SANDUSKY, Ohio, June 1 /PRNewswire-FirstCall/ -- Cedar FairEntertainment Company, a leader in regional amusement parks,water parks and active entertainment, today announced that combined 2007 revenues at its parks through the Memorial Day weekend were $147.2 million,on 3.0 million guest visits and average in-park per capita spending of$41.26. The 2007 results include the operations of the Paramount parkswhich the company acquired from CBS on June 30, 2006.
On a same-park basis, the company opened several of its amusement parkslater in 2007 versus 2006, thereby reducing the number of operating days in 2007 by 10% or 19 days. The reduction in the number of operating days ledto a decrease in net revenues of 2%, or $1.5 million, from a year ago. The decrease in revenues is expected to be offset by a reduction in seasonal operating expenses during this same period. Attendance on a same-park basisdecreased 5%, while average in-park guest per capita spending increased 5% leaving total in-park revenues relatively unchanged for the first five months of the year.
"We are pleased with our early-season results and are encouraged by theinitial guest response to our 2007 capital program," said Dick Kinzel,chairman, president and chief executive officer. "Both Maverick, the $21million roller coaster at Cedar Point, and Renegade, the new wooden coasterat Valleyfair, have been very well received by park guests. With approximately 90% of the annual attendance at our seasonal parks still tocome, we remain confident that our 2007 attendance and revenue goals forour properties are well within reach."
Kinzel noted that virtually all of Cedar Fair's revenues from itsseasonal amusement parks, outdoor water parks and other seasonal resortfacilities, are realized during a 130 to 140-day operating period beginningin early May, with the major portion concentrated in the peak vacationmonths of July and August. Only Knott's Berry Farm, Castaway Bay and StarTrek: The Experience are open year-round, but Knott's operates at itshighest level of attendance in the third quarter of the year.
Cedar Fair is a publicly traded partnership headquartered in Sandusky,Ohio. The Partnership, which owns and operates twelve amusement parks, fiveoutdoor water parks, one indoor water park and six hotels, is one of thelargest regional amusement park operators in the world. Its parks arelocated in Ohio, California, North Carolina, Virginia / District ofColumbia, Pennsylvania, Minnesota, Missouri, Michigan, and Toronto,Ontario. Cedar Fair also owns and operates Star Trek: The Experience, aninteractive adventure located in Las Vegas, and operates the Gilroy GardensFamily Theme Park in Gilroy, California, under a management contract. CedarFair's flagship park, Cedar Point, has been voted the "Best Amusement Parkin the World" for nine consecutive years in a prestigious annual pollconducted by Amusement Today newspaper.
Some of the statements contained in this news release constituteforward- looking statements. These statements may involve risks anduncertainties that could cause actual results to differ materially fromthose described in such statements. Although the Partnership believes thatthe expectations reflected in such forward-looking statements arereasonable, it can give no assurance that such expectations will prove tohave been correct. Important factors, including general economicconditions, competition for consumer leisure time and spending, adverseweather conditions, unanticipated construction delays and other factorscould affect attendance at our parks and cause actual results to differmaterially from the Partnership's expectations. In addition, risks anduncertainties concerning the acquisition of the Paramount Parks include,but are not limited to the ability of the Partnership to combine theoperations and take advantage of growth and synergy opportunities. This press release and prior press releases are available online athttp://www.cedarfair.com