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Cedar Fair Corporate Development Discussion Thread (FUN)

P. 70: Cedar Fair unveils 2022 operating season plans

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In case anyone missed it, here is the official Cedar Fair press release regarding 2013 additions that was issued on November 1st.

 

http://finance.yahoo.com/news/more-rides-more-smiles-more-211800589.html

 

More Rides, More Smiles, More Fun At Cedar Fair Parks In 2013

- CEDAR POINT TO BUILD RECORD BREAKING COASTER

Press Release: Cedar Fair Entertainment Company – Thu, Nov 1, 2012 5:18 PM EDT.. .

 

SANDUSKY, Ohio, Nov. 1, 2012 /PRNewswire/ -- Get ready for some fun! Cedar Fair (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, has announced many new exciting rides and attractions at its properties for the 2013 operating season.

 

"Thrills will continue to connect families and friends in 2013 as we strive to provide every guest with an unforgettable day filled with thrills, laughter and fun," said Matt Ouimet, president and chief executive officer of Cedar Fair. "Our commitment to introducing innovative new rides and attractions makes a visit to our parks a summer tradition that is passed from generation to generation. We operate the best amusement parks in the world, and we are confident our 2013 line-up of new rides and attractions will continue to provide our guests with a 'best-day-of-the-year' experience each and every time they visit one of our parks."

 

The crown jewel of Cedar Fair's 2013 capital expenditure program will forever change the landscape at the "Best Amusement Park in the World," Cedar Point, in Sandusky, Ohio. Set to debut next May, GateKeeper will soar across the park's front gate with riders screaming and laughing as they experience the longest drop and longest distance of any wing roller coaster in the world. Thrill-seekers can anticipate a two-minute and 40-second action-packed ride featuring a record-breaking 164-foot drop, 4,164 feet of track and speeds of up to 67 miles per hour. This mammoth ride will feature trains with seats that extend to the side of the track, simulating the illusion of flight as riders will see nothing above or below them. The addition of GateKeeper marks the 16th coaster at Cedar Point, already home to four of the world's top-25 rated steel coasters, and further solidifies the park's position as the "Roller Coaster Capital of the World."

 

At California's Great America in Santa Clara, California, guests will strike gold with the 2013 introduction of GoldStriker. The Old West themed coaster will be the tallest and fastest wooden coaster in Northern California, boasting 3,197 feet of track, more than two thrilling minutes at top speeds of 54 miles per hour, a high point of 108 feet and a 103-foot-drop. With the addition of GoldStriker, guests will be injected with a pure adrenaline rush as Great America continues to provide families with the best thrills and entertainment value in the region.

 

Parents and children visiting Kings Dominion in Doswell, Virginia will be delighted as the park debuts an expanded Planet Snoopy in 2013. The 7-acre expansion, with 12 new and re-themed attractions, will make Planet Snoopy the world's largest PEANUTS™ themed children's area. The PEANUTS™ gang has successfully brought parents and children together through the recognizable and nostalgic nature of the characters across all of our properties. In addition to the new family rides and attractions, Planet Snoopy will also feature an 1,100-square-foot family care facility and an open air marketplace, featuring healthy, kid-friendly dining options.

 

Celebrating its 40th anniversary in 2013, Worlds of Fun in Kansas City, Missouri will offer more value than ever before by combining Worlds of Fun and Oceans of Fun into a single admission ticket that will provide guests with two great parks for the price of one. As part of this anniversary celebration, the park announced the largest expansion of Oceans of Fun in its history. The waterpark expansion will feature six new slides, nearly doubling the park's current slide capacity, all of which will be located on a 65-foot-tall complex overlooking the Surf City Wave Pool. In addition to the exciting new slides, guests will enjoy other slide renovations and pool areas, and new guest amenities including retail locations, cabanas and lounge chairs.

 

Family fun will be the focus at Knott's Berry Farm as the park enhances its Boardwalk area during the summer of 2013. The new multi-million dollar development will add a whole new look and feel to this beach-themed area. The highlight of these enhancements will have guests clinging to the handrails of Coast Rider, the ultimate family coaster experience. The new ride is filled with hairpin turns, twists and spins that are sure to excite guests of all ages. Surfside Glider, where riders control their flight above Boardwalk Bay; and Pacific Scrambler, a family favorite ride that appeals to all ages, are additional new boardwalk experiences that are sure to thrill guests.

 

Building off the strong reception amongst park guests, Dinosaurs Alive!, a world-class animatronic dinosaur collection showcasing the life-sized relics in an interactive exhibit, has been announced at two Cedar Fair properties for 2013: Carowinds in Charlotte, North Carolina; and Valleyfair, in Shakopee, Minnesota. Dinosaurs Alive! is an unforgettable, life-sized experience which entertains and educates guests through the sounds and movements of each specific animatronic dinosaur. The dinosaurs are designed to accurately replicate every feature of their ancient predecessors. Children of all ages will be excited as they walk through thematic scenes that tell compelling stories about each dinosaur and their primitive world.

 

Additional investments across Cedar Fair's collection of parks will feature numerous new shows and entertainment offerings.

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Also...

 

CEDAR FAIR REPORTS RESULTS THROUGH THE THIRD QUARTER 2012; INCREASES 2013 ANNUAL CASH DISTRIBUTION TO $2.50 PER UNIT

2013 cash distribution to increase more than 50% to $2.50 per limited partner unit, up from $1.60 per unit in 2012

Net revenues increase $37 million, or 4% through October

Company reiterates record full-year guidance for 2012

SANDUSKY, Ohio, Nov. 6, 2012 -- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, reported record financial results through the third quarter ended September 30, 2012, and announced that the Company's Board approved an increase to its 2013 annual distribution rate from $1.60 per limited partner (LP) unit in 2012 to $2.50 per LP unit in 2013.

 

"In recognition of the Company's strong current-year performance and our positive outlook, I am extremely pleased with our Board's decision to increase our 2013 cash distribution to an annualized rate of $2.50 per limited partner unit in 2013," said Matt Ouimet, Cedar Fair's president and chief executive officer. "As we are on pace for a third straight year of record results, our cash flow is more than sufficient to cover this increased distribution rate, while we also steadily pay down debt and strategically invest in our business."

 

An increase in the distribution was anticipated, as the Company indicated since the beginning of the year that it intended to raise the distribution rate to more than $2.00 per LP unit in 2013. The first 2013 quarterly distribution will be paid on March 15, 2013.

 

Nine-Month Results

 

Net revenues through the fiscal 2012 third quarter increased to $939.2 million from $883.6 million through the fiscal third quarter ended September 25, 2011. Net income during this period was $111.6 million, or $2.00 per diluted LP unit, versus $71.6 million, or $1.28 per diluted LP unit, for the first nine months of 2011.

 

The increase in net revenues and net income through the third quarter resulted largely from the strength of the Company's operations combined with a 1% increase in the number of operating days in the period, due to the timing of the fiscal third-quarter close (39 weeks in 2012 vs. 38 weeks in 2011). Comparing both the 2012 and 2011 periods on a 39-week basis, total revenues were up approximately $41 million, or 5%; average in-park guest per capita spending1 increased 4%; attendance increased 1%, or 228,000 visits; and out-of-park revenues were comparable with the prior year.

 

Adjusted EBITDA, which management believes is a meaningful measure of the Company's park-level operating results, increased to $365.5 million for the first nine months of fiscal 2012, compared with $346.4 million for the fiscal nine months ended September 25, 2011. On a comparable 39-week basis, Adjusted EBITDA would have been up approximately $15 million, or 4%, compared with the period ended October 2, 2011. See the attached table for a reconciliation of Adjusted EBITDA to net income.

 

"We experienced another outstanding quarter and are well on our way to delivering record results for the third consecutive year," said Ouimet. "Our management team and employees have successfully executed the first-year implementation of the FUNforward initiatives we identified in January, enabling us to increase our average in-park guest per capita spending by 4% while maintaining our record attendance base. We remain confident in the strength and stability of our business model.

 

"Total revenues through the third quarter, on a same-week basis, increased across the majority of our parks, led by Canada's Wonderland and Cedar Point," continued Ouimet. "New rides and attractions -- including our immensely popular Leviathan roller coaster at Canada's Wonderland -- along with premium benefit offerings and our new e-commerce platform, have combined to contribute to these strong results. We believe there are additional opportunities to grow revenues and cash flow as we head into 2013 and our second year of executing our long-term strategy."

 

October Results

 

Based on preliminary October results, revenues through October 31, 2012 were $1.036 billion compared with $999 million for the same period a year ago. This is the result of a 4% increase in average in-park guest per capita spending to $42.00 and attendance levels that were comparable with last year's record results (22.7 million visits). Out-of-park revenues of approximately $108 million through October were also comparable with this time last year.

 

Cash and Liquidity

 

Brian Witherow, Cedar Fair's executive vice president and chief financial officer, said, "Our liquidity and cash flow remain strong. Our improved year-over-year performance on last year's record results has allowed us to further reduce our leverage in the third quarter and we anticipate additional measured debt reduction in the future. At the end of the quarter, our Consolidated Leverage Ratio2 was 3.9 times, down from 4.3 times at the end of the third quarter in 2011. By continuing to prudently manage our cash flows, we are able to maximize our financial flexibility and our ability to create value for unitholders in both the short and long term through debt reduction, capital investment and distributions."

 

As of September 30, 2012, the Company had $1.13 billion of variable-rate term debt (before giving consideration to $800 million of fixed-rate interest rate swaps), $400.7 million of fixed-rate bonds, no outstanding borrowings under its revolving credit facilities and cash on hand of $96.1 million. During the third quarter, the Company made a $9 million optional prepayment on its term debt and as a result, there are no scheduled debt payments due before 2015.

 

The Company also noted that credit facilities and cash flow from operations are expected to be sufficient to meet working capital needs, debt service, distributions and planned capital expenditures for the foreseeable future.

 

Distribution Declaration

 

The Company's Board of Directors also announced today the declaration of a 2012 fourth-quarter cash distribution of $0.40 per LP unit. The distribution will be paid on December 17, 2012, to holders of record as of December 5, 2012.

 

Outlook

 

"As we head into the final quarter of 2012, we feel very good about our near-term outlook and long-range potential," said Ouimet. "Based on our performance to date and our expectations through the end of the year, we are confident in our ability to deliver a third consecutive year of record results with revenues between $1.055 billion and $1.075 billion and Adjusted EBITDA between $385 million and $395 million.

 

"As another successful year comes to a close, Cedar Fair moves into 2013 with tremendous momentum," continued Ouimet. "We have a strong capital program in place for next year at all of our parks, which will be highlighted by the introductions of a record-setting roller coaster, GateKeeper, at our flagship park, Cedar Point, and a new world-class wooden coaster at California's Great America. Our marketing programs, including our 2013 season pass initiatives, are also well under way and we continue to enter into new agreements with strategic corporate alliances. In everything we do, we remain committed to delivering excellent value to our unitholders in the short term as well as delivering on our long-term growth goal of increasing Adjusted EBITDA to $450 million by 2016."

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Still nothing about Michigan's Adventure again this year, but on their Facebook, they did say that they were going to announce an event that's happening Memorial weekend. My guess is that they're bringing back Rock the Coast, since it went on hiatus this year. Probably because of the way the hours for the park were set up around that previously. Never did like the whole "open on Physics day, 2 days closed, open for Rock the Coast Saturday and Sunday, then closed another few days, then reopen up on that Friday" schedule. Having it Memorial weekend is going to make the park very, very busy then.

 

Maybe they're finally getting a live entertainment division, which is really the only Cedar Fair park that doesn't have one. A new entertainment venue would be a nice little addition.

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  • 1 month later...

From Screamscape

 

Michigan’s Adventure has announced a new ride for the 2013 season. They will bring a classic ride to the park’s lineup in the form of a new Flying Scooters ride. The announcement did not indicate where in the park the new ride would be installed however.
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  • 2 weeks later...

http://www.sanduskyregister.com/article/2999836

 

Several top executives received their new contracts with the company, according to filings with the U.S. Securities and Exchange Commission. The execs include CEO Matt Ouimet; chief financial officer Brian Witherow; and chief operating officer Richard Zimmerman.

 

In negotiating a contract with Ouimet, Cedar Fair made one important change: The sky is the limit for his final annual salary. His bonus pay, known as incentive, is based on performance.

 

Last year it was capped at 100 percent of his salary, but the new contract removes any cap, dictating his bonus pay is determined by Cedar Fair’s board of directors. It will be paid no later than March 15.

 

With approval from Cedar Fair’s unit holders, Ouimet now has a base salary of $850,000, which can be reviewed from time to time but cannot decrease. This is a $100,000 increase from his 2012 salary, and he also receives a yearly supplemental compensation of $50,000.

 

Bottom line: Ouimet has a guaranteed salary of $1 million, before bonus salary or stock incentives, which are also determined by the board.

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http://news.yahoo.com/ohio-theme-parks-ceo-staycations-234053877.html

 

The chief executive of one of the country's largest amusement park companies said Wednesday that with people staying closer to home since the economic downturn, staycations have boosted business at the parks, and he predicted the trend would continue even with the economy improving.

 

CEO Matt Ouimet spoke about the future of Cedar Fair Entertainment Co. and the industry after touring the plant where the newest roller coaster for the company's Cedar Point park is under construction. He said Cedar Fair's parks generally draw most of their visitors from within a couple of hundred miles.

 

"I think staycations are here to stay because people have rediscovered that it's more fun, less complicated and less expensive to get in your car and drive to Cedar Point or other parks," Ouimet said.

 

As he toured the plant, he several times said simply: "Wow!"

 

Clermont Steel Fabricators LLC in Batavia, just east of Cincinnati, is constructing the steel parts that will form a winged roller coaster, called GateKeeper, set to debut May 11.

 

Ouimet viewed sections of track and towers that will form a 100-foot tall keyhole-type opening for riders to pass through as they soar above guests entering the park. The blue-steeled tubular coaster will feature a 163-foot vertical drop and speeds of 67 mph, with riders on seats that extend sideways with nothing above or below them.

 

The $25 million coaster, designed to make people feel as though they are flying, will help provide the thrills that Ouimet says are a major part of Cedar Point's attraction.

 

But he said it's also an example of the investments Cedar Fair plans to make in its parks.

 

The company owns 15 entertainment sites, including 11 amusement parks and four water parks. While Ouimet didn't provide specific investment plans for those parks, he said that Kings Island, Cedar Fair's amusement park just north of Cincinnati, "is on my radar."

 

The new coaster is part of a roughly $30 million project overhauling the entrance to Cedar Point in Sandusky. The company also plans to spend about $60 million over three years to renovate its hotels and some other projects at the park along Lake Erie.

 

The company has said it expects upcoming figures will show 2012 was its third consecutive year of record profitability and has projected revenue for the past year at $1.06 billion to $1.08 billion.

 

Ouimet oversaw the Disney Cruise Line and Disneyland Resort in California before going to Cedar Fair as president in June 2011. He became Cedar Fair's CEO last January.

While Cedar Fair had become the nation's third largest amusement park chain by the time Ouimet arrived, it has had to deal with problems in recent years, including a large debt from its $1.24 billion acquisition of Paramount Parks Inc. in 2006. That deal added five amusement parks to the chain but was followed by the economic downturn.

 

Now Ouimet says "business has never been better from a financial standpoint."

 

The key to success for Cedar Fair parks and others is to focus on the job of "keeping people happy."

 

"As long as we do that and provide a great value for a full day's experience, the industry will be healthy for a long time to come," Ouimet said.

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Clermont Steel Fabricators LLC in Batavia, just east of Cincinnati, is constructing the steel parts that will form a winged roller coaster, called GateKeeper, set to debut May 11.

 

Is this the first time we've heard a date? With the rate of progress they're making May 11 seems very believable.

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  • 1 month later...

http://www.cedarfair.com/ir/press_releases/

 

Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced that it has successfully completed the refinancing of its existing senior secured credit facilities with new senior secured credit facilities (the "2013 Senior Secured Credit Facilities"), consisting of a five-year, $255 million revolving credit facility and a seven-year, $630 million term loan. In connection with the Senior Secured Credit Facilities, the company simultaneously completed the previously announced offering of eight-year, $500 million senior unsecured notes.

 

"I am very pleased with the low cost and flexibility provided by the new agreement," said Matt Ouimet, Cedar Fair's president and chief executive officer. "Our three consecutive years of record performance and continued reduction of debt created the opportunity to lock in historically low rates, extend maturities, maximize capital structure flexibility and materially reduce senior secured debt. We truly appreciate the strong support and confidence of our relationship banks and the debt capital markets."

 

The refinancing meaningfully extends the maturities of the Company's debt, with the revolving credit facility maturing in March 2018 and the senior secured term loan maturing in March 2020. "We received strong market demand for both the Senior Secured Credit Facilities and senior unsecured notes allowing us to lock-in very favorable rates," added Brian Witherow, Cedar Fair's executive vice president and chief financial officer. "This refinancing not only enables us to take advantage of low rates available in the credit markets, but also meaningfully improves our financial flexibility leaving us well positioned to capitalize on opportunities in the future."

 

The interest rate for the $630 million senior secured term loan will be LIBOR plus a margin of 2.50% per annum, with a LIBOR floor of 0.75%. The interest rate for borrowings under the $255 million revolving credit facility will be LIBOR plus a margin of 2.25% per annum. The 2013 Senior Secured Credit Facilities are subject to customary affirmative, negative and financial covenants.

 

http://www.cedarfair.com/ir/press_releases/index.cfm?current_root=15&mode=story&story_id=373

 

Cedar Fair, L.P. (NYSE: FUN) (the "Company" or "Cedar Fair") today announced that it, together with its wholly owned subsidiaries Magnum Management Corporation ("Magnum") and Canada's Wonderland Company (together with Magnum, the "Co-Issuers"), intends to commence a private offering of $500 million aggregate principal amount of senior unsecured notes due 2021 (the "Notes"). Obligations under the Notes will be guaranteed by the Company's wholly-owned subsidiaries (other than the Co-Issuers). The Company intends to use the net proceeds of the offering, together with borrowings under its new senior secured credit facilities and cash on hand, to repay in full all amounts outstanding under its existing bank credit facilities. Completion of the offering is subject to, among other things, pricing and market conditions.

 

The Notes will be offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act. The initial issuance and sale of the Notes will not be registered under the Securities Act, and, the Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and other applicable securities laws.

 

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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Watch WWK (ohio) get the ax now!

 

If so, VF gets dibs on the Tornado/kids area!

I think Cedar Point needs them a little more

Trade you for Raptor.... Or Mantis.... Or... well, any one of your coasters

CP.. Where coasters are annual.. except when debt is 5 billion...

 

WWK is not closing any time soon. It is doing really well, No you can't have any of Cedar Point's coasters

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Watch WWK (ohio) get the ax now!

 

If so, VF gets dibs on the Tornado/kids area!

I think Cedar Point needs them a little more

Trade you for Raptor.... Or Mantis.... Or... well, any one of your coasters

CP.. Where coasters are annual.. except when debt is 5 billion...

 

WWK is not closing any time soon. It is doing really well, No you can't have any of Cedar Point's coasters

I know, but VF's waterpark and coaster count is hideous.

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Watch WWK (ohio) get the ax now!

 

If so, VF gets dibs on the Tornado/kids area!

I think Cedar Point needs them a little more

Trade you for Raptor.... Or Mantis.... Or... well, any one of your coasters

CP.. Where coasters are annual.. except when debt is 5 billion...

 

WWK is not closing any time soon. It is doing really well, No you can't have any of Cedar Point's coasters

I know, but VF's waterpark and coaster count is hideous.

 

Plus there really is no room in ValleyFair to expand on coasters

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