CEO Richard Zimmerman said slow-to-recover group travel is one reason why attendance hasn’t returned to pre-pandemic levels. Future indicators, however, are positive. For example, the company has sold a record 3.2 million season passes for 2022.
Zimmerman said slow-to-recover group travel is one reason why attendance hasn’t returned to pre-pandemic levels. Future indicators, however, are positive: The company has sold a record 3.2 million season passes for 2022, and bookings at overnight resorts are strong. He noted that July and August are typically among the busiest months in the parks, and fall and winter events, including HalloWeekends at Cedar Point and Winterfest at Kings Island, draw increasingly large crowds.
Overall, net revenue increased to $509 million for the quarter, up 17% over three years ago. Operating costs were up too, largely attributable to higher wages. Cedar Point, the company’s flagship property, made national headlines last year when it said it would pay workers $20 per hour in an effort to fully open the park for the summer.
In response to a question, Witherow said the company has not detected any changes in consumer behavior related to higher gas prices or other increasing costs of travel. In addition, the company intends to use proceeds from the $310 million sale of California’s Great America to continue to pay down debt, reinstate its distribution and invest in the company. The sale of the northern California park to real estate company Prologis was announced last month. Under a lease agreement, Cedar Fair can continue to operate the park for as many as another 11 years.
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