Cedar Fair, L.P. reports early-season attendance and revenues

Wednesday, 01 June 2005

Cedar Fair, L.P. Press Release

SANDUSKY, OHIO, June 1, 2005 -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates seven amusement parks and five water parks, today reported that combined revenues at its parks through the first five months of the year were up approximately 5% from last year. This increase was the result of a 6% increase in average in-park guest per capita spending, a 31% increase in out-of-park revenues, including resort hotels, and an 8% decrease in combined early-season park attendance.

Commenting on operations through the first five months of the year, Dick Kinzel, chairman, president and chief executive officer, said, “Through May, combined attendance at our twelve parks was down approximately 145,000 visits, with the majority of that shortfall occurring at Knott’s Berry Farm, where record rainfall negatively impacted operations throughout much of the first quarter. Although some of our seasonal properties are also a bit behind last year, we are pleased with the initial response from guests to the new rides, attractions and resort facilities we added at our parks this year. In addition, we are pleased with the early-season trends in in-park guest spending, as well as the results at our resort properties, where revenues are up approximately $6 million through the end of May. With approximately 90% of the annual attendance at our seasonal parks still to come over the next three months, we remain confident that our 2005 attendance and revenue goals are still well within reach.”

Kinzel noted that virtually all of Cedar Fair’s revenues from its seasonal amusement parks, as well as its outdoor water parks and other seasonal resort facilities, are realized during a 130-day operating period beginning in early May, with the major portion concentrated in the peak vacation months of July and August. Knott’s Berry Farm is open year-round but also operates at its highest level of attendance in the third quarter of the year.

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 & Wildwater Kingdom 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 owns and operates the Castaway Bay Indoor Waterpark Resort in Sandusky, Ohio.