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Cedar Fair reports record annual results for the third

year in a row

Update : 27/02/13 - 09h46 Published by François Mayné the 19 February 2013, Corporate.

Cedar Fair Entertainment, which operates 11 amusement parks, 5 water parks and 5 resorts in North America, today announced new record financial results for its fiscal year 2012 ended December 31, 2012.
The turnover of the operator, one of the largest on the market of regional parks in the United States, has once again exceeded the billion of dollars to reach 1.068 billion (about 800.9 million euros), ie an increase of nearly 4% compared to 2011. This is mainly due to an increase in average spending per visitor by 4.8% while the attendance of all properties remained stable at 23.3 million visitors.

Cedar Fair reports record annual results for the third year in a row

Despite higher charges as a result of the rise in wages and costs associated with deploying the trade initiative FUNforward (a new e-commerce platform), the Group net income rose sharply by 43% to $101.2 million (about €76 million).

Matt Ouimet, Cedar Fair's president and chief executive officer said, "I am pleased to report a third consecutive year of record revenues. The introduction of a new e-commerce system, improved messaging to our consumers and premium benefit offerings, combined with our continued investment in new entertainment offerings for the whole family, were the major catalysts for the strong year-over-year results. All of our parks delivered strong performances for the year, with Canada's Wonderland, Cedar Point, Kings Island, Dorney Park and Carowinds leading the way."

"A strong capital plan is also important to the growth of our business and we believe our 2012 capital strategy was a success. Our investments in new rides and entertainment offerings, including the world-class coaster at Canada's Wonderland and the water park expansion at Kings Island, allowed us to maintain our record attendance while increasing the guest spend at our parks. Going forward, we will continue to strategically invest capital across all of our properties, particularly where we believe we will achieve the greatest return on investment." added Matt Ouimet.

The adjusted EBITDA, a financial measure considered as the most significant by the group to represent operating income, is up 4.4% to $391 million (about €293 million) due to the increase in average spending per visitor and to a strict control of the costs. The company is close to its medium term goal of an adjusted EBITDA of $450 million in 2016.

Cedar Fair plans to invest approximately $100 million including $30 million for GateKeeper at Cedar Point.

Other capital investments include the wood coaster 'Gold Striker' at California's Great America.

"Looking ahead to 2013 and beyond, we continue to be confident in the fundamentals of our business model and growth opportunities," concluded Matt Ouimet. "Consumers continue to choose to spend their discretionary entertainment dollars in our parks and given the on-going budgetary constraints all consumers are experiencing, this is a particularly strong endorsement of the price value we provide. We understand consumers, employees and investors have many alternatives available to them, so we remain focused on being their entertainment of choice, employer of choice and investment of choice for many years to come."

The outlook for the 2013 financial year are considered encouraging. Cedar Fair plans to invest approximately $100 million (about €75 million) to diversify and improve the guest offering of all its properties. The main expense of the year ($30 million) is devoted to GateKeeper, a Wing Coaster designed by Bolliger & Mabillard currently under construction at Cedar Point. Other amusement parks will receive important novelties such as California's Great America with a wooden roller coaster from Great Coasters International (Gold Striker) and Worlds of Fun with an expansion of its water park.

Attendance - Financial Information - - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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Europa-Park
(10 articles found)

Europa-Park chooses popular French IP to create an indoor themed area including MACK Rides coaster read more

This is a first in the history of Europa-Park. The German theme park, owned by the Mack family since 1975, has chosen to work with an intellectual...

NEW | Europa-Park - Published on June 11, 2013

Europa-Park: A family success story that's all about passion! read more

“Managing a theme park means writing a story, respecting a tradition and constantly questioning oneself, looking for new ideas and ways to i...

FEATURE | Europa-Park - Published on March 15, 2013

Themed Entertainment Association to hold its 10th TEA Summit and Thea Awards Gala April 4-6 read more

The Themed Entertainment Association (TEA), an international organization that represents the interests of more than 7,500 members working in...

EVENT | Europa-Park - Published on March 6, 2013

New attendance record for Europa-Park in 2012 read more

The German theme park Europa-Park has surpassed in 2012 the 4.5 million visitors for the first time, confirming its position as the first seasonal park in the world. This outcome is therefore highly satisfactory for the Mack...

CORPORATE | Europa-Park - Published on January 9, 2013

Europa-Park purchases a hundred-year old carousel read more

The German theme park Europa-Park has just purchased a carousel-lounge of 1909 from Ecomusée d'Alsace, a museum located in Ungersheim in North-East of France. The latter had declared its intention to separate from this carousel-lounge ...

NEW | Europa-Park - Published on April 29, 2012

WODAN Timburcoaster - Interview with Clair Hain Jr. President of Great Coasters International read more

During our coverage of the WODAN Timburcoaster media event at Europa-Park (Rust, Germany), we had the opportunity to meet Clair Hain Jr, President...

FEATURE | Europa-Park - Published on April 19, 2012

Europa-Park opens WODAN Timburcoaster - Interview with Roland Mack read more

Nearly 400 members of the press and special guests - including the racing driver Ralf Schumacher and Miss Germany 2012 - were invited last Wednesday...

NEW | Europa-Park - Published on April 2, 2012

Europa Park welcomed more than 4 million visitors in 2011 and prepares 2012 read more

Europa-Park stated that its 37th season has been once again a great success with an attendance exceeding well over four million visitors in...

NEW | Europa-Park - Published on January 11, 2012

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