Cedar Fair, L.P. reports June attendance

Friday, 01 July 2005

Cedar Fair, L.P. Press Release

SANDUSKY, OHIO, July 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 attendance at its twelve properties for the month of June increased 1% to 2.22 million guests from 2.20 million a year ago. Over the same period, average in-park guest per capita spending was up 2% and out-of park revenues, including resort hotels, were up 3%, or approximately $400,000.

“As weather has continued to improve over the past several weeks, attendance at most of our parks has begun to pick up,” said Dick Kinzel, chairman, president and chief executive officer. “During June, attendance at our seasonal parks was relatively steady, led by an 11% increase at Dorney Park, which introduced a great new roller coaster this year, and a 22% increase at our seasonal water parks, two of which benefited from the recent hot, dry weather in the Midwest. Attendance in June at our newest park, Geauga Lake, was down approximately 20,000 visits from last year, with most of that shortfall occurring early in the month. However, the park debuted its new water attractions on June 18, and attendance over the past two weeks has improved as expected. At our only year-round park, Knott’s Berry Farm, attendance was up 3% over June of 2004 as weather patterns in Southern California returned to normal.”

Kinzel continued by noting that combined attendance at the Partnership’s twelve parks through the first six months of the year was down 3%, or approximately 125,000 visits, from last year, while average in-park guest per capita spending was up 4% and out-of-park revenues were up 20%, driven primarily by the strong results of Cedar Point’s Castaway Bay Indoor Waterpark Resort. “With the peak portion of our operating season and nearly 70% of our annual attendance still ahead of us, we remain hopeful that our combined 2005 attendance and revenue goals can still be achieved,” he said.

Kinzel concluded by noting that virtually all of Cedar Fair’s revenues from its seasonal amusement parks and water parks 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.

Some of the statements contained in this news release constitute forward-looking statements. These statements may involve risks and uncertainties that are difficult to predict, may be beyond the Partnership’s control, and 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 leisure time and 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.

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.