Cedar Fair - Q3 Attendance
Cedar Fair has revealed that attendance in it’s North American theme parks has increased by 2% during the first 9 months of 2011, continuing the firm’s recovery from serious debt last year.
Reports out over the weekend have show that visitor number are on the up, and that revenue has grown by 4% in the period up to Labor Day (September 5) to $857 million. 19.1 million visitors passed through the turnstiles of its chain of amusement parks, spending an average of $40.10 per head. In July, Cedar Fair reported that much of its growth during 2011 is down to the strong performance of its parks in California (including Knott’s Berry Farm and California’s Great America).
Dick Kinzel, who will retire as CEO of Cedar Fair in January 2012, said of the financial results:
"The summer of 2011 is proving to be another strong operating season for Cedar Fair,Our new rides and attractions, including WindSeeker, a 301-foot-tall thrill ride introduced at our four largest parks, continued to attract guests during the peak vacation month of August. Our creative marketing efforts and pricing initiatives also continued to drive growth, particularly at Canada’s Wonderland, Knott’s Berry Farm, Kings Island and California’s Great America."
The company has struggled with a heavy debt for a number of years, and saw shareholders reject a planned takeover by asset manager Apollo Management LP in 2010. Despite increasing attendance at its parks by more than 8% during 2010, Cedar Fair still made a net loss of $32 million.