SANDUSKY, Ohio, Jan. 13 /PRNewswire-FirstCall/ -- Cedar Fair
(NYSE: FUN), a leader in regional amusement parks, water parks and active
entertainment, today announced that attendance in 2008 at its eighteen
locations totaled 22.7 million guests, up 3% from the Company's total
attendance of 22.1 million in 2007.
"We experienced increases in attendance at many of our parks during the
fourth quarter, as strong fall promotions and a favorable calendar increased
attendance 8%, or 205,000 visits, from the same quarter a year ago," said Dick
Kinzel, chairman, president and chief executive officer. "For the full year,
on a regional basis, our northern region and southern region parks experienced
a 3% and 8% increase in attendance, respectively. The northern region, which
includes the standout performer for 2008, Canada's Wonderland near Toronto,
and our flagship park, Cedar Point in Sandusky, Ohio, entertained 12.8 million
guests compared with 12.4 million guests in 2007. Our southern region parks
entertained 4.4 million guests in 2008 compared with 4.1 million guests a year
ago. Our western region parks hosted 5.5 million guests in 2008 versus 5.6
million guests in 2007, a 2% decrease. Meanwhile, preliminary results report
average in-park guest per capita spending down approximately 1% between years.
"Overall, we are pleased to have achieved increases in year-over-year
attendance in such a challenging consumer market," said Kinzel. "Record high
gasoline prices throughout most of our operating season, a troubled housing
market, rising unemployment rates and the ongoing credit crisis were all
challenges our parks had to overcome. We believe families chose to stay
closer to home this summer, and we were successful in positioning our parks as
an affordable alternative to the weeklong, out-of-town, family vacation."
"It is likely that many of the difficult market conditions we faced in
2008 will be present throughout 2009, and we believe we are well positioned to
meet these challenges," continued Kinzel. "We will continue to focus on
adding value to the guest experience through new shows, thrill rides, family
attractions and special events that everyone can enjoy. I believe we have an
excellent overall entertainment package line up at our parks for the 2009
season that will appeal to the budget-conscious consumers. Our parks are a
family tradition and we believe they will continue to be for many generations
to come."
Kinzel concluded by noting the Company plans to issue a news release and
host a conference call with analysts on Thursday, February 12, 2009 to discuss
2008 fourth quarter and full year earnings results for Cedar Fair. The
Company's 2008 year-end tax information will also be processed and mailed to
unitholders at the beginning of March. The same tax information will be
available to unitholders through the Investor Relations section of the
Partnership's corporate web site (www.cedarfair.com) beginning Monday, March
2, 2009.
Cedar Fair is a publicly traded partnership headquartered in Sandusky,
Ohio, and one of the largest regional amusement-resort operators in the world.
The partnership owns and operates 11 amusement parks, six outdoor water parks,
one indoor water park and five hotels. Amusement parks in the company's
northern region include two in Ohio: Cedar Point, consistently voted "Best
Amusement Park in the World" in Amusement Today polls, and Kings Island; as
well as Canada's Wonderland, near Toronto; Dorney Park, PA; Valleyfair, MN;
and Michigan's Adventure, MI. In the southern region are Kings Dominion, VA;
Carowinds, NC; and Worlds of Fun, MO. Western parks in California include:
Knott's Berry Farm; Great America; and Gilroy Gardens, which is managed under
contract.
This news release and prior releases are available online at
www.cedarfair.com.
Contact: Stacy Frole (419) 627-2227
SOURCE Cedar Fair Entertainment Company