Seriously though, Magnum XL-200 is a capacity monster. You'd be asking them to cut the total capacity from 108 people down to 48, as Magnum runs 3 trains, 6 cars, 6 people per car vs Titan Max's 2 trains, 6 cars, and 4 people per car. You literally don't have enough cars to fully replace all of the trains on any of the other Arrow hyper coasters, and that includes Phantom's Revenge.
A.J. wrote:Seriously though, Magnum XL-200 is a capacity monster. You'd be asking them to cut the total capacity from 108 people down to 48, as Magnum runs 3 trains, 6 cars, 6 people per car vs Titan Max's 2 trains, 6 cars, and 4 people per car. You literally don't have enough cars to fully replace all of the trains on any of the other Arrow hyper coasters, and that includes Phantom's Revenge.
Bummer, I love Phantom's Revenge trains/restraints.
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As an aside... I used the advanced search feature looking for a Cedar Fair Corporate Discussion thread and somehow found nothing. I feel like it has to exist like it does for SIX and SEAS, so if it does, sorry about that. Edit: Hey look at that... sorry.
Cedar Fair Reports Revenues Through July 4th Holiday Weekend
SANDUSKY, Ohio, July 11, 2018 /PRNewswire/ -- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today reported preliminary net revenues through July 8, 2018, of approximately $563 million, on 11.1 million guest visits, average in-park per capita spending of $45.87 and out-of-park revenues of $70 million. This period represents approximately 40% of the Company's total operating days for 2018.
When compared with the same period a year ago, net revenues were down 2%, or $10 million, the result of a 3%, or 314,000-visit, decrease in attendance. This was partially offset by a 3%, or $2 million, increase in out-of-park revenues, including resort accommodations, and a slight increase in average in-park per capita spending when compared with the same period last year.
Cedar Fair's President and CEO Richard Zimmerman said, "We came into this year with a clear focus on enhancing the guest experience and a business plan designed to drive additional attendance, especially in the second half of the year which includes the peak vacation months of July and August and the expansion of our WinterFest events in November and December. Although early-season attendance at our seasonal parks through this past weekend has not met our expectations, we are encouraged by the positive guest response to our new rides and attractions, in particular our new coasters Steel Vengeance at Cedar Point and Hang Time at Knott's Berry Farm. We are also pleased with the growth of in-park guest spending where we are seeing year-over-year increases in food, merchandise and extra charge attractions."
Zimmerman noted that the strong attendance and revenue trends that Knott's Berry Farm produced in the first quarter have continued through the July 4th holiday weekend. He also added that Cedar Fair's out-of-park revenues have continued to perform well. "Demand within our resort properties has been very strong, particularly at Cedar Point, where we recently opened a new 158-room tower at the historic Hotel Breakers located on the park's mile-long beach," he said. "We believe this demand will continue as advanced reservations at our resort accommodations for the second half of the year are up when compared with the same period in 2017. The expansion of our resort facilities will be a key driver of increased revenues over the long-term as we open additional hotels adjacent to Carowinds in Charlotte, North Carolina, in late 2019, and Canada's Wonderland, near Toronto, in 2020."
Virtually all of Cedar Fair's revenues from its seasonal amusement parks and water parks are realized during a 130- to 140-day operating period beginning in early May, with the major portion concentrated in the peak vacation months of July and August. In addition, fourth-quarter revenues have grown in recent years with the introduction and expansion of popular events and activities such as Halloween-related attractions and WinterFest celebrations. Only Knott's Berry Farm is open year-round and it operates at its highest level of attendance in the fiscal third quarter.
"We believe the positive guest response to our new attractions and offerings, as emphasized by this year's high guest satisfaction ratings, combined with the continued growth in advance purchases and lengthened seasons at many of our parks, will provide the momentum needed to increase attendance and drive additional guest spending in the second half of the year," added Zimmerman. He also noted that the Company anticipates 2018 full-year net revenues to be in the range of $1.34 billion and $1.38 billion, and full-year Adjusted EBITDA1 to be in the range of $475 million to $495 million.
"Although we've seen some early-season margin compression as a result of the attendance shortfalls and previously discussed labor cost pressure, our long-term strategy continues to produce a significant amount of free cash flow. As such, we remain committed to a steady 4% increase in our annual distribution rate going forward," concluded Zimmerman.
The Company will provide additional information regarding net revenues, operating costs and cash flows when it announces second-quarter results on Wednesday, August 1, 2018...
So yeah, this is bad. These are YTD numbers, not Q2 numbers so you can't blame an Easter shift or anything like that (though it's not as big of a factor for Cedar Fair as it is for Disney, Universal and Busch/SeaWorld anyway given the seasonal nature of most of their parks). Obviously Q3 is the one to watch, but this period represents approximately 40% of the Company's total operating days for 2018. They spent a ton of money on new attractions this year, so these numbers are pretty surprising.
As a result, their stock prices are tanking hard, hitting a one year low this morning...
Down 8% as of 10AM... which is ridiculous
I've got to admit, I have very few theories on what's going on here and it doesn't seem like the chain does either. The economy is good... gas prices are up a tiny bit but it's not all that significant. I don't know, but thee numbers are very unexpected (as evidenced by the reaction on Wall Street).
I'm sure people will happily inject politics and/or everything they don't like about the parks into the discussion (ie: "It's because they took the chicken tender and gravy wrap off the dining plan" or "It's because Valravn is developing a rattle", but it's actually really hard to come up with anything reasonable to explain this).
I'm just throwing this out there but a combination of a lower Canadian dollar plus a volatile American president and his followers might be creating a "travel everywhere but the US" mentality. I know that KI and CP would get a fair amount of Canadians.... not sure about the parks further south.
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