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Cedar Fair to Retain Ownership of its California's

Great America Theme Park

Update : 11:22 Published by François Mayné the 8 December 2011, Corporate.

Cedar Fair Entertainment Company announced Wednesday that JMA Ventures, LLC (“JMA”) has elected to not move forward with their purchase of California’s Great America amusement park in Santa Clara, California. As a result of JMA’s actions, the definitive purchase agreement governing this transaction, originally agreed on September 16, 2011, has been terminated.

“We respect JMA’s decision and are pleased to return to the long-term ownership of this exceptional property,” said Matt Ouimet, Cedar Fair’s president. “As we stated at the time the agreement was made, this is a quality park that has terrific employees and serves a strong market. We look forward to continuing to take advantage of the synergies which are uniquely available to us as a result of operating this park as part of our larger portfolio of properties.”

According to Ouimet, the termination of this sale does not alter the Company’s expectations of achieving record adjusted EBITDA between $365 million and $375 million in 2011. “In fact, we expect to be at the higher end of our original distribution guidance of $1.35 to $1.65 per limited partner unit in 2012,” he said. “With continued growth in our annual distribution rates and additional debt reduction through our improved operating performance, we believe Cedar Fair will maintain its position as one of the most attractive growth and yield stories in the leisure and hospitality industry.”

Cedar Fair to Retain Ownership of its California's Great America.

The Company also announced that it has reached a long-term agreement with the San Francisco 49ers related to the construction of the stadium and parking for NFL and other stadium-related events for the life of the new stadium. The agreement is still subject to the execution of a definitive agreement and the approval of the Stadium Authority and related approvals from the City of Santa Clara.

“The combination of an NFL stadium and a premier amusement park in one location offers tremendous and exciting opportunities for family entertainment. We are excited to reach an agreement on construction issues and parking that are important to the stadium project,” said Jed York, president and chief executive officer of the San Francisco 49ers.

“This arrangement leads the way to a mutually beneficial relationship between Cedar Fair, the 49ers and the City of Santa Clara ,” added Ouimet. “California’s Great America was a strong performer in 2011 and we are confident this will continue into the future as we build the park’s customer base through new marketing initiatives and capital investments. ”

Cedar Fair Entertainment - - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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Hong Kong Disneyland Resort
(7 articles found)

Disney to introduce first major Marvel attraction at Hong Kong Disneyland in 2016 read more

When The Walt Disney Company acquired Marvel Entertainment in 2009, its intention was to strengthen its position as a leading global provider...

NEW | Hong Kong Disneyland Resort - Published on October 13, 2013

Disney's theme parks and resorts sign strong financial results with revenues up 7% in Q3 2013 read more

The theme parks and resorts of The Walt Disney Company (TWDC) have once again achieved excellent financial performance in the third quarter of...

CORPORATE | Hong Kong Disneyland Resort - Published on August 11, 2013

Growing quarterly results for theme parks and resorts of The Walt Disney Company read more

The Walt Disney Company (TWDC) published earlier this month its financial results for the first quarter of fiscal year 2013 ended December 31,...

CORPORATE | Hong Kong Disneyland Resort - Published on February 17, 2013

Disney reports revenue of theme parks and resorts up 10% to $12.9 billion for FY 2012 read more

The Walt Disney Company reported that the revenue of its business segment of theme parks and resorts increased 10% to $12.9 billion (approx €9.97 b...

CORPORATE | Hong Kong Disneyland Resort - Published on November 29, 2012

Increase in profits for the theme parks and resorts of The Walt Disney Company in first half 2012 read more

TWDC announced earlier this week the earnings for its second fiscal quarter and six months ended March 31, 2012. The Group reported global revenues...

CORPORATE | Hong Kong Disneyland Resort - Published on May 11, 2012

The Walt Disney Company's Parks and Resorts revenues increased 10% for Q1 of FY12 read more

The Walt Disney Company reported yesterday earnings for its first fiscal quarter ended December 31, 2011. Diluted earnings per share (EPS) ...

CORPORATE | Hong Kong Disneyland Resort - Published on February 8, 2012

Fright tactics cranked up at Ocean Park read more

Ocean Park has some hair-raising figures - and they're meant to frighten Disneyland. It says its visitor numbers shot up 20 percent to 6.5 million between October 1 last year and September 30. It used that time frame - ...

PRESS REVIEW | Hong Kong Disneyland Resort - Published on October 3, 2011

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