Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional theme parks, water parks and immersive entertainment, today announced that preliminary year-to-date net revenues through Monday, September 5 2022 totaled a record $1.37 billion, by record levels of in-park per capita spending ($61.11) and out-of-park revenue ($163 million). Through Labor Day 2022, the company’s 15 parks entertained a total of 20.5 million visitors.
“We are very pleased with our record results and expect continued outperformance from our hugely popular Halloween celebrations, which are expected to begin in just a few weeks,” said President and CEO Richard A. Zimmerman. . “Despite weather challenges in several key markets, particularly over the past weekend, our operating trends have been consistently strong throughout the peak summer months, with performance during the crucial period between July 4 and Labor Day in line with our expectations As attendance channels return to pre-pandemic levels, record per capita in-park spending and out-of-park revenue is driving double-digit revenue growth as expected .
For the five-week period ended September 5, 2022, the company hosted 5.1 million guests and generated preliminary net revenue of $343 million, representing an increase of $74 million, or 27%, compared to the five-week period ended September 27, 2022. 9, 2019. Compared to the five-week period ended September 6, 2021, net revenue for the recently ended five-week period increased by 13%, or $40 million, largely due to a 15% increase, or 660,000 visits, attendance. During that same period, in-park per capita spending totaled $62.17, down 2% from comparable 2021 levels, and out-of-park revenue totaled $39 million, up 7 million, or 21%, over the same five-week period in 2021. .
Days of operation for the five-week period ended September 5, 2022 totaled 463, compared to 422 days of operation for the five-week period ended September 6, 2021. By day of operation, net revenue for the five weeks recently completed -average week of approximately $740,000, representing a 3% increase over the same five-week period last year. This year-over-year increase was largely driven by strong attendance trends, as well as record levels of non-park revenue. During the five-week period ended September 5, 2022, the Company’s parks averaged approximately 10,900 visitors per day, representing a 5% increase in average daily attendance over the same period in 2021.
“Our record results reflect the successful strategic investments we’ve made over the past several years to expand our entertainment offerings and improve the customer experience,” Zimmerman continued. “Consumer demand for our parks and resort properties is very strong, and we are excited about the growth opportunities that lie ahead for the remainder of the 2022 season and beyond. Our recent results, combined with strong demand for 2023 season membership products, strong bookings at our resort properties and improving trends in group event bookings demonstrate that consumers continue to give Prioritizing experiences over possessions. We are encouraged by these trends and are confident that Cedar Fair is well positioned to continue to capitalize on growth opportunities, further improve financial performance and deliver superior returns to our unitholders.
About the Cedar Fair
Cedar Fair, LP (NYSE: FUN), one of the world’s largest regional recreation center operators, 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, including 11 amusement parks, four separately enclosed outdoor water parks and resort accommodations totaling more than 2,300 rooms and over 600 luxury RV sites. Cedar Fair parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto, Ontario.
Certain of the statements in this press 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 regarding the Company’s expectations, beliefs, objectives 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 may cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it cannot guarantee that these expectations will prove to be correct or that the Company’s growth strategies will achieve the intended results. Important factors, including the impacts of the COVID-19 pandemic, general economic conditions, adverse weather conditions, competition for consumer time and leisure expenditures, unforeseen construction delays, changes in plans and Company’s capital investment projects and other factors discussed from time to time by the Company in its filings with the Securities and Exchange Commission (the “SEC”) could affect attendance at Company’s parks and Company’s growth strategies, and cause actual results to differ materially from the Company’s expectations or to fluctuate or decrease. Additional information about risk factors that could affect the Company’s business and financial results is available in the Company’s Annual Report on Form 10-K and in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, information, circumstances or otherwise occurring after the publication of this document.
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