Cedar Fair has reported record revenue of $1.37 billion through Labor Day (5 September 2022), with the company’s parks also welcoming a total of 20.5 million guests.
In a statement, the theme park operator said this was driven by record levels of spending per visitor ($61.11) and revenue from out-of-park sources such as hotels ($163 million).
“We are very pleased with our record results and expect continued outperformance driven by our extremely popular Halloween celebrations, which are set to debut in just a few short weeks,” said Cedar Fair president and CEO Richard A. Zimmerman.
“As attendance channels recover to pre-pandemic levels, record in-park per capita spending and out-of-park revenues are driving double-digit top-line growth as planned.”
Cedar Fair continues Covid recovery
For the five weeks ended 5 September, Cedar Fair attracted 5.1 million guests and generated preliminary revenues of $343 million. Compared to the five-week period ended 9 September 2019, this is a growth of $74 million (27 percent).
Compared to the five-week period ended 6 September 2021, revenues in the same period of this year increased by 13 percent, or $40 million. This was driven by a 15 percent rise in attendance.
During the five-week period ended 5 September 2022, Cedar Fair’s parks welcomed an average of 10,900 guests per day, representing a 5 percent increase in average daily attendance compared to the same period last year.
“Our record results reflect the successful strategic investments we have made over the past several years to expand our entertainment offerings and enhance the guest experience,” Zimmerman said.
“Consumer demand for our parks and resort properties is very strong, and we are excited about the growth opportunities ahead of us for the remainder of the 2022 season and longer term.
“Our recent results, combined with the robust demand for 2023 season pass products, the strength of reservations at our resort properties, and improving trends around group event bookings, demonstrate that consumers continue to prioritize experiences over possessions.”
Cedar Fair, one of the largest regional amusement park resort operators in the world, also reported record revenue for the second quarter and first seven months of this year.
Images: Cedar Fair
