Saturday, September 7, 2019

Record Revenues Reported for Cedar Fair's 2019 Season Through Labor Day

Cedar Fair Entertainment Company typically reports the results of their season so far at the end of the Labor Day weekend, and this year was no different.  The company issued news that the 2019 season has seen record revenues through the end of the traditional summer season, with plenty of special events still to come in the year.

Granted, the company is now including the recent purchase of two Schlitterbahn water parks in Texas, but even without them they are seeing an overall increase.

Year to date (including Schlitterbahn) revenues are up 8% or $86 million to a record $1.12 billion, compared to $1.03 billion in 2018.  There has been a 6% or 1.1 million increase in attendance to 21 million, a 3% increase in in-park spending to $48.79 per person and a 9% or $10 million increase in out of park revenues to $130 million.

Pretty solid increases, but as we said those include new Schlitterbahn water parks.  If you exclude those parks, revenues were up 5% or $48 million to $1.08 billion, attendance up 2% or 465,000, in park spending up $1.08 per person and out of park revenues were up 5% or $6 million.

Cedar Point © Cedar Fair
So even when you take out the recently purchased Schlitterbahn parks Cedar Fair has had a good year by all standards.  Usually to get attendance up you have to discount, but the per capita is up significantly, so props to the company for that metric.

Cedar Fair's President and CEO, Richard Zimmerman, noted in the release that their efforts to "further broaden the guest experience by adding more experiential attractions and limited-duration special events" has worked, as the parks are drawing new guests and others are visiting more frequently.  So it sounds like special events and interactive attractions are in the forecast for the parks for the foreseeable future.  The company was also very happy with the two Schlitterbahn parks' performances, noting that have "outperformed" their early expectations.

If the fall and winter events, such as Halloween Haunt and Winterfest, continue to produce for Cedar Fair the year should easily be another record one.

© Cedar Fair
The news release also again confirmed that the PassPerks program will be rolling out to all Cedar Fair parks in 2020 after being tested at a handful of parks this year.  The loyalty program rewards pass holders for visiting the parks, giving them treats such as skip the line passes, food offers, discounted tickets and more.

Cedar Fair is also already seeing "meaningful increases" in the sales of 2020 season passes, believed to be based off of the capital announcements made last month.  This includes major anniversary celebrations at Cedar Point and Knott's Berry Farm, along with the Orion giga-coaster at Kings Island.