Cedar Fair has reported record revenue of $193m for the four-month period ended 1 May 2022, with the company “on pace to outperform our 2019 operating results”, said Cedar Fair president and CEO Richard Zimmerman.
First-quarter results typically represent less than 5 percent of Cedar Fair’s full-year revenue as the majority of its parks are closed. The company usually operates at a loss during Q1. For the first quarter ended 27 March 2022, revenue was $99m.
Record revenue for the four-month period ended 1 May was driven by strong attendance trends and record levels of in-park spending.
These results represent an increase in revenues of $48m (33 percent) compared with the four months ended 5 May 2019, which is the most recent comparable period due to the pandemic.
‘2022 set to be watershed year for Cedar Fair’
“Due to our outstanding recent performance, we have accelerated our post-pandemic recovery and are on pace to outperform our 2019 operating results,” said Zimmerman.
“We are emerging from the pandemic stronger than ever, and the strategic decisions made over the past year position us well to renew Cedar Fair’s long-term track record of growth and value creation for our unitholders.”
Cedar Fair expects all of its theme parks to return to their full operating calendars for the 2022 season without any restrictions and at full capacity.
Five of its 13 properties opened for the 2022 season in Q1. By the end of May, the company plans to have opened all of its parks.
Operating days in the first quarter of 2022 totalled 130, compared with zero operating days in the first quarter of last year.
This year, Cedar Fair plans to make improvements to every park in its portfolio as part of its 2022 investment programme of up to $215m. Approximately $40m is being used to renovate Castaway Bay and Sawmill Creek.
Another $25m will go towards completing a full renovation of the Knott’s Hotel, while $60m is being used to expand or upgrade the company’s in-park culinary offerings.
“2022 is poised to be a watershed year for Cedar Fair as well as the entire industry,” Zimmerman said.
Comcast has also reported earnings for the first quarter of 2022, revealing that revenue in the theme parks division of NBCUniversal increased by more than 151 percent year over year.
Images: Cedar Fair
