Cedar Fair Entertainment Company has reported record financial results for the year ended December 31, 2016, with revenues up 4 per cent driven by attendance and spending growth.
Full-year net revenues were $1.29 billion, up 4% from 2015; net income was $178 million, up $65 million from a year ago; and adjusted EBITDA was a record $481 million, up 5% from last year.
The record results were largely driven by a 3 per cent increase in attendance at 25.1 million guests, and a 2 per cent average in-park guest per capita spending increase to $46.90. Both figures are records for Cedar Fair.
In a statement, Matt Ouimet, Cedar Fair’s chief executive officer said, “This past year was the most successful year in our history. The talented teams at all of our parks, the popularity of our innovative attractions and the ongoing success of our marketing programs combined to produce our seventh consecutive year of record results. Based on our 2016 performance and our expectations for the coming year, we are on track to achieve our long-term Adjusted EBITDA target of $500 million by the end of 2017, a full year earlier than our original forecast.
“I am particularly pleased we, once again, achieved solid growth across our three core revenue metrics of attendance, in-park guest per capita spending and out-of-park revenues, including our resort accommodations. We credit this achievement to our unique regional brands and the positive responses we have received for our special events programming and immersive entertainment offerings. These individual park brands allow us to provide our guests an experience unmatched by other generic amusement parks. This in turn has resulted in strong guest loyalty within the regions we operate and decades of record growth across all revenue channels.
“I am proud of what our leadership team and employees were able to accomplish this year – producing strong results in the near term while still focusing on growing the business and creating value for our unitholders over the long term. The success of our operations, combined with many long-term initiatives coming on line, gives us great confidence in our ability to continue our record-setting trends for years to come.”