Cedar Fair held a conference call yesterday to discuss their disappointing Q2 results. I skimmed the transcript which you can read here
. Here's what I found noteworthy...
- Net revenues were down 3% as a result of a 5% attendance drop. Somewhat offsetting the attendance decline was a 1% increase in average in-park guest per capital spending and a 4% or $2 million increase in out-of-park revenues.
- Knott's is on pace to have its best year ever, driven by record season pass sales, attendance and per capita spending.
- Kings Island has seen a drop in season pass sales and it's disappointing season offset the gains by Knott's. That said, the park is still on pace for it's second highest season pass program performance ever despite being down from last season. Basically, last season was just ridiculous.
- They believe that weather was a primary factor in the attendance drop, though that's an easy excuse and it's highly unlikely that it's as big of a factor as they claim (though I'm sure it was a factor).
- They're blaming construction delays on Railblazer for their numbers at Great America. Since the ride opened though, the park has been performing in-line with expectation so that excuse actually does hold water.
- Cost cutting measures to combat this drop include adjusting the operating calendar based on demand, investing in technology to more effectively and efficiently manage the scheduling of our 45,000 seasonal employees or by eliminating cost related to ride and attractions that have run their course and are no longer as popular with guests.
- Last Saturday at Cedar Point was one of the busiest in years. I only bring this up because I was there and yeah... god damn.
- They are going to test a 12 month installment season pass plan like Six Flags has next season