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Theme Park Supplier's News of the Week #12 Bolliger Mabillard, MAURER Rides, ETF Ride Systems, Lo-...
Theme Park Supplier's News of the Week #12
World Waterpark Association Success for WWA's 33th Symposium and Trade Show
World Waterpark Association
Hong Kong Disneyland to introdoce Iron Man Experience First major Marvel attraction planned in 2016
Hong Kong Disneyland to introdoce Iron Man Experience
Theme Park Supplier's News of the Week #11 Zamperla, Simworx, Electrosonic, Vortex
Theme Park Supplier's News of the Week #11
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Theme Park Industry News Roundup #6
Premier Rides wins €8 million contract with Plopsa Gr... New launch coaster to open at Holiday Park in 2014
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Theme Park Industry News Roundup #5
Record anniversary edition for Euro Attractions Show More than 8,500 attendees on a record exhibit floor
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CORPORATEPublished on January 28, 2014 NewsParcs to take an extended break
EVENTPublished on November 10, 2013 IAAPA Attractions Expo 2013 debuts next week in Orlando
CORPORATEPublished on November 10, 2013 Difficult season for Compagnie des Alpes' amusement parks
NEWPublished on October 21, 2013 Theme Park Supplier's News of the Week #12
EVENTPublished on October 21, 2013 Success for the 33th symposium and trade show of the World Waterpark...
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NewsParcs is an online trade publication dedicated to theme park industry professionals worldwide.

Since 1998, we work in direct contact with manufacturers, suppliers, consultants, owners and operators to publish only reliable and relevant information.

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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.

All Articles(613 articles found)

NewsParcs to take an extended break read more

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CORPORATE | NewsParcs - Published on January 28, 2014
IAAPA Attractions Expo 2013 debuts next week in Orlando read more

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EVENT | IAAPA Attractions Expo - Published on November 10, 2013
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CORPORATE | Compagnie des Alpes - Published on November 10, 2013
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EVENT | World Waterpark Association - Published on October 21, 2013
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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, ...

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