Cedar Fair, L.P. announces plans for major water park addition at Geauga Lake

Wednesday, 10 November 2004

Cedar Fair, L.P. Press Release

Geauga Lake to Lower 2005 Ticket Prices

SANDUSKY, OHIO, November 10, 2004 -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates seven amusement parks and five water parks, has announced plans to build a multi-million-dollar water park at Geauga Lake, located near Cleveland, Ohio. In addition, the Partnership reported that Geauga Lake will lower its 2005 general admission price to $24.95, down $10 from last season.

Dick Kinzel, chairman, president and chief executive officer, reported that Geauga Lake’s new water park, to be called Wildwater Kingdom, will be located on the former Sea World side of the park and will cover 20 acres, making it one of the largest water parks in the country. In total, Wildwater Kingdom will cost $24 million and will be constructed over a two-year period. The first phase of the expansion, which will be ready for the 2005 season, will cost approximately $16 million and will be highlighted by the addition of a 60-foot-tall tornado slide, an activity pool, an action river and a new children’s area with a multi-story interactive play structure. Hurricane Mountain, Ohio’s tallest water slide complex, will also be moved over to Wildwater Kingdom for the 2005 season from Geauga Lake’s small existing water park. The second phase of Wildwater Kingdom is planned to be ready for the 2006 season and will feature the addition of a 38,000-square-foot wave pool, an adult pool with whirlpool spas and swim-up bar, and a number of additional water slides.

Kinzel also noted that Geauga Lake’s 2005 capital program will include the addition of a new catering facility and picnic pavilions that will nearly double the number of groups the park can accommodate, and a PEANUTS-themed live entertainment show and gift shop featuring Snoopy, Charlie Brown and the other PEANUTS characters.

“We’re very excited about the capital expenditure program we have planned at Geauga Lake for next season,” said Kinzel. “Continued reinvestment in new attractions and the upgrading of existing facilities is a significant element in our Partnership’s long-term growth strategy. In total, we will be investing approximately $18 million at Geauga Lake for the 2005 operating season.”

Kinzel added that in 2005 Geauga Lake will lower its general admission price, which includes access to the new water park, by $10 to $24.95 in an effort to further increase the value to our guests of a visit to the park. “The introduction of this new everyday-low-price admission ticket, along with an exciting capital program, should position the park to rebound strongly in 2005,” he said.

The Partnership previously announced that planned capital expenditures for 2005 will total $80 million at its twelve properties, including the addition of new world-class roller coasters at Knott’s Berry Farm and Dorney Park, as well as the addition of a new intermediate-sized thrill ride at Valleyfair and a new water attraction at Michigan’s Adventure. “These improvements underline our philosophy of continuous reinvestment in new attractions and our dedication to offering the best in thrill rides and family entertainment,” Kinzel said. “Including the $80 million in expenditures for the 2005 season, Cedar Fair will have invested more than $385 million at its parks since 2000.”

Kinzel concluded by noting that further details on the Partnership’s 2005 capital expenditure plans at Cedar Point and Worlds of Fun 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 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 our parks and cause actual results to differ materially from the Partnership’s expectations.