SANDUSKY, Ohio, July 8, 2015 /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 5, 2015 of approximately $491 million, an increase of $24 million, or 5%, 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 2% increase in attendance, a 2% increase in average in-park guest per capita spending and a 10% increase in out-of-park revenues, including resort hotels.
"We are pleased with the strong start to the first half of 2015," said Matt Ouimet, president and chief executive officer. "Our strategy heading into this year was to provide experiences which would encourage our guests to visit our parks early and to visit them often. This included a focus on early season pass sales, the introduction of an all-season dining program across all of our parks, new spring-time events and delivering innovative new rides and attractions as early as possible. We believe our successful execution in these four areas has been the major driver in our current year growth in terms of both attendance and guest spending."
Ouimet stated that the overall guest response to Fury 325 at Carowinds, along with the new interactive dark ride, Voyage to the Iron Reef, at Knott's Berry Farm, have exceeded expectations. A major water park expansion at Valleyfair has also been well received by its guests, while the renovation of the historic Hotel Breakers at Cedar Point and improved bookings at the Great America Pavilion have both contributed nicely to the growth in out-of-park revenues.
"Our success so far, reaffirms our confidence in our long-term business strategy, our continued commitment to investing in the overall guest experience and our expectations that 2015 will be another record year for Cedar Fair," Ouimet concluded.
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 the "Best Amusement Park 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
SOURCE Cedar Fair Entertainment Company