Cedar Fair has reported record financial results for the fourth quarter of last year and the full year ended 31 December 2022.
“I am extremely proud of the Cedar Fair team’s execution in 2022, which resulted in record annual performance, strong returns for investors, and millions of delighted guests at our parks,” said Cedar Fair president and CEO Richard Zimmerman.
Cedar Fair achieved the “highest levels of revenues, net income and adjusted EBITDA” in the company’s history, said Zimmerman.
In the fourth quarter of 2022, Cedar Fair‘s net revenues came to a record $366 million. This is an increase of 4 percent ($15m) compared to the same period in 2021 and 42 percent ($109m) compared to 2019.
Net income was $12m in Q4, an increase of $40m compared with a net loss of $27m in the same period last year. Compared to Q4 2019, net income increased by $10m.
Cedar Fair welcomed 5.3 million guests in Q4 2022, which was comparable with attendance in last year’s fourth quarter and an increase of 5 percent compared with Q4 2019.
Revenues outside of the parks in the fourth quarter of last year were a record $40m, an increase of 18 percent compared to Q4 2021 and 41 percent compared to Q4 2019.
As for the full year, net revenues came to a record $1.82 billion, an increase of 36 percent ($479m) compared with 2021 and a rise of 23 percent ($342m) compared with 2019.
Net income was a record $308m, an increase of $356m compared with a net loss of $49m in 2021. Compared to 2019, net income increased by $135m.
Record $1.82bn in net revenues
The company welcomed 26.9 million guests at its theme parks in 2022, an increase of 38 percent compared with 2021. Attendance declined by 4 percent compared to 2019, pre-pandemic.
Revenues outside of the parks were a record $213m, an increase of 27 percent compared to 2021 and 26 percent compared to 2019.
Zimmerman added: “The pace of recovery and our record results this past year reflect the strong consumer demand for our parks and resort properties, as well as for the special events programming and the immersive entertainment our parks offer.”
The company, he said, is “poised to continue delivering exceptional experiences for our guests and driving incremental returns for our investors in 2023”.
Images: Cedar Fair
