Cedar Fair, L.P. declares third quarter cash distribution

Thursday, 23 September 2004

Cedar Fair, L.P. Press Release

Dorney Park to Build World-Class Roller Coaster for 2005 Season

SANDUSKY, OHIO, September 23, 2004 -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates seven amusement parks and five water parks, today announced the declaration of a regular quarterly cash distribution of $0.45 per limited partner unit, continuing the Partnership’s annualized distribution rate of $1.80 per unit.

 “With our third quarter nearly complete, we now expect full-year cash operating profit to be down slightly from last year, on a smaller capital expenditure program,” said Dick Kinzel, chairman, president and chief executive officer. “On that basis, the Board of Directors determined that the Partnership’s cash flow is sufficient to maintain the annualized distribution rate of $1.80 per unit, which was already increased once this year in March. Based on our fourth quarter and full-year performance, the Board will consider the opportunity for a further increase in the distribution rate at its March 2005 meeting.”

The distribution, which is payable November 15, 2004, to holders of record October 5, 2004, represents the Partnership’s 70th consecutive quarterly cash distribution.

Kinzel also noted that the Partnership has announced plans for a new world-class roller coaster at Dorney Park & Wildwater Kingdom, located near Allentown, Pennsylvania, for the 2005 season. The new coaster, called Hydra The Revenge, will be the park’s eighth roller coaster and third world-class coaster introduced since 1997. “At a cost of approximately $13 million, Hydra will be one of the largest single investments in Dorney Park’s history,” said Kinzel. “This new coaster will continue to build upon the momentum we’ve established at Dorney Park through strategic capital spending over the past several years, and it will further increase the park’s level of recognition in a very attractive and competitive market. Including next season’s capital program, we’ve now invested more than $50 million in Dorney Park over the past five years.”

Kinzel concluded by noting that construction is coming along well on the Partnership’s other two major capital projects, the Castaway Bay indoor water park at Cedar Point and the Silver Bullet roller coaster at Knott’s Berry Farm, and both are on schedule to open later this year. Other capital expenditure plans at the Partnership’s parks for next season are in the process of being finalized and will be announced in the near future.

Cedar Fair’s seven 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; Geauga Lake near Cleveland, Ohio; 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.

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 spending, adverse weather conditions, unanticipated construction delays, the absence of historical operating experience for Geauga Lake, and other factors could affect attendance at the parks and cause actual results to differ materially from the Partnership’s expectations.