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Cedar Fair recorded a US$572m operating loss in 2020 with the operator only able to open its doors for 22% of the year
Tom Anstey | Planet Attractions | 17 Feb 2021
Knott’s Berry Farm will be the first of Cedar Fair’s parks to reopen in 2021 Credit: Wiki Commons
Cedar Fair has recorded huge losses for 2020, with the operator only able to open a total of 487 days across its 13 theme parks in the US compared to 2,224 pre-COVID days in 2019.
A loss of 1,737 working days - a decline of 78% - has unsurprisingly had a huge impact on revenue, which totalled US$182m (€151.6m, £131.5m) in 2020 compared to US$1.47bn (€1.22bn, £1.06bn) in the previous year.
Combined attendance across all of Cedar Fair’s parks was down 25.3 million people, resulting in an operating loss of US$572m (€475.1m, £413.1m), a decline of US$881m (€731.7m, £636.3m) compared to 2019 profits of US$309m (€256.6m, £223.2m).
“We are optimistic that levels of attendance at our parks and resort properties will significantly improve in 2021, particularly as COVID-19 vaccines become broadly available over the next few months,” said Cedar Fair president and CEO Richard Zimmerman.
“In anticipation of improving demand, we’re poised to resume normal operations, particularly during our seasonally stronger back half of the year.
“We believe the steps we’ve taken, along with other proactive measures already in process, will drive further margin improvement as we return to a normal operating environment and historical levels of attendance and revenues. Cedar Fair is poised to deliver strong performance as operating conditions improve in 2021 and beyond.”
Moving forward
Working closely with state and local officials across North America, Cedar Fair has established 2021 opening dates for its seasonal parks ranging from May 8 to May 29, while Knott’s Berry Farm has announced the return of its “Taste of” walkabout culinary festivals, which fall under separate guidelines to COVID theme park restrictions in California, meaning the event can kick-off on March 5.
Planned opening dates for other parks in Cedar Fair’s portfolio include Kings Island on May 8, both Cedar Point and Canada’s Wonderland on May 14 and Carowinds on May 29.
“Although we cannot predict how quickly attendance will reach the record levels achieved pre-pandemic, we remain optimistic in the company’s prospects for growth and value creation in the second half of 2021 and long-term,” said Zimmerman.
“Consistent with the strategic direction we were taking the company pre-pandemic, we’re committed to investing in new capabilities aimed at capitalising on emerging shifts in consumer behavior and preferences for broader entertainment options.”
Theme park
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