Cedar Fair, L.P. reports attendance and revenues through August

Saturday, 09 September 2006

Cedar Fair, L.P. Press Release

SANDUSKY, OHIO, September 8, 2006 -- Cedar Fair, L.P. (NYSE: FUN), today reported that combined attendance at its parks through the Labor Day weekend decreased 1% to 10.4 million guests from 10.5 million a year ago on a same park basis. Over the same period, average in-park guest per capita spending and out-of-park revenues remained essentially unchanged. Including results from the Paramount Parks since their acquisition, combined attendance through the Labor Day weekend totaled 15.8 million visits, average in-park guest per capita spending totaled $38.39, and out-of-park revenues were $79.0 million. During the month of August, on a same park basis, the southern parks continued to perform nicely, while attendance in the northern and western regions remained relatively unchanged.

“Some of our northern parks have faced tough economic conditions, which we believe was the main factor affecting attendance during this season,” said Dick Kinzel, chairman, president and chief executive officer. “On the positive side, the Paramount Parks have performed well since the June 30 acquisition, demonstrating the benefit of a more geographically diverse portfolio.”

He continued, “We tried a number of new marketing initiatives during the season, some of which worked well. We are always looking for new ways to market our parks and hope that we can increase attendance during our upcoming fall promotions. Meanwhile, our transition team continues to work with the Paramount Parks’ staff on integrating the parks into the Cedar Fair family and finding new operating and cost opportunities.

“Based on the preliminary results through August, our current analysis of acquisition and restructuring related costs, and the timing of synergies, we are lowering our earnings guidance. We now expect to generate full-year revenues between $815-$835 million and full-year adjusted EBITDA between $285-$305 million,” said Kinzel.

Kinzel concluded by noting that yesterday the Partnership announced its plans to build a $21 million roller coaster at Cedar Point for the 2007 operating season. Maverick, located in Frontiertown, will treat riders to multiple terrain-hugging elements. Throughout the 2-minute, 30-second ride, passengers will also experience eight “airtime-filled hills,” three inversions and a second launch through a dark tunnel as the coaster reaches speeds of up to 70 mph. Capital expenditure plans at the Partnership’s other parks for next season are in the process of being finalized and will be announced in the near future.

Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio. The Partnership, which owns and operates twelve amusement parks, five outdoor water parks, one indoor water park and six hotels, is one of the largest regional amusement park operators in the world. Its parks are located in Ohio, California, North Carolina, Virginia / District of Columbia, Pennsylvania, Minnesota, Missouri, Michigan, and Toronto, Ontario. Cedar Fair also owns and operates Star Trek: The Experience, an interactive adventure located in Las Vegas, and operates the Bonfante Gardens in Gilroy, California under a management contract. Cedar Fair’s flagship park, Cedar Point, has been voted the “Best Amusement Park in the World” for nine consecutive years in a prestigious annual poll conducted by Amusement Today newspaper.

Some of the statements contained in this news release constitute forward-looking statements. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Partnership believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, competition for consumer leisure time and spending, adverse weather conditions, unanticipated construction delays and other factors could affect attendance at our parks and cause actual results to differ materially from the Partnership’s expectations. In addition, risks and uncertainties concerning the acquisition of the Paramount Parks include, but are not limited to the ability of the Partnership to combine the operations and take advantage of growth, savings and synergy opportunities.