Cedar Fair reports increased income, guest spending
Cedar Fair, L.P., the publicly traded owner of Cedar Point
, Knott's Berry Farm
and five other amusement parks, announced its fourth quarter and year-end 2005 financial results today.
The theme park chain reported a five percent increase in net revenues to a record $568.7 million, a one percent increase in combined attendance, a three percent increase in average in-park guest per capita spending and a 12 percent increase in out-of-park revenues, including hotels.
For 2006, Cedar Point will invest $58 million in capital improvements at all of its properties (including the new Skyhawk at Cedar Point) and will go with lower prices in an effort to boost attendance. Cedar Fair's Valleyfair park will also get a new Halloween event, Haunt at ValleyScare.
Good news for the company. Attendance hasn't been the highest for Cedar Point recently, but some of the other parks saw big attendance increases. They also had a profitable 4th quarter, which means the Halloween events and projects like the indoor waterpark Castaway Bay are seeing success. Its nice to see business picking up in their smaller parks, and Knotts getting their piece of the pie. Cedar Fair will focus on improving many of the smaller operations this year, and I wouldn't be surprised to see a few more hotels springing up around their properties.
This article has been archived and is no longer accepting comments.