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Cedar Fair reports loss in first quarter of 2022 | Planet Attractions
     

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Cedar Fair reports loss in first quarter of 2022

Cedar Fair has reported its Q1 earnings for 2022 with announced losses despite net revenues surging after a Covid-hit period in 2021




After a rollercoaster couple of years results suggest Cedar Fair is returning to pre pandemic numbers   Credit: Cedar Fair

Cedar Fair has reported a loss for its traditionally quiet first quarter of the year, though despite losses the operator saw a surge in net revenues, with numbers up by US$87m (€82.5m, £69.6m) year-on-year.

Historically, Cedar Fair’s Q1 results have come in at a loss owing to most of its US parks being closed for the winter season. In 2021, the global pandemic saw these losses significantly increased as none of Cedar Fair’s parks were open during the quarter. In 2022, Cedar Fair reported 130 operating days across its parks in Q1, so despite the loss, the improved results are not unexpected.

Through to March 27, 2022, net revenue was US$98.8m (€93.7m, £79m) - an increase from last year’s Covid hit results of US$9.74m (€9.2m, £7.8m). Of that figure, US$85.5m (€81.1m, £68.4m) came from in-park revenues with attendance at 1.4 million visitors.

Adjusted earnings for the period were a loss of US$68m(€64.5m, £54.3m) - an improvement on the previous year of US$15m (€14.2m, £12m) reflecting the closure of all of Cedar’s parks in Q1 2021. Compared to pre-pandemic figures in 2019, the figure is almost the same with a Q1 loss of US$68.1m in that year.

Despite the loss, the year ahead is looking good for the operator, which reported strong attendance in its open parks with improved financials driven by record levels of in-park spending.

By the end of May, Cedar Fair says that it expects that all of its parks will have opened as planned, at full capacity, and without operating restrictions for the first time since 2019. The company also has planned capital investment in 2022 of upward of US$200m (€189.7m, £160m). Of this sum, US$40m (€38m, £32m) is being used to renovate Castaway Bay and Sawmill Creek near Cedar Point, while US$25m (€23.7m, £20m) will be allocated to complete a full renovation of the Knott’s Hotel over the next 12-15 months. A further US$60m (€56.9m, £48m) will be invested in expanding or upgrading in-park culinary offerings and improving food delivery systems.

“We expect compelling revenue growth in 2022 as we build on our previously announced initiatives to drive strong attendance and in-park purchases, price into demand, and create a more flexible, resilient Cedar Fair,” said Richard Zimmerman, president and CEO of Cedar Fair.

“2022 is poised to be a watershed year for Cedar Fair as well as the entire industry. As millions of guests return to Cedar Fair’s parks to enjoy our wholesome brand of family-friendly entertainment, I am confident we have made the right decisions, taken the appropriate steps and positioned the company in the right way to reestablish our historical record of growth and consistent unitholder returns over the long term.”


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Cedar Fair reports loss in first quarter of 2022 | Planet Attractions
news

Cedar Fair reports loss in first quarter of 2022

Cedar Fair has reported its Q1 earnings for 2022 with announced losses despite net revenues surging after a Covid-hit period in 2021




After a rollercoaster couple of years results suggest Cedar Fair is returning to pre pandemic numbers   Credit: Cedar Fair

Cedar Fair has reported a loss for its traditionally quiet first quarter of the year, though despite losses the operator saw a surge in net revenues, with numbers up by US$87m (€82.5m, £69.6m) year-on-year.

Historically, Cedar Fair’s Q1 results have come in at a loss owing to most of its US parks being closed for the winter season. In 2021, the global pandemic saw these losses significantly increased as none of Cedar Fair’s parks were open during the quarter. In 2022, Cedar Fair reported 130 operating days across its parks in Q1, so despite the loss, the improved results are not unexpected.

Through to March 27, 2022, net revenue was US$98.8m (€93.7m, £79m) - an increase from last year’s Covid hit results of US$9.74m (€9.2m, £7.8m). Of that figure, US$85.5m (€81.1m, £68.4m) came from in-park revenues with attendance at 1.4 million visitors.

Adjusted earnings for the period were a loss of US$68m(€64.5m, £54.3m) - an improvement on the previous year of US$15m (€14.2m, £12m) reflecting the closure of all of Cedar’s parks in Q1 2021. Compared to pre-pandemic figures in 2019, the figure is almost the same with a Q1 loss of US$68.1m in that year.

Despite the loss, the year ahead is looking good for the operator, which reported strong attendance in its open parks with improved financials driven by record levels of in-park spending.

By the end of May, Cedar Fair says that it expects that all of its parks will have opened as planned, at full capacity, and without operating restrictions for the first time since 2019. The company also has planned capital investment in 2022 of upward of US$200m (€189.7m, £160m). Of this sum, US$40m (€38m, £32m) is being used to renovate Castaway Bay and Sawmill Creek near Cedar Point, while US$25m (€23.7m, £20m) will be allocated to complete a full renovation of the Knott’s Hotel over the next 12-15 months. A further US$60m (€56.9m, £48m) will be invested in expanding or upgrading in-park culinary offerings and improving food delivery systems.

“We expect compelling revenue growth in 2022 as we build on our previously announced initiatives to drive strong attendance and in-park purchases, price into demand, and create a more flexible, resilient Cedar Fair,” said Richard Zimmerman, president and CEO of Cedar Fair.

“2022 is poised to be a watershed year for Cedar Fair as well as the entire industry. As millions of guests return to Cedar Fair’s parks to enjoy our wholesome brand of family-friendly entertainment, I am confident we have made the right decisions, taken the appropriate steps and positioned the company in the right way to reestablish our historical record of growth and consistent unitholder returns over the long term.”


 



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