Cedar Fair Reports Strong Results for FY 2023
Photo: Courtesy of Cedar Fair Entertainment Company
(eap) With total net revenues of USD 1.80 billion (approx. EUR 1.67 billion) and total net income of USD 125 million (approx. EUR 116 million) in the past Financial Year 2023 (FY 2023), US-based Cedar Fair Entertainment Company (NYSE: FUN) was able to largely build on its strong results from the previous year (FY 2022: USD 1.82 billion in total net revenues). Although net revenues were USD 183 million lower, this decrease is primarily the result of the sale of land at Califonia’s Great America park, which had provided the Group with fresh capital in FY 2022.
Adjusted EBITDA for the 2023 financial year was USD 528 million (approx. EUR 490 million) – the figure for the same period in 2022 was USD 552 million. A total of 26.7 million guests were welcomed on a total of 2,365 opening days (cumulative for the leisure facilities belonging to Cedar Fair Entertainment) – a total of 26.9 million visitors came to the parks on the 2,302 opening days in 2022. In-park per capita spending for the past financial year, which ended on December 31, 2023, also showed a barely noticeable decline of one percent to an average of USD 61.05 per guest.
Cedar Fair CEO Richard Zimmerman comments: “With the return to more normal operating conditions in the back half of 2023, the strength and resiliency of Cedar Fair’s business model was on full display. We remained nimble and successfully adapted to an evolving marketplace to offset the effects of anomalous macro-factors, including weather, on demand during the first half of the year. In the second half of the year, in addition to more normalized operating conditions, we made mid-year adjustments to our marketing and pricing strategies that successfully drove increased demand while our park teams effectively implemented cost-saving measures to expand operating margins.”
On the planned merger with Six Flags, Zimmerman adds, “Since announcing the proposed merger transaction in early November, we have been pleased by the strong support we have heard from unitholders and others in the investor community. We look forward to completing our combination with Six Flags and delivering on the compelling value creation opportunities ahead, which we believe are greater than what either company can achieve independently. Cedar Fair and Six Flags continue to work constructively with the DOJ in its review of the merger and continue to expect it will be completed in the first half of 2024. We look forward to capitalizing on the opportunities ahead for the combined company.”
Find out what results European theme parks and operator groups achieved last season in our Park Report in the next issue of EAP, which will be published on March 1. ■
