Cedar Fair attendance and revenues dip in early going

SANDUSKY — Cedar Fair's amusement park earnings and attendance dipped a bit in the first part of its operating season, but better results are expected later this year, the company's new president and CEO said.The parent company of Sandusky's Cedar Point, which operates amusement parks across North America, reported Thursday on preliminary net revenues through July 8, about 40 percent of the operating season.Compared to the like period last year, net revenues were down 2 percent, or $10 million, with a 3 percent decrease in attendance, a decline of 314,000 visits. Out of park revenues, including resorts, went up $2 million, or 3 percent, and spending per visitor went up slightly."We came into this year with a clear focus on enhancing the guest experience and a business plan designed to drive additional attendance, especially in the second half of the year which includes the peak vacation months of July and August and the expansion of our WinterFest events in November and December," said Richard Zimmerman, who took over as CEO at the beginning of this year."Although early-season attendance at our seasonal parks through this past weekend has not met our expectations, we are encouraged by the positive guest response to our new rides and attractions, in particular, our new coasters Steel Vengeance at Cedar Point and Hang Time at Knott's Berry Farm. We are also pleased with the growth of in-park guest spending where we are seeing year-over-year increases in food, merchandise and extra charge attractions," Zimmerman said.Improvements at resort properties are paying off, particularly at Cedar Point, he said."Demand within our resort properties has been very strong, particularly at Cedar Point, where we recently opened a new 158-room tower at the historic Hotel Breakers located on the park's mile-long beach," he said."We believe this demand will continue as advanced reservations at our resort accommodations for the second half of the year are up when compared with the same period in 2017. The expansion of our resort facilities will be a key driver of increased revenues over the long-term as we open additional hotels adjacent to Carowinds in Charlotte, North Carolina, in late 2019, and Canada's Wonderland, near Toronto, in 2020," he added.Cedar Point remains committed to 4 percent increases in its annual cash distributions to unitholders, Zimmerman said.The company will announce second-quarter results on August 1.Reach reporter Tom Jackson at jackson@sanduskyregister.com and follow him on Twitter @jacksontom.Richard Zimmerman, chief executive officer of Cedar Fair.