Cedar Fair, L.P. announces plans to build year-round water park resort at Cedar Point

Thursday, 13 November 2003

Cedar Fair, L.P. Press Release

SANDUSKY, OHIO, November 13, 2003 -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates six amusement parks and five water parks, today announced plans to build a year-round indoor water park resort at Cedar Point, located in Sandusky, Ohio.

Dick Kinzel, chairman, president and chief executive officer, reported that the new 51,000-square-foot complex, to be called Castaway Bay, will cost $22 million and will be a major expansion to Cedar Point's Radisson hotel, located near the entrance to the park. "Castaway Bay will be an ideal complement to the other resort properties at Cedar Point," said Kinzel. "Our guest accommodation properties at the park continue to generate solid operating results, including a 5% increase in revenues this year, and we remain committed to enhancing Cedar Point as a full resort destination. The addition of Castaway Bay and a world-class indoor water park facility will now give us the ability to entertain families all year long."

Castaway Bay, scheduled to open in November 2004, will feature a tropical Caribbean theme with 237 hotel rooms centered around a 38,000-square-foot indoor water park. Highlighting the attractions in the water park will be a 100,000-gallon wave pool; a 35-foot-high, 520-foot-long water roller coaster; a multi-story interactive play area with a 1,000-gallon bucket that empties on guests every 10 minutes; and numerous other water activities. In addition, the resort will feature a state-of-the-art arcade, a day spa, various dining and merchandise facilities, an adjacent marina and much more.

Kinzel concluded by noting that the Partnership previously announced plans for $25 million in capital expenditures at its parks for the 2004 season, including the expansion of the Lighthouse Point luxury camping complex and Soak City water park at Cedar Point, and the addition of new mid-sized thrill rides at Knott's Berry Farm and Worlds of Fun.

Cedar Fair's six amusement parks are Cedar Point, located on Lake Erie between Cleveland and Toledo; Knott's Berry Farm near Los Angeles in Buena Park, California; Dorney Park & Wildwater Kingdom near Allentown, Pennsylvania; Valleyfair near Minneapolis/St. Paul; Worlds of Fun, located in Kansas City, Missouri; and Michigan's Adventure near Muskegon, Michigan. The Partnership's water parks are located near San Diego and in Palm Springs, California, and adjacent to Cedar Point, Knott's Berry Farm and Worlds of Fun. Cedar Fair also operates Camp Snoopy at the Mall of America in Bloomington, Minnesota under a management contract.