Cedar Fair Entertainment Company Press ReleaseSANDUSKY, OHIO, June 10, 2008 -- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced that attendance and revenues at its parks through June 1, 2008 were relatively unchanged to the same period a year ago. Historically, results through May represent approximately 15% of the Company’s full-year revenues.
“Our early-season results have been somewhat mixed across our properties,” said Dick Kinzel, chairman, president and chief executive officer. “In the northern region, attendance and revenues have been soft with the exception of Canada’s Wonderland near Toronto where Behemoth, a record-breaking rollercoaster, has been well received by its guests. This softness was offset by improved performances at our southern and western region parks, including Great America, which continues to attract guests with its new ride, new shows and new hours.
“We continue to see strength in our season pass sales and group business across our parks, but hotel bookings are running slightly behind last year at this time,” said Kinzel. “With approximately 85% of the annual attendance and revenues at our seasonal parks still to come, it is still too early to draw any conclusions about our full-year results based on these early-season trends. However, we remain confident that our 2008 attendance and revenue goals for our properties are well within reach.”
Kinzel concluded by noting the Company will provide a mid-season update on attendance and revenue trends through the month of July in its second quarter earnings release. The Company currently anticipates issuing this release before market hours on Tuesday, August 5, 2008.
Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio. The Company, which owns and operates eleven amusement parks, six outdoor water parks, one indoor water park and five hotels, is one of the largest regional amusement park operators in the world. Amusement parks in the company’s northern region include two in Ohio: Cedar Point, Sandusky, consistently voted “Best Amusement Park in the World” in Amusement Today polls; and Kings Island, near Cincinnati; as well as Canada’s Wonderland, near Toronto; Dorney Park, Allentown, Pa.; Valleyfair, Shakopee, Minn.; and Michigan’s Adventure, near Muskegon, Mich. In the southern region are Kings Dominion, Richmond, Va.; Carowinds, Charlotte, N.C.; and Worlds of Fun, Kansas City, Mo. Western parks in California include: Knott’s Berry Farm, Buena Park; and Great America, Santa Clara; as well as Star Trek: The Experience, an interactive adventure in Las Vegas. Cedar Fair also operates the Gilroy Gardens Family Theme Park in Gilroy, California, under a management contract.
Some of the statements contained in this news release constitute forward-looking statements. These statements may involve risk 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, competition for consumer leisure time and spending, adverse weather conditions, unanticipated construction delays and other factors could affect attendance at our parks and cause actual results to differ materially from the Company’s expectations. In addition, risks and uncertainties concerning the acquisition of the Paramount Parks include, but are not limited to the ability of the Company to combine the operations and take advantage of growth, savings and synergy opportunities.