Cedar Fair has reported record revenue for the second quarter and first seven months of this year, with the company also selling a record 3.2 million season passes for the 2022 season.
“The strength and pace of our recovery post-pandemic… has allowed us to deliver strong financial results and advance our key strategic priorities,” said Cedar Fair president and CEO Richard Zimmerman.
He said the company continues to “reinvest in our parks and resort properties to further enhance the guest experience”.
In the second quarter of this year (ended 26 June 2022), net revenues were a record $509m, an increase of $285m from the second quarter of 2021. Compared to Q2 in 2019, net revenues rose by $73m (17 percent).
Net income was $51m in Q2 2022, an increase of $110m from the second quarter of 2021. Compared to the same period in 2019, net income decreased by $13m.
As for attendance, a total of 7.8 million guests visited Cedar Fair’s theme parks in Q2 of this year, an increase of 4.4 million visitors from Q2 2021. However, attendance dropped by 654,000 (8 percent) compared to Q2 2019.
Cedar Fair has also provided preliminary results and operating trends for the first seven months of this year through 31 July 2022.
Net revenues were a record $1.03 billion, an increase of $441 million from the comparable seven-month period in 2021. Compared to the same period in 2019, net revenues grew by $152 million (17 percent)
Cedar Fair’s post-pandemic recovery
Attendance for the first seven months of 2022 was 15.4 million guests, an increase of 6.8 million visitors from the comparable period in 2021. Compared to 2019, attendance declined by 1 million guests (6 percent).
“While demand for our parks is foundational to our success, one of our primary objectives is to drive revenue growth by optimizing both attendance and guest spending levels,” Zimmerman added.
Cedar Fair has “achieved new highs for in-park per capita spending and out-of-park revenues, resulting in record net revenues through the first seven months of the year”, he said.
“With the momentum we’ve established over the first half of the year, combined with more than three million season passes in the hands of our guests for the first time ever and strong occupancy trends at our resort properties, we are well positioned for a solid finish to the year.”
Zimmerman said the company is “well on our way to putting the effects of the pandemic fully behind us”.
Images: Cedar Fair