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  1. #1

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    CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS - Cedar Fair.Com

    http://www.cedarfair.com/ir/press_re...ry&story_id=77

    SANDUSKY, OHIO, June 30, 2006 -- Cedar Fair, L.P. (NYSE: FUN), today announced that it has completed its acquisition of the Paramount Parks from CBS Corporation (NYSE: CBS), in a cash transaction valued at approximately $1.24 billion. Cedar Fair will assume the complete operations and management of the parks immediately.
    “The completion of this acquisition is great news,” said Dick Kinzel, Cedar Fair’s chairman, president and chief executive officer. “The five Paramount properties are well-run, top-tier parks in good locations with the potential to do even better. The acquisition brings us access to new markets with attractive demographics, such as northern California, the Carolinas, Virginia / District of Columbia and Toronto. We now have a well-balanced portfolio of operations with four parks producing annual attendance over three million visitors each (Cedar Point, Kings Island, Knott’s Berry Farm and Canada’s Wonderland) and, on a proforma basis, no single park contributes more than 22% of revenues based on 2005 results. Our combined operations now include 12 amusement parks, five outdoor water parks, one indoor water park and six hotels, and will entertain approximately 25 million guests annually.”
    The five Paramount Parks consist of Canada’s Wonderland near Toronto, Canada; Kings Island near Cincinnati, Ohio; Kings Dominion near Richmond, Virginia; Carowinds near Charlotte, North Carolina; and Great America located in Santa Clara, California.
    Kinzel added, “Cedar Fair’s employees as well as many employees from the Paramount Parks have a long history and strong reputation within the industry. They have demonstrated their ability to drive solid returns on investments and are ready and anxious to begin integrating these five great family-oriented parks with our current properties.”
    Kinzel concluded by noting that the Partnership will issue an additional press release in the near future to provide updated 2006 earnings guidance, which will reflect the revenues and cash flow of the Paramount Parks from the date of the acquisition, and information on the Partnership’s long term financing.
    Cedar Fair’s other amusement parks are Cedar Point, located on Lake Erie between Cleveland and Toledo; Knott’s Berry Farm near Los Angeles in Buena Park, California; Dorney Park & Wildwater Kingdom near Allentown, Pennsylvania; Valleyfair near Minneapolis/St. Paul, Minnesota; Worlds of Fun, located in Kansas City, Missouri; Geauga Lake & Wildwater Kingdom near Cleveland, Ohio; and Michigan’s Adventure near Muskegon, Michigan. The Partnership’s water parks are located near San Diego and in Palm Springs, California, and adjacent to Cedar Point, Knott’s Berry Farm and Worlds of Fun. Cedar Fair also owns and operates the Castaway Bay Indoor Waterpark Resort in Sandusky, Ohio. Cedar Fair’s flagship park, Cedar Point, has been voted the “Best Amusement Park in the World” for eight consecutive years in a prestigious annual poll conducted by Amusement Today newspaper.

  2. #2

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    Re: CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS - Cedar Fair.Com

    This really SUCKS. There are only two amusement parks in northern California - Paramount's Great America and Marine World. For years, PGA was strictly an off the shelf, nuts and bolts thrill ride park. MW started out as an animal park, with few rides.

    Over time, Marine World has incorporated lots of new rides. They have achieved a healthy balance between thrill rides and family rides. You name it, they've got it. Even the rides take on animal themes in what I consider Six Flags crown gem among it's amusement parks. In fact, Marine World is the only actual "theme park" in the chain - and it grows more popular each year.

    In recent years, Paramount's Great America has been on the road to recovery from being a piece of crap. Paramount and CBS have installed wonderfully themed rides such as a reality family coaster called Survivor: The Ride, a water park (located inside PGA) dubbed Crockadile Dundee's Boomerang Bay, as well as Nicholodeon rides and a parade based on it's shows and characters. Also, the park has built a theater simulator which currently houses two 3-D rides - SpongeBob Squarepants and the Funtastic World of Hanna-Barbera. Plus, it was soon to get a super fun coaster/dark ride hybrid.

    It was all a dream that was too good for NorCal. Cedar Fair doesn't hold licenses for any of these attraction properties. All that they own is off-the-shelf extreme non-family puke-inducing CRAP - that and Snoopy. Guess they'll soon be getting their bulldozers ready to plow under anything that is well themed, unique and fun. It just goes to prove that California will never have a damn thing, other than Caa Caa. Nobody will ever view this area as a vacation destination. It's more of a hallucination.
    Last edited by Ride Warrior; 06-30-2006 at 08:48 PM.
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  3. #3

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    Re: CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS - Cedar Fair.Com

    Last time I was at Great America was in 2004 and it was horrible. The ride operators were on their cell phones half the time, the Spongebob 3D ride was horrible and the park just looked bad(dirty, etc) It was really sad because I grew up going to Great Amercia. Being in Fremont, we were only 15-20 minutes away and we went constantly. It was so sad to see so many ripped out and for nothing at the new Great America.



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    Re: CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS - Cedar Fair.Com

    Oh and RW. the theater that house Spongebob 3D has been there for YEARS. It was Days of Thunder the ride before Spongebob.



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    Re: CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS - Cedar Fair.Com

    Quote Originally Posted by dsnylndmom
    Oh and RW. the theater that house Spongebob 3D has been there for YEARS. It was Days of Thunder the ride before Spongebob.
    Yeah, I know . Days of Thunder was a fun ride film, D-mom. I forget what the main ride-film was prior to that. It's totally cool that you were once a northern California resident. I didn't know that. Compared to Disneyland standards, the park is filthy - and it always has been. But, I differ in opinion over SpongeBob - it's terrific! Is that my paddy?

    I imagine you must have really enjoyed some of the rides that have been ripped out. It's been my hope that PGA would add more coasters and the like again - only incorporated into well-themed adventures. They need to compete with Disney, as Universal and Bucsh Gardens have.
    Last edited by Ride Warrior; 06-30-2006 at 08:04 PM.
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    Re: CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS - Cedar Fair.Com

    Ride Warrior ... you must be talking about a different Marine World.

    Have you actually been to any other Six Flags parks???

    I've been to 7 Six Flags parks and Marine World was BY FAR the worst. I even liked the now defunct Astroworld better than Marine World.

    Not to say it's a 'bad' park, but it's not "Six Flags crown gem among it's amusement parks".

    I actually think this could be a good thing. CBS was/is not interested in the theme park business. If they held on to the paramount parks they would not receive any capitol improvements, new rides, etc. And most likely they would have been closed like what is happening with Six Flags.

    Of course I do have issue with the way Cedar Fair runs some of it's parks (Knott's) but it's better than having them closed down.

    I'm just waiting to get an answer as to whether my Knott's pass is now good at PGA (and of course Bonfante Gardens) before we plan our Bay Area trip for this year.


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    Re: CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS - Cedar Fair.Com

    How great it would be if Cedar Fair is allowed to hold on to PGA's new licensed and themed attractioins, plus receive more capital for future expansion. Bonfante Gardens could certainly benefit from additional investment funds as well. Clinksalot, I differ with your opinion as to Marune World's ranking among other Six Flags parks.

    I've been to Magic Mountain on several different occasions. My past Marine World annual passes have included free admittance to Magic Mountain. Never cared to stay more than a few hours at a time though, as I was usually anxious to go elswhere - Disney, Universal, Sea World. I even like Knott's way better. Marine World is nothing compared to Sea World. Nevertheless, I maintain that it is a bonafide crown gem dandy.

    It's nice to know that some people from out of the area actually vacation here. Hope you enjoy yourself at the park(s). By all means, bring that Knott's pass with you - just in case.
    Last edited by Ride Warrior; 06-30-2006 at 11:36 PM.
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  8. #8

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    Re: CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS - Cedar Fair.Com

    Quote Originally Posted by sir clinksalot

    I'm just waiting to get an answer as to whether my Knott's pass is now good at PGA (and of course Bonfante Gardens) before we plan our Bay Area trip for this year.
    In one of the conference calls when the deal was announced, Dick Kinzel said that there was no plans to merge the admission media for the 2006 season, but more than likely it would happen in 2007.
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  9. #9

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    Re: CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS - Cedar Fair.Com

    Quote Originally Posted by Ride Warrior
    Yeah, I know . Days of Thunder was a fun ride film, D-mom. I forget what the main ride-film was prior to that. It's totally cool that you were once a northern California resident. I didn't know that. Compared to Disneyland standards, the park is filthy - and it always has been. But, I differ in opinion over SpongeBob - it's terrific! Is that my paddy?

    I imagine you must have really enjoyed some of the rides that have been ripped out. It's been my hope that PGA would add more coasters and the like again - only incorporated into well-themed adventures. They need to compete with Disney, as Universal and Bucsh Gardens have.
    Yup Norcal all my life until a year ago! Fremont for 20 years(except one summer in the City) and Stockton for almost 15.

    You're right, I miss a lot of the old stuff that was ripped out. I had season passes there all the time when I was a kid since my birthday was in June, we'd go off and on all summer. The first coaster I ever rode with a loop in it was the Demon, I remember the days of "Double Dare the Demon" , The Edge and the two water rides, that were right next to each other. Yankee Clipper and the Log Ride
    When we rode Spongebob it was totally not in sync, the movie with the sound, it made us all sick to our tummys



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    Re: CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS - Cedar Fair.Com

    I wonder could cedar fair keep the current rides.. and extend contracts.. it's not like CBS corp would loose money if Cedar fair was paying a license to use the characters, and names / themes from CBS property.. as well as paramount peoperty... (and extend that into other cedar fair parks as well.)

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    Re: CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS - Cedar Fair.Com

    Quote Originally Posted by dsnylndmom
    Yup Norcal all my life until a year ago! Fremont for 20 years(except one summer in the City) and Stockton for almost 15.

    You're right, I miss a lot of the old stuff that was ripped out. I had season passes there all the time when I was a kid since my birthday was in June, we'd go off and on all summer. The first coaster I ever rode with a loop in it was the Demon, I remember the days of "Double Dare the Demon" , The Edge and the two water rides, that were right next to each other. Yankee Clipper and the Log Ride
    When we rode Spongebob it was totally not in sync, the movie with the sound, it made us all sick to our tummys
    The water rides are my favorite - at any park! I love PGA's log ride. It's quite long, and it's refreshing to be floating along in an elevated flume. Rip Roaring Rapids is one wet rafting experience. Best of all, the boat flume ride (White Water Falls) has you floating thru Crockadile Dundee's Boomerang Bay water park on your way to the drop.

    PGA was one of the first parks to have a looped coaster. It was quite a novelty back when.
    Last edited by Ride Warrior; 07-01-2006 at 12:02 AM.
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    Re: CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS - Cedar Fair.Com

    Quote Originally Posted by figment1986
    I wonder could cedar fair keep the current rides.. and extend contracts.. it's not like CBS corp would loose money if Cedar fair was paying a license to use the characters, and names / themes from CBS property.. as well as paramount peoperty... (and extend that into other cedar fair parks as well.)
    One can only hope, figment. I guess we'll know by this time next year, if not before. I'll certainly ask mangement next time that I go to the park.
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    Re: CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS - Cedar Fair.Com

    Quote Originally Posted by Ride Warrior
    The water rides are my favorite - at any park! I love PGA's log ride. It's quite long, and it's refreshing to be floating along in an elevated flume. Rip Roaring Rapids is one wet rafting experience. Best of all, the boat flume ride (White Water Falls) has you floating thru Crockadile Dundee'sBoomeranf Bay water park on your way to the drop.

    PGA was one of the first parks to have a looped coaster. It was quite a novelty back when.
    I remember wayyyyyyyyyyy back when the Whizzer was still there
    I had a love/hate relationship with the Tidal Wave and we ALWAYS ALWAYS would ride that spinning one, it's yellow and green now, that is across from Psycho Mouse(used to be across from the Edge )over and over and see who felt sick first I saw quite a few concerts there too.



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    Re: CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS - Cedar Fair.Com

    The Tidal Wave was wild! You were ans are a go getter. I love the Psycho Mouse. The gp carts are fun too. I've heard rumor that Disney may replace DCA's Mulholland Madness with Turtle Twister from Paris. A madmouse/dark ride hybrid would just freakin' ru-u-u-u-le.

    Anyway - back to PGA - my favorite concerts were Pat Benetar and Fleetwood Mac. Unfortunately, I missed Ringo Starr, but (back to DCA) I did see Davye Jones and Micky Dolenz Rockin' the Bay! Boy, were they ever good - and loud. Their next show vibrated into my Paradise Hotel hotel room.

    D-Mom, I came across this PGA promo clip that includes some historic footage of the park and it's rides - including the Demon.

    http://cbs5.com/video/?id=[email protected]
    Last edited by Ride Warrior; 07-01-2006 at 09:55 AM.
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  15. #15

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    Re: CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS - Cedar Fair.Com

    Here's to hoping that they will give King's Island and Boomerbang Bay a much-needed make-over and hire some half-decent people to run the place, instead of a bunch of teenagers who could care less.

    I've been going to PKI for almost 6 years now and it's going downhill, and fast. I swear, they don't empty trashcans, they don't clean up litter from the park, and they don't enforce the rules of the park (i.e. smoking in line, climbing on the metal handrails while in line, etc)

    Whiel they are at it, get rid of Tomb Raider: The Ride. I swear, it's closed more than it's open.

    And I agree, the Spongebob 3-D ride is horrible, but the Hannah Barbara 3-d is even worse, and because it's new, they've closed spongebob for a bit.

    They could do so much better with the park, it's a shame. But at least Great Wolf Lodge is coming along very nice and looks like it'll be awesome when it does open.
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