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

Friday, 02 June 2006

Cedar Fair, L.P. Press Release

SANDUSKY, OHIO, June 2, 2006 -- 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 unchanged from last year. This was the result of a 2%, or $1.1 million, increase in in-park revenues, offset by a 5%, or $1.2 million, decrease in out-of-park revenues, including resort hotels.

The improvement in in-park revenues was the result of a 2% increase, or 34,000 visits, in combined early-season attendance and in-park guest per capita spending which remained comparable between years. The decrease in out-of-park revenues was primarily attributable to the Castaway Bay Indoor Waterpark Resort, in Sandusky, Ohio, which experienced lower occupancy and average daily room rates during the first quarter of 2006. This was anticipated in light of increased competition in the Sandusky area and following a very successful inaugural year. Since the opening of Cedar Point in May, both the occupancy and average daily room rates at the resort have been comparable to the same time last year.

“We are pleased with our early-season results and the initial response from guests to the new rides and attractions we added at our parks this year,” said Dick Kinzel, chairman, president and chief executive officer. “With approximately 90% of the annual attendance at our seasonal parks still to come over the next three months, we remain confident that our 2006 attendance and revenue goals for our twelve properties 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 to 140-day operating period beginning in early May, with the major portion concentrated in the peak vacation months of July and August. Both Castaway Bay and Knott’s Berry Farm are open year-round, but Knott’s operates at its highest level of attendance in the third quarter of the year.

The Partnership previously announced that it was acquiring the Paramount Parks from CBS Corporation in a transaction valued at $1.24 billion. The acquisition, which is subject to regulatory approval and other terms and conditions customary for transactions of this type, is expected to close within the third quarter.

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; Valleyfair near Minneapolis/St. Paul; Worlds of Fun, located in Kansas City, Missouri; Geauga Lake & Wildwater Kingdom near Cleveland, Ohio; 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.