Cedar Fair lost 388,000 visitors and more than $20 million in revenues with its parks closed as a result of COVID-19 pandemic during the last two weeks of the first quarter, according to the latest…
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>>Knott’s Berry Farm had started the year “very strong” with record attendance and revenue when the coronavirus outbreak forced the closure of the Buena Park theme park and turned the hopeful start into big losses, according to the latest quarterly report from its parent company.
“Although the COVID-19 pandemic created conditions which led to the closure of our operations in mid-March, we are nevertheless pleased that the record pace we established in 2019 carried well into the first quarter of 2020,” Cedar Fair CEO Richard Zimmerman said in a statement.
Cedar Fair lost 388,000 visitors and more than $20 million in revenues with its parks closed as a result of COVID-19 pandemic during the last two weeks of the first quarter, according to the quarterly report released by Knott’s parent company on Wednesday, May 6.
Cedar Fair shuttered its parks on March 14 and will keep them
closed or delay openings until mid-May or later amid the COVID-19 pandemic. Cedar Fair’s first quarter ended March 29 — meaning the quarterly results only reflected two weeks of park closures.
“Based on the best information we have currently, we do not anticipate resuming operations at any of our parks in the near term,” according to ZImmerman. “This projection remains fluid and subject to change as the situation evolves, including if state and local guidelines are modified.”
With all of its parks closed, Cedar Fair estimates its average cash burn rate will be approximately $30-40 million per month.
Historically, first-quarter results represent less than 5% of Cedar Fair’s net revenues for the year and the company typically operates at a loss during this three-month period while most of its parks are closed. Knott’s is Cedar Fair’s only year-round park.
Before the coronavirus closures, Cedar Fair attendance had increased 19% by 149,000 visitors and revenues were up more than $8 million — both due primarily by the record start to Knott’s 2020 season.
Cedar Fair’s net revenues were down $13 million in the first quarter as a direct result of 239,000 fewer visitors and a decrease in out-of-park spending -— both due to COVID-19-related park closures.
First quarter attendance and revenues were trending upward and season pass sales had been strong when Cedar Fair was forced to indefinitely close parks or delay openings. Despite the COVID-19 disruption, Cedar Fair season pass sales remained up more than 30% during the quarter.
Cedar Fair’s net revenues were down $13 million in the first quarter as a direct result of 239,000 fewer visitors and a decrease in out-of-park spending -— both due to COVID-19-related park closures.
First quarter attendance and revenues were trending upward and season pass sales had been strong when Cedar Fair was forced to indefinitely close parks or delay openings. Despite the COVID-19 disruption, Cedar Fair season pass sales remained up more than 30% during the quarter.
“There is nothing we want more than to safely open our parks and provide our guests with the thrilling, high-quality and value-oriented entertainment for which Cedar Fair parks are widely known,” according to Zimmerman. “When the time is right, we look forward to welcoming our loyal park guests and families back to our midways.”<<
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