The Cedar Fair theme parks have completed their financial recovery from the pandemic, with the company posting record revenue and earnings in 2022.
Cedar Fair this morning posted a record net revenues of $1.8 billion in 2022, up nearly 36% from $1.3 billion the year before and up 23% from 2019, the year before the pandemic closed parks around the world. That drove the company to a record Adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] of $552 million for the year, up 70% from 2021 and up over 9% from 2019.
Attendance in 2022 remained slightly below 2019's mark, with 26.9 million visitors last year compared with 27.9 million in 2019. But 2022's number was up 38% from 2021, as Cedar Fair's parks were open for the entire season this year.
A big increase in per capita guest spending helped Cedar Fair's financial recovery, with guests in 2022 spending $61.65 on average in the park, compared with $48.32 in 2019. The 2022 number was down less than 1% from 2021's $62.03 average, but Cedar Fair's fourth-quarter performance on average in-park guest spending was up to $63.33 - up over 3% from the same three-month period that closed 2021.
"The pace of recovery and our record results this past year reflect the strong consumer demand for our parks and resort properties, as well as for the special events programming and the immersive entertainment our parks offer," Cedar Fair President and CEO Richard Zimmerman said. "We maintained the strong momentum we built in the peak summer months throughout a record fourth quarter, underscoring the continued strength of consumer demand and capping off an outstanding second half of the year."
Zimmerman also reported that Cedar Fair sold 3.2 million season passes in 2022, which together with all-season dining and beverage add-ons, generated $450 million in revenue for the company. Overall, Cedar Fair's food and beverage revenues were up $144 million in 2022, Zimmerman said, due to both "increased transaction volumes and higher average transaction values."
In other words, people paid higher prices but also ordered more stuff.
For more theme park news, please sign up for Theme Park Insider's weekly newsletter.
And to help support Theme Park Insider while saving money on discounted theme park tickets, including Cedar Fair's Knott's Berry Farm and Kings Island, please follow the ticket icon links our Theme Park listings page.
This article has been archived and is no longer accepting comments.