SANDUSKY, Ohio, July 6, 2016 /PRNewswire/ -- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today reported preliminary net revenues through July 4, 2016 of approximately $517 million, an increase of $20 million, or 4%, when compared with the same period a year ago. This period traditionally represents approximately 40% of the Company's full-year net revenues.
The higher net revenues are a result of a 3% increase in attendance, a 1% increase in average in-park guest per capita spending and a 7% increase in out-of-park revenues, including resort hotels.
"There is no question that our commitment to the quality of the guest experience is the primary driver behind our strong results," said Matt Ouimet, president and chief executive officer. "We want to provide experiences that encourage guests to visit our parks early and to visit them often. Across our portfolio we have added record-breaking roller coasters; more than two dozen family rides; immersive midway entertainment; multi-week special events, including food and music festivals; expanded water park offerings; and extended park operating hours. Combined with our existing attractions and entertainment packages, we have created a very strong consumer value proposition."
Ouimet noted that Cedar Fair has generated record season pass sales across its properties. The Company is also reporting increased revenues from all-season dining and beverage programs and increased group sales and resort bookings.
"We are even more confident today in our long-term business model as we continue to see consumers prioritize having fun with their family and friends this summer. With all of the distractions and obligations people have, they continue to choose our parks in record numbers, keeping us on track to have our seventh straight year of record results," concluded Ouimet.
About Cedar Fair
Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio, and one of the largest regional amusement-resort operators in the world. The Company owns and operates 11 amusement parks, three outdoor water parks, one indoor water park and five hotels. Its parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, and Toronto, Ontario. Cedar Fair also operates the Gilroy Gardens Family Theme Park in California under a management contract. Cedar Fair's flagship park, Cedar Point, has been consistently voted one of the "Best Amusement Parks in the World" in a prestigious annual poll conducted by Amusement Today newspaper.
Some of the statements contained in this news release constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements as to the Company's expectations, beliefs and strategies regarding the future. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, adverse weather conditions, competition for consumer leisure time and spending, unanticipated construction delays, changes in the Company's capital investment plans and projects and other factors discussed from time to time by the Company in reports filed with the Securities and Exchange Commission (the "SEC") could affect attendance at the Company's parks and cause actual results to differ materially from the Company's expectations. Additional information on risk factors that may affect the business and financial results of the Company can be found in the Company's Annual Report on Form 10-K and in the filings of the Company made from time to time with the SEC. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
This news release and prior releases are available online at www.cedarfair.com.
Contact: Investor Relations, (419) 627-2233
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SOURCE Cedar Fair