Cedar Fair says spending up, attendance down 1% in first half of year
8/8/2013SANDUSKY — Helped by a rise in in-park and out-of-park spending, Cedar Fair LP on Thursday reported a second quarter profit of $47.4 million, or 85 cents per share, up 39 percent over the same period a year ago when the amusement park chain had a profit of $36.6 million, or 66 cents per share.
Cedar Fair, which owns Cedar Point in Sandusky, 10 other amusement parks, and five water parks, said its quarterly revenues rose 1 percent to $361.6 million from $357.6 million a year ago.
The company said it achieved its positive results even though the quarter consisted of a 13-week period and 800 operating days across its parks, compared to 14 weeks and 905 operating days a year ago. Cedar Fair also had two fewer admission opportunities due to the sale of its San Diego water park last November, and the decision to include its Kansas City, Mo., water park in the admission price of its Kansas City amusement park.
The increase in profit and revenues were a direct result of a 5 percent increase in average in-park guest spending, and a 5 percent increase in out-of-park revenues, mainly customer stays at the company’s five hotels.
The increases helped offset a 4 percent decrease in overall park attendance due to the fewer operating days, the shift of the Easter holiday into a period preceding the openings of most of the company’s parks, and unfavorable weather.