandemic.”

Zimmerman added, “We are also very encouraged by the continued strength of our long-lead indicators, including sales of all-season products and advanced bookings at our resort properties. Through Memorial Day, sales of 2022 season passes were up $56 million, or 24%, compared to the same period in 2019, while sales of our all-season 'add-on' products, such as all-season dining and all-season beverage, were up $20 million, or 46%. Meanwhile, strong momentum in reservations at our resorts, including our beautifully renovated Castaway Bay and soon-to-be-open Sawmill Creek Resort properties at Cedar Point, position us well to drive growth in out-of-park revenues over the balance of the year.”

Zimmerman concluded by noting that the Company will provide investors with another performance update through the July 4^th holiday weekend early next month.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20220602005238/en/

Investor Contact:

Michael Russell, 419.627.2233

https://ir.cedarfair.com

Media Contact:

Gary Rhodes, 704.249.6119

Source: Cedar Fair Entertainment Company

FAQ

What were Cedar Fair's revenue results for May 30, 2022?

Cedar Fair reported a 21% increase in year-to-date net revenues, totaling $343 million compared to the same period in 2019.

How much did per capita spending increase at Cedar Fair parks?

Per capita spending increased by 28%, reaching a record $59.70.

What is Cedar Fair's attendance for the year to date?

Attendance decreased by 210,000 visits to 5.2 million guests.

When will Cedar Fair provide another performance update?

Cedar Fair plans to provide another performance update by July 4, 2022.

What factors contributed to Cedar Fair's revenue growth?

Growth was driven by higher per capita spending and increased out-of-park revenues.