Cedar Fair has reported declines in attendance and revenue in 2023, despite strong performance in the second half of the year, including increases in the fourth quarter.
Last year, net revenue was $1.8 billion compared with $1.82bn in 2022. Net income was $125 million, a decrease of $183m from 2022, when Cedar Fair sold the land at California’s Great America. The company also noted $22m of transaction costs in 2023 related to the proposed merger with Six Flags.
Attendance in 2023 was 26.7 million guests compared to 26.9 million visitors in 2022.
As for the fourth quarter of last year, net revenue was a record $371m – an increase of $5m compared to the prior-year quarter. A total of 5.8 million guests visited Cedar Fair’s parks last year, an increase of 9 percent compared to Q4 2022.
“Strong support” for Six Flags combination
Cedar Fair recorded a net loss of $10m compared with net income of $12m in Q4 2022. This was mostly due to $17 million of transaction costs related to the Six Flags merger.
On the Six Flags deal, Cedar Fair Entertainment Company CEO Richard Zimmerman said: “Since announcing the proposed merger transaction in early November, we have been pleased by the strong support we have heard from unitholders and others in the investor community.”
He added: “We look forward to completing our combination with Six Flags and delivering on the compelling value creation opportunities ahead, which we believe are greater than what either company can achieve independently.
“Cedar Fair and Six Flags continue to work constructively with the [Department of Justice] in its review of the merger and continue to expect it will be completed in the first half of 2024. We look forward to capitalizing on the opportunities ahead for the combined company.”
Images courtesy of Cedar Fair
