The Cedar Fair theme parks this morning reported record revenue for the second quarter, driven by record per-capita guest spending.
Attendance at Cedar Fair's theme parks - which include Knott's Berry Farm, Canada's Wonderland, Cedar Point, and Kings Island - was up 4.4 million to 7.8 million guests for the three-month period ending June 26, 2022. While a strong recovery from last year, when some parks were just reopening with capacity restrictions, attendance was down 8% from the same period in 2019, before the pandemic.
Nevertheless, Cedar Fair posted an all-time revenue of $509 million for the quarter, which was up 17% from the same period in 2019. That increase was driven by a record in-park guest spending of $59.52 per visitor, combined with record out-of-park revenue of $60 million for the quarter.
Net income for the quarter was $51 million, with an Adjusted EBITDA [earnings before interest, taxes, depreciation] of $171 million. Increases in operating costs kept the net income number below 2019 levels.
"The strength and pace of our recovery post-pandemic, supported by our strong first-half operational performance, has allowed us to deliver strong financial results and advance our key strategic priorities," Cedar Fair President and CEO Richard Zimmerman said. "Since resuming full-park operations, we have generated significant free cash flow that has allowed us to pay down the equivalent of 75% of the debt we incurred during the pandemic, continue to reinvest in our parks and resort properties to further enhance the guest experience, and put in place a capital allocation strategy focused on returning capital to unitholders. This includes reinstating our distribution in the third quarter of 2022 and establishing a new unit repurchase program to opportunistically buy back units of Cedar Fair."
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