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Cedar Fair has broken revenue and earnings records, with the operator bouncing back from the effects of the global pandemic
Tom Anstey | Planet Attractions | 16 Feb 2023
Cedar Fair revenue has surged following pandemic-related closures Credit: Aaron Burden on Unsplash
Cedar Fair made a record US$1.82bn (€1.7bn, £1.51bn) in revenue in 2022, with adjusted earnings also breaking records in a huge bounce back year for the operator following the effects of the global pandemic.
Adjusted earnings totalled a record US$552m (€516.9m, £459.4m) in 2022 - an increase of 70% compared to the pandemic-hit 2021. The increase in revenues totalled a rise of 36% on the previous year’s figures.
Attendance for the operator was up by 7.4 million guests to 26.9 million people - an increase of 38%.
According to Cedar Fair, capital investments made in 2022 were responsible for the impressive returns, driving revenue growth across the portfolio through meaningful increases in attendance and out-of-park revenues, as well as near historical highs in in-park per capita spending.
“The pace of recovery and our record results this past year reflect the strong consumer demand for our parks and resort properties, as well as for the special events programming and the immersive entertainment our parks offer,” said Richard Zimmerman, Cedar Fair president and CEO.
“With a strong balance sheet, and strong momentum on our capital allocation plan and key strategic initiatives, Cedar Fair is poised to continue delivering exceptional experiences for our guests and driving incremental returns for our investors in 2023.”
In the fourth quarter revenue totalled a record US$366m (€342.6m, £304.7m) - an increase of 4% on the same period in 2021. Adjusted earnings were US$88m (€82.3m, £68.5m), which represents a 20% increase on 2021’s figures.
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