Cedar Fair reports earnings
Ohio-based amusement and water park operator Cedar Fair Entertainment Company reported second-quarter revenues were equal to record net revenues reported last year at this time.
The company, which operates Wildwater Kingdom in Geauga County and Sandusky’s Cedar Point, told investors this week it expects to achieve record, full-year 2014 net revenues of between $1.16 billion and $1.18 billion.
The increase comes despite the 2 percent decrease in number of guests visiting the company’s parks in the second quarter of 2014 compared to second quarter of 2013.
Company President and CEO Matt Ouimet said increased revenue is a direct result of 4 percent increase in average in-park guest per capita spending across all of the company’s parks.
“We continue to see the resilience of our business model and believe the underlying demand for our products remains strong,” Ouimet said.
“Consistent with our long-term strategy, we continue to make investments in the overall guest experience, including enhanced live entertainment, the addition of high value and on-trend product offerings, and of course, innovative new rides.
”Our commitment to maintaining our premium regional brands is at the core of the value proposition we provide our guests, and is directly correlated to increased guest spending across all categories of our business,” he said.
The company said increased spending comes due to enhancements like improvements in food and beverage programs. Factors affecting the decrease in comparable-park attendance for the second quarter of 2014 primarily included the closure of the company’s flagship park, Cedar Point, for a weekend in early June due to a water main break, partial flooding at its Valleyfair park during the last week of June and a prolonged school calendar in certain regions due to harsher than normal winter conditions.