Cedar Fair Entertainment Co., owner and operator of Cedar Point and other amusement parks, reported record revenues of $102 million for the first quarter of 2024, but nonetheless experienced a net loss of $133 million.
The revenues increase represents a 20 percent gain over first-quarter results of the previous year. This figure was surprising in that the amusement parks owned by the company had 44 fewer operating days in the first quarter of 2024 than in the same period of 2023.
The strong showing prompted the company to declare a dividend of $0.30 per share, payable to shareholders of record June 19.
The company attributed the sharp increase to a 27 percent uptick in attendance and a 21 percent improvement in out-of-park revenues. However, it also reported a 6 percent decrease in in-park per-capita spending.
The first quarter of the year usually accounts for only about 5 percent of the company’s revenues and attendance because most of Cedar Fair’s parks are closed during that period. As a result, the company generally experiences a first-quarter loss.
“Our performance trends through the first four months of the season extend the momentum we established in the second half of 2023 and underscore the strength of our portfolio and business model,” Cedar Fair president and CEO Richard Zimmerman said. “We are optimistic that these positive trends, combined with tailwinds in other demand channels such as group bookings and reservations at our resort properties, position us to deliver another outstanding year for Cedar Fair in 2024.”
Cedar Fair continues to move forward with its proposed merger with Six Flags, which Mr. Zimmerman said he expects to be completed before the end of the second quarter.
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