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Good start to fiscal year for Cedar Fair Entertainment

with net revenues up 5%

Update : 09/08/13 - 10h57 Published by François Mayné the 2 July 2013, Corporate.

The US operator Cedar Fair Entertainment Company, which manages twenty parks and resorts in the United States and Canada, has had a good start to the 2013 season, with its key financial and operational indicators on the rise.

Good start to fiscal year for Cedar Fair Entertainment with net revenues up 5%

During an investor presentation held at Cedar Point shortly before the end of the first half of its fiscal year, Cedar Fair explained that the positive trend observed in the first quarter was continued in the second. As of June 23, 2013, its net revenues are up 5% compared to 2012, a result of a 4% increase in average spending per guest and 1% increase in attendance. Out-of-park revenues, mainly from hotel management, are also up 5% over the period which represents about a third of annual sales.

"As a result of our marketing efforts and the solid execution of our plan, season pass sales have increased approximately 20% when compared with this time last year. We are also pleased with the growth we are seeing in revenue per capita which is strong evidence of the traction in our pricing strategy as well as an indicator of the great value our guests see in our product," said Brian Witherow, executive vice president and chief financial officer.

Given the current figures and sales forecasts, Cedar Fair's President and CEO Matt Ouimet confirmed that the group expects another record year: "As we enter into the peak summer season, we are once again seeing the positive impact of our on-going investment in the guest experience at all of our parks. Based on our 2013 performance to date, we reaffirm our 2013 guidance for net revenue in the range of $1.090 billion to $1.115 billion and Adjusted EBITDA to be between $400 million to $410 million. We also remain well on track to achieve our targeted Adjusted EBITDA of at least $450 million by 2016. Our continued success is driven by our strong management team and dedicated employees, our well-known regional brands and the high-quality of our assets."

The increase in revenues is a result of a 4% increase in average spending per guest and 1% increase in attendance.

Cedar Fair performs a rigorous investment strategy to enhance the strengths and fill in the gaps of each of its properties. The company alternates new thrill rides, new family attractions and infrastructure improvements to maximize target audience and visitor spending. It also focuses attention on maximizing sales through the optimization of in-parks spendings (retail shops, restaurants, snack stands, carts and games), the use of new technologies (for example with FastPay, a pre-paid gift card program) and Internet (deployment of a new e-commerce platform).

This season, Cedar Fair has focused its investments plan on its two major amusement parks: Cedar Point (Ohio) and Knott's Berry Farm (California). They both have benefited from placemaking, a strategy that aims to transform an existing place to improve the guest experience. Cedar Point has redesigned its main entrance area to make it more contemporary while incorporating into it a Wing Coaster from Bolliger & Mabillard (GateKeeper) for a total of over $30 million. As for Knott's Berry Farm, the group's only park open all year, it expanded an existing themed area on the location of the former Perilous Plunge water ride (demolished in late 2012) with three new attractions including a Wild Mouse supplied by MACK Rides.

Cedar Fair alternates new thrill rides, new family attractions and infrastructure improvements to maximize target audience and visitor spending.

Other parks in the group that have benefited from large investments this season are: California's Great America with a wooden coaster designed by Great Coasters International (Gold Striker), Kings Dominion in Virginia with an expansion of the children theme zone Planet Snoopy and Worlds of Fun in Missouri that has doubled the size of its water park Oceans of Fun including with six new water slides.

With a little over 23.6 million visitors in 2012, Cedar Fair is currently the seventh largest theme park operators worldwide, behind its main competitor in the North American market for regional parks: Six Flags.

Cedar Fair's half-year results will be reported early August.

Cedar Point - Knott's Berry Farm - California's Great America - Kings Dominion - Worlds of Fun - Marketing - Web - Attendance - Financial Information - - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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Electrosonic
(15 articles found)

Theme Park Supplier's News of the Week #11 read more

The NewsParcs' Theme Park Supplier's News of the Week is a round-up of the latest news relative to companies supplying the theme park industry around the world. This weekly report covers topics such as corporate announcements, ...

NEW | Electrosonic - Published on October 13, 2013

TEA's experience design conference SATE 2013 debuts this week in Savannah, USA read more

The non-profit organization Themed Entertainment Association is organizing its 9th annual conference on experience design SATE 2013 from October...

EVENT | Electrosonic - Published on September 29, 2013

Theme Park Supplier's News of the Week #6 read more

NewsParcs' Theme Park Supplier's News of the Week is a review of the latest news and releases of companies supplying the theme park industry worldwide. This weekly report covers topics such as corporate announcements, ...

NEW | Electrosonic - Published on August 18, 2013

Record attendance at Asian Attractions Expo 2013 reflects fast growing Asian market read more

The attractions industry professionals are unanimous: business is now expanding in an exponential way in Asia. As recently emphasized the TEA...

EVENT | Electrosonic - Published on June 25, 2013

Electrosonic to exhibit for the first time at the 15th edition of RAAPA in Moscow read more

Electrosonic will be exhibiting for the first time at the 15th Russian Association of Amusement Parks and Attractions Expo (RAAPA) in Moscow...

EVENT | Electrosonic - Published on February 24, 2013

Electrosonic promotes Rob Smith as General Manager of Service for EMEA read more

Electrosonic the audio-visual specialist company, has announced the promotion of Rob Smith to General Manager of Service for Europe, Middle East...

CORPORATE | Electrosonic - Published on January 27, 2013

Electrosonic appoints Paul Taylor as Sales Manager of Cultural Entertainment and Leisure read more

The international audio-visual group Electrosonic has announced the promotion of Paul Taylor to Sales Manager of the Cultural Entertainment ...

CORPORATE | Electrosonic - Published on January 8, 2013

Electrosonic acquires Global Immersion, a leading digital immersive theater designer and integrator read more

The international audio-visual group Electrosonic today announces the acquisition of Global Immersion, a leader in the design and integration o...

CORPORATE | Electrosonic - Published on December 11, 2012

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