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14 Feb 2018
Record attendance for Cedar Fair as operator increases revenues in 2017
BY
Tom Anstey
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New Cedar Fair CEO Richard Zimmerman said the results give confidence going into 2018
photo: Cedar Fair
Cedar Fair has enjoyed a successful 2017, with revenue and income rising over the last 12 months, while the operator achieved record attendances across its attractions portfolio. Revenue for the year came in at US$1.32bn (€1.06bn, £952m), up 3 per cent on 2016’s figures. Net income increased US$38m (€30.8m, £27.4m), with total profits of US$215m (€174.1m, £155m), while attendance increased 2 per cent, with 25.7 million guests visiting Cedar Fair parks.
Cedar Fair attributed the increase in attendance to a strong capital investment programme, which this year included the debut of the Mystic Timbers wooden roller coaster at Kings Island, and the expansion of its two separately-gated water parks at Knott's Berry Farm and Cedar Point. Attendance was also boosted by extended special and seasonal events, such as the month-long celebration for Canada's Wonderland's 150th anniversary, the expansion of the its daytime Halloween events across all of its parks and the introduction of new WinterFest events in November and December.
The company does miss out on a US$500m (€405m, £360.6m) record earnings goal that the then CEO Matt Ouimett said was achievable following the company’s Q3 results. Company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) were down US$2m (€1.6m, £1.4m) – less than 1 per cent year-on-year – to US$479m (€387.9m, £345.5m). According to Cedar Fair, the decline was the result of “higher operating costs combined with lower than anticipated attendance growth”.
"Guests of all ages responded well to our new WinterFest celebrations and our expanded Haunt events were more popular than ever,” said Richard Zimmerman, Cedar Fair's president and chief executive officer.
“Although we faced challenges from the extreme weather patterns earlier in the year, we remained focused on the guest experience and the long-term success of the business. This focus has enabled us to generate solid increases across all of our advance purchase channels for 2018, giving us confidence that the momentum we generated at the end of 2017 will continue."
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