Cedar Fair has announced record revenue of $843 million for the third quarter of 2022, as well as record performance through 30 October.
Cedar Fair president and CEO Richard A. Zimmerman said the company is “poised to deliver the best year in Cedar Fair’s history, driven by solid demand trends and strong levels of guest spending”.
Zimmerman said the strong financial results reveal “the resilience of our business model and the significant progress we have made on our post-pandemic recovery initiatives”.
In the third quarter of this year, revenues were a record $843 million, an increase of 12 percent ($90m) from Q3 2021 and 18 percent ($129m) from Q3 2019.
Post-pandemic recovery
Net income for Q3 2022 was $333 million, an increase of $185m from the third quarter of 2021 and $143m from the third quarter of 2019.
As for attendance, Cedar Fair welcomed 12.3 million guests in the third quarter of 2022. This is an increase of 14 percent from Q3 2021, but a 7 percent drop from Q3 2019.
Out-of-park revenues were a record $97 million. This represents increases of $14m from Q3 2021 and $21m from Q3 2019.
For the 10-month period ended 30 October, preliminary revenues were a record $1.68bn. This is an increase of 39 percent ($473m) from the comparable period last year and 22 percent ($306m) from the same period in 2019.
Attendance for the first 10 months of this year was 24.9 million visitors. This is an increase of 43 percent from the same period in 2021 and 4 percent from the comparable period in 2019.
Increases in attendance
Out-of-park revenues for the first 10 months of 2022 were a record $195m. This represents an increase of $42m from the same period in 2021 and $40m from the comparable period in 2019.
“Our popular fall events once again produced some of our highest attendance and most profitable days of the year, resulting in record performance through the first 10 months of the year,” said Zimmerman.
“We are confident that Cedar Fair has the right team and the mix of initiatives in place to return our parks to pre-pandemic attendance levels in the short term, while continuing to drive higher revenue levels.”
Cedar Fair recently reported record revenue of $1.37 billion through Labor Day, as well as record revenue for the second quarter and first seven months of this year, and record revenue of $193m for the four-month period ended 1 May.
Images: Cedar Fair
