Jew wrote:To answer your Magic Mountain question: Los Angeles is much more crowded market than those other places. Entertainment dollars can go to sporting events, other theme parks, concerts, etc.. The average person in Los Angeles probably goes to Six Flags every 3-5 years if they don't have a pass, or not at all if they don't like coasters.
That's a good point. I have met plenty of people in CA who have not been to either Six Flags park and some who have not been to any theme park or amusement park at all, but I haven't met too many Ohioans who haven't been to KI, CP, or both. There's a lot less to do out here compared to LA or even CA as a whole.
“If toast always lands butter-side down, and cats always land on their feet, what happens if you strap toast on the back of a cat and drop it?”
Company agrees to acquire Schlitterbahn Waterparks and Resorts in New Braunfels, Texas, and Galveston, Texas, along with the right to acquire an additional property in Kansas City, Kansas, for future development
Advances strategy to leverage the Company’s management expertise, increase presence in growing and attractive markets and further diversify portfolio
SANDUSKY, Ohio--(BUSINESS WIRE)-- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today announced that it has signed a definitive agreement to acquire two iconic water parks and one resort in Texas – Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston for a cash purchase price of $261 million, subject to certain working capital adjustments related to the timing of the closing. Additionally, Cedar Fair has the right to acquire a property located in Kansas City, Kansas, for a cash purchase price of $6 million.
“We are very excited about the opportunity to bring these two award-winning Texas water parks into the Cedar Fair family,” said Richard Zimmerman, Cedar Fair’s president and CEO. “These properties represent new markets for us with attractive demographics in the growing Central Texas region, and they align with our strategy to identify compelling opportunities to accelerate our growth and profitability. The investments we have made over the past five years to strengthen our back-of-house and customer-facing systems will support a smooth integration of these properties by ensuring a premium guest experience, strong team collaboration and superior execution.”
Zimmerman continued, “Schlitterbahn employees are known throughout the industry for their innovation and dedication to the quality of the guest experience. Because of their work, the water park located in New Braunfels has been recognized as the ‘Best Water Park in the World’ for 21 straight years, and Galveston has received recognition as the ‘Best Indoor Water Park in the World’ for a decade. We look forward to adding these parks to Cedar Fair’s industry-leading portfolio of regional entertainment resorts.”
In 2018, Cedar Fair entertained 25.9 million guests, reported $1.35 billion in annual net revenues and generated Adjusted EBITDA1 of $468 million (35% Adjusted EBITDA margin1). The two Texas water parks and the resort entertained 1.2 million guests in 2018 and generated annual revenues of approximately $68 million. Cedar Fair expects the two Texas locations to achieve an Adjusted EBITDA margin in line with Cedar Fair’s standalone results as management implements a number of growth and operational initiatives at the parks over the next two years, reflecting an accretive EBITDA multiple post synergies. Following this transaction, Cedar Fair’s portfolio will consist of 15 parks, resort accommodations totaling more than 2,000 rooms across six parks, more than 600 luxury RV sites across four parks, and two marinas.
In addition to the two Texas properties, Cedar Fair has the right to acquire a third site, located on approximately 40 acres in Kansas City, Kansas, which previously operated as a Schlitterbahn water park, for a cash purchase price of $6 million.
The transaction is subject to regulatory approval and other customary terms and conditions, and is expected to close during the second quarter of 2019 subject to those approvals and conditions. The Company intends to finance the transaction through additional long-term borrowings.
Perella Weinberg Partners is serving as financial advisor to Cedar Fair, and Squire Patton Boggs is providing legal counsel.
Can't picture them operating two water parks in a market like KC. Also have a hard time believing some of the concrete slides and lazy rivers (you know, the stuff that didnt kill/maim) will be allowed to stick around in any format. But at least the meth head is out of the picture.
> acquires the two Texas waterparks for $261 million > option to acquire the KC one for $6 million > still thinking about it
I mean, it seems like a bargain basement price and may well be worth it for the land alone, but yeah, too much bad blood over there to keep it as a waterpark even under new management.
That coaster dad  and that coaster kiddo .Road trip buddies for life. Dad's faves: Fury 325. Phantom's Revenge. Twisted Timbers. Intimidator 305. El Toro. Kiddo's faves: Talon. Alpengeist. Copperhead Strike. Twisted Timbers. Fury 325.
coasterkyle wrote:The one in KC from my understanding didn't even open last season. If they do buy it I could see them develop it into a sports park like in Sandusky.
Schlitterbahn KC isn't even in the same state as Worlds of Fun and WOF's lodging options are basically 30 themed trailers; no rational reason to try and build a sports park to extend visits. I would guess they'd be more interested in possibly selling off the land and eliminating a competitor assuming there's a deal to be struck over the debt it holds (which is sizeable) and then dispersing the water slides across the chain.
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