Cedar Fair, L.P. reports attendance through the 2nd quarter

Wednesday, 28 June 2006

Cedar Fair, L.P. Press Release

SANDUSKY, OHIO, June 28, 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 attendance at its seven amusement parks and five water parks through June 25, 2006 was up 1%, or approximately 41,000 visits, from a year ago. Over the same period, out-of-park revenues, including resort hotels, increased 1%, or $427,000, while average in-park guest per capita spending remained comparable to last year.

“During the first 25 days of June, attendance at our twelve properties increased slightly from a year ago,” said Dick Kinzel, chairman, president and chief executive officer. “Solid performance at Worlds of Fun and Oceans of Fun, where attendance increased 48,000 visits, helped to offset an attendance shortfall of 43,000 visits, at Dorney Park, which resulted from nine more days of rain in June of 2006 versus June of 2005.”

Kinzel continued by noting improvement in out-of-park revenues at Knott’s Berry Farm, which includes the Knott’s Berry Farm Resort Hotel and the adjacent TGI Friday’s restaurant, helped to offset the revenue shortfall that was experienced during the first quarter at the Partnership’s Castaway Bay Indoor Waterpark Resort in Sandusky, Ohio.

“With approximately 75% of the annual attendance at our seasonal parks still to come, we believe that our 2006 attendance and revenue goals for our seven amusement parks and five water parks are still within our reach,” said Kinzel. He continued by noting that virtually all of Cedar Fair’s revenues from its seasonal amusement parks and water parks 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.

Kinzel concluded by mentioning that the Partnership recently obtained public debt ratings from Moody’s Investors Services and Standard & Poor’s in connection with the previously announced acquisition of the Paramount Parks from CBS Corporation. The Partnership received a corporate debt rating of Ba3 from Moody’s and a BB- from Standards & Poor’s for its $2.1 billion senior secured credit facility. Moody’s also assigned a corporate family rating of Ba3 with a stable outlook and Standards & Poor’s assigned a corporate credit rating of B+ with a positive outlook. These ratings are in-line with the Partnership’s estimates and 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, Minnesota; 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.

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 leisure time and spending, adverse weather conditions, unanticipated construction delays and other factors could affect attendance at our parks and cause actual results to differ materially from the Partnership’s expectations. In addition, risks and uncertainties concerning the previously announced acquisition of the Paramount Parks from CBS Corporation include, but are not limited to, regulatory approval, the timely receipt of financing and the fulfillment of other specified closing conditions.