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03 Aug 2017
Record quarter for Cedar Fair as operator targets US$500m earnings record
BY
Tom Anstey
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Attendance at Cedar Fair parks is up year-on-year by 134,000 people to 6.7 million visitors
photo: Shutterstock.com
Cedar Fair is on course for another record year of results, after the company recorded net revenues of US$393m (€332m, £297m) for the second quarter of 2017, US$5m (€4.2m, £3.8m) higher than record revenues reported for the same period last year. The 1 per cent increase in revenue reflects a 2 per cent increase in attendance year-on-year, up 134,000 people to 6.7 million visitors.
Cedar Fair has attributed the increase to a strong capital investment programme, which has included the introduction of a number of new rides in 2017, the success of its early-season multi-week special events, and the extra benefit of the Easter holiday occurring during the second quarter this year versus the first quarter last year.
Discounting the unusual timing of the Easter break, earnings before interest, taxes, depreciation, and amortisation (EBITDA) were US$150m (€126.6m, £113.8m) – an increase of 2 per cent compared with 2016’s figures.
"We continue to see the resilience of our business model and the underlying demand for our products remains strong," said Cedar Fair CEO Matt Ouimet.
"Our investments in new rides and attractions, special events and high-quality group catering facilities are further differentiating Cedar Fair from other group entertainment options. We have also enhanced our waterpark business model by improving the overall guest amenities and increasing the quality and capacity of our food and beverage offerings within these venues.
"Maintaining these trends in the coming weeks, combined with strong demand for our upcoming Halloween and WinterFest events, is important to enable us to achieve our long-term adjusted EBITDA goal of US$500m (€422.5m, £377.6m) – a year earlier than originally planned."
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