Cedar Fair Reports Record Revenue Through July 4th Weekend

0

Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional theme parks, water parks and immersive entertainment, today announced preliminary year-to-date net revenues through Monday, July 4, 2022 , aggregating a record $704 million, up 20%, or $117 million, from the comparable fiscal year ended Monday, July 8, 20191.

“During the 4th of Julye holiday weekend, we continued to drive new highs for in-park per capita spending, as well as drive growth in our off-park revenue channels, including through our resort properties,” said the President and CEO Richard A. Zimmermann. “We are seeing attendance in line with expectations, mainly thanks to our season passes, which represent more than 60% of our attendance since the beginning of the year, and the average attendance per day of operation in our old parks exceeds the levels 2019 comparables. Our commitment to improving and evolving the customer experience continues to drive strong spending levels and strong underlying consumer demand, positive indicators heading into our busiest and most profitable weeks. We are well positioned to continue to generate record performance throughout the 2022 season as we expect to gain a significant number of operating days in the second half of the year.”

Given the material impact the coronavirus pandemic has had on park operations in 2020 and 2021, year-to-date results through July 4, 2022 are not directly comparable to results for the same periods of last two years. Total number of operating days until July 4e weekends accounted for approximately 40% of the Company’s projected operating days for 2022, i.e. approximately 2,315, compared to 2,224 operating days in 2019, including approximately 80 additional operating days over the rest of 2022, compared to the comparable period in 2019. The Company may adjust future fleet operating schedules in response to changes in weather, customer demand, labor availability or other macro factors beyond the company’s control.

The year-over-year increase in net revenue was driven by a 26%, or $12.13, increase in per capita spending at the park to a record $59.52, and an increase 20%, or $15 million, of non-fleet revenue. at $88 million. These gains were partially offset by a ridership gap resulting from a slower recovery within the group’s sales channel, as well as the impact of 94 fewer operating days at the Company’s former parks in due to a change in the natural calendar and changes in the operation of the parks at the start of the season. schedules. The calendar change and the impact of group activities contributed to an attendance gap of 507,000 visits, or 5%, compared to the comparable fiscal period in 2019. Overall, attendance since the beginning of the year until July 4e weekend totaled 10.7 million guests. Despite the insufficient recovery of the group’s activity, attendance per day of operation of the Company’s former car parks has risen by 2% since the start of the year, reflecting the impact of the strong demand trend in within the subscription channel.

Sales of all-weather products, as well as reservations at resort properties, remain strong. Until July 4e, 2022 season ticket sales exceeded three million units for the first time in the Company’s history, representing an increase of $80 million, or 31%, over the same period in 2019. Sales of all-season “complementary” products, such as all-season meals and all-season beverages, increased by $26 million, or 55%. Resort bookings continue to grow well beyond 2019 levels, reflecting the success of strategic investments made in recent years.

Zimmerman added, “Our strong early season trends indicate that consumer demand remains healthy and customers are responding well to the quality and breadth of the entertainment experience we provide. This gives us confidence to move forward with our strategic priorities of investing in our properties to generate continued long-term growth, repaying debt and restoring a sustainable and growing distribution to unitholders. We are confident that a strong second half will position us to make meaningful progress on these priorities and allow us to continue to improve our customer experience while strengthening our capital structure and returning capital to unitholders. .

The company will provide investors with a performance update through the end of July when it announces second quarter 2022 financial results in early August.

1 Intermediate period comparisons between 2019 and 2022 are affected by a four-day calendar shift, which will only fully reverse later this year. For ease of analysis, the table below (Exhibit 1) illustrates the comparison of operating days since the beginning of the year until Monday July 4, 2022 and Monday July 8, 2019.

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.

Forward-looking statements

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.

This press release and earlier releases are available under the News tab at http://ir.cedarfair.com

(exhibition follows)

Piece 1

Operating days

Cedar Fair Legacy Parks’

Operating days (1)

2022

2019

Variance

2022

2019

Variance

First quarter, as reported

130

101

29

121

101

20

April and May fiscal years through Memorial Day (2)

332

375

(43

)

290

375

(85

)

Fiscal June and July until July 4e Holidays (3)

495

471

24

426

455

(29

)

Total

957

947

ten

837

931

(94

)

(1)

Cedar Fair Legacy Parks operating days exclude results from Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston (collectively, “Schlitterbahn Parks”), which were acquired on July 1, 2019. operating, 120 operating days and 16 operating days have been included for the Schlitterbahn parks for 2022 and 2019, respectively.

(2)

April and May through Memorial Day represent results from March 28, 2022 through May 30, 2022 and results from April 1, 2019 through June 3, 2019 for 2022 and 2019, respectively.

(3)

The June and July July 4 tax holidays represent results from May 31, 2022 to July 4, 2022 and results from June 4, 2019 to July 8, 2019 for 2022 and 2019, respectively.

Share.

Comments are closed.