The Cedar Fair theme parks reported record revenue for the third quarter of 2021, driven by sharp increases in guest spending inside its parks.
Attendance for the three months ending September 26 was just 82% of that in the comparable period in 2019, before the pandemic. But in-park per capita guest spending jumped 29% over 2019 levels, to $64.26. That helped Cedar Fair post revenue of $753 million for the third quarter of 2021, a five percent increase over the same period in 2019 and a new record for the company.
Despite the record revenue, Cedar Fair's third quarter net income of $148 million fell well short of the $190 million the company reported in the same period in 2019, due to higher operating and interest expenses.
Two of Cedar Fair's top parks celebrated major anniversaries in 2021, with Cedar Point celebrating 150 years and Knott's Berry Farm marking its 100th anniversary. Cedar Fair executives said that they expect the company's recovery to continue into 2022 and beyond.
"We are also pleased with the early sales of our 2022 season passes and all-season products, which continue to outpace the comparable record sales period in 2019," Cedar Fair President and CEO Richard A. Zimmerman said. "Early season pass sales have been a reliable leading indicator of the following year’s demand, which bodes well for the 2022 season. Our parks' quick recovery from the Covid-19 disruption underscores the resiliency of our business model and has unlocked additional strategic options we are evaluating from a position of strength. Based on our positive momentum and outlook, we believe Cedar Fair is well positioned to begin paying down debt in the near future and to reinstate quarterly cash distributions to unitholders by no later than the first quarter of 2023."
For discounted tickets to Knott's Berry Farm's during its Knott's Merry Farm holiday celebration, please visit our travel partner's Knott's Berry Farm tickets page.
* * *
We wanted you to read this article before we make our newsletter pitch, unlike so many other websites. If you appreciate that - and our approach to covering theme park, travel, and entertainment news - please sign up for our free, three-times-a-week email newsletter. Thank you.
This article has been archived and is no longer accepting comments.
