Revenue up as attendance down in second quarter
Aug 6, 2014 at 5:15 PM
Cedar Fair announced Tuesday net revenue of $403 million in its first six months of the year. That is equal to last year's record net revenue.
The amusement park operator expects record full year 2014 revenue between $1.16 billion and $1.18 billion. Cedar Fair declared cash distributions of .70 cents per limited partnership unit to be paid Sept. 15, which is consistent with its distribution rate of $2.80 for the year.
The second-quarter revenue of $363 million was up $1 million from the same time last year. This at a time when Cedar Fair's attendance of 7.7 million guests in its parks was down in the second quarter by 182,000 visits, or two percent.
A main factor in the decrease occurred in two parks, Cedar Point and at the Valley Fair.
The parks had no water and too much water, Matt Ouimet, CEO and president of Cedar Fair.
Cedar Point had to close for three days when on June 7 a major water main break cut off water in the park.
Valleyfair park, in Minnesota, during the last week in June was forced to close three rides and some parking when a swollen Minnesota River flooded an area of the park.
Attendance in the parks was also impacted by extended school calendars as a result of missed school days in the winter.
That loss in attendance did not impact the bottom line as the guests who were in the parks were spending 4 percent more than the previous year.
The park will have an opportunity at the end of its operating season to recoup some of its attendance (and profits) in 9 out of its 11 parks as the result of an extra weekend of operations because of how Halloween fell this year, Ouimet said.