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21 Feb 2019
Cedar Fair looks ahead with optimism after 2018 results
BY
Andy Knaggs
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Full-year net revenues were up 2 per cent from 2017, reaching US$1.35bn
Cedar Fair has reported positive Q4 and full 2018 figures, along with a new long-term growth target. Full-year net revenues were up 2 per cent from 2017, reaching US$1.35bn (€1.2bn, £1.05bn). Attendance was also up, at a record 25.9m guests, which is a 1 per cent increase on 2017. Average in-park guest per capita spending increased by 1 per cent also, to US$47.69 (€42.29, £37.16).
The company reported that its Halloween and WinterFest events performed well, contributing to a 9 per cent increase in net revenues in Q4 2018, compared to the same quarter in 2017. Advance purchase commitments for 2019 are reported as up by more than 25% on the same time last year, driven, it said, by “expanded season pass offerings, a strong capital programme and immersive new events scheduled to debut in 2019”.
If it attains its new 2023 Adjusted EBITDA target of US$575m (€509m, £448m), Cedar Fair will have achieved a compound annual growth rate of 4 per cent over the next five years.
Richard A Zimmerman, president and chief executive officer for the company, commented: "We ended the year strongly, achieving new highs in attendance and net revenues for both the fourth quarter and full year. Guests of all ages continue to delight in our immersive entertainment offerings, including our Halloween Haunt and WinterFest celebrations. The success and expansion of these events has created momentum heading into 2019 as we are seeing strong sales activity in our advance purchase channels across all categories and all parks."
Zimmerman added that the strategy going forward was to "broaden the guest experience through immersive new entertainment offerings", expand Cedar Fair’s season pass platform into a long-term, relationship-based programme to increase lifetime value, increase market penetration within certain audience segments, and pursue "value-enhancing development opportunities adjacent to our parks".
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