Cedar Fair reports record revenues through the Memorial Day Weekend

Preliminary year-to-date net revenues through May 30 increased 21% when compared with the five-month period ended June 3, 2019.

Thursday, 02 June 2022

Cedar Fair Press Release

SANDUSKY, Ohio--(BUSINESS WIRE)--Jun 2, 2022-- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today reported that preliminary year-to-date net revenues through Monday, May 30, 2022, increased 21%, or $60 million, to a record $343 million when compared with the five-month period ended Monday, June 3, 2019. Given the material impact the coronavirus pandemic had on park operations in 2020 and 2021, results for the five months ended May 30, 2022 are not directly comparable to the first five months of the last two years.

The year-over-year increase in revenues was driven by a 28%, or $12.93, increase in in-park per capita spending to a record $59.70; and a 13%, or $5 million, increase in out-of-park revenues to $45 million. These favorable results were offset in part by a 210,000-visit decrease in attendance to 5.2 million guests, primarily the result of 14 fewer operating days in the current five-month period and the continued disruption within the group sales attendance channel. Excluding groups, year-to-date attendance was up 4%, or 161,000 visits, through May 30, 2022. The fiscal five-month period through Memorial Day weekend traditionally represents approximately 20% of the Company’s full-year operating days.

Commenting on the season to date, President and Chief Executive Officer Richard A. Zimmerman said, “Despite the current macro-environment pressures being placed on consumers, overall demand and guest spending levels remain strong across our parks. Through the Memorial Day weekend, general demand and season pass attendance remain ahead of 2019 levels. Meanwhile, we are seeing gradual improvement in demand trends in group sales as that attendance channel continues to recover from the disruption of the pandemic.”

Zimmerman added, “We are also very encouraged by the continued strength of our long-lead indicators, including sales of all-season products and advanced bookings at our resort properties. Through Memorial Day, sales of 2022 season passes were up $56 million, or 24%, compared to the same period in 2019, while sales of our all-season 'add-on' products, such as all-season dining and all-season beverage, were up $20 million, or 46%. Meanwhile, strong momentum in reservations at our resorts, including our beautifully renovated Castaway Bay and soon-to-be-open Sawmill Creek Resort properties at Cedar Point, position us well to drive growth in out-of-park revenues over the balance of the year.”

Zimmerman concluded by noting that the Company will provide investors with another performance update through the July 4 th holiday weekend early next month.