Cedar Fair to Buy SFWOA!!!
Press ReleaseCEDAR FAIR, L.P. TO ACQUIRE SIX FLAGS WORLDS OF ADVENTURESANDUSKY, OHIO, March 10, 2004 -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates six amusement parks and five water parks, today announced that it has reached agreement in principle for the acquisition of Six Flags Worlds of Adventure, located near Cleveland, Ohio, from Six Flags, Inc. The transaction, which is valued at $145 million, involves the purchase of substantially all of the assets of the park, including the adjacent hotel and campground. Six Flags will retain ownership of all animals currently located at the park. The cash purchase is subject to a number of conditions, including the negotiation of a definitive purchase agreement, and is expected to close before the beginning of the 2004 season. Further details were not disclosed.
“This is an excellent and unique opportunity for both companies,” said Dick Kinzel, Cedar Fair’s chairman, president and chief executive officer. “With this acquisition, we have the ability to add another successful operation to the Cedar Fair family of parks in a market we already know well. The park, which will be renamed Geauga Lake beginning with the 2004 season, offers numerous marketing and operational synergies that we hope to take advantage of almost immediately.”
Six Flags Worlds of Adventure is a family-oriented theme park situated on approximately 690 acres, including a 50-acre spring-fed lake. The park offers its guests a wide variety of rides and attractions, including 10 roller coasters, several children’s areas, a water park, and various live shows, and entertains more than 1.5 million guests each year, principally from the Cleveland/Akron, Youngstown and Pittsburgh markets. Although 2003 was a soft year, over the past three years the park has averaged revenues of approximately $64 million and cash operating profit of approximately $16 million. Cedar Fair’s revenues and cash operating profit for 2003 were $510 million and $176 million, respectively.
Cedar Fair’s six amusement parks are Cedar Point, located on Lake Erie between Cleveland and Toledo; Knott’s Berry Farm near Los Angeles in Buena Park, California; Dorney Park & Wildwater Kingdom near Allentown, Pennsylvania; Valleyfair near Minneapolis/St. Paul; Worlds of Fun, located in Kansas City, Missouri; and Michigan’s Adventure near Muskegon, Michigan. The Partnership’s water parks are located near San Diego and in Palm Springs, California, and adjacent to Cedar Point, Knott’s Berry Farm and Worlds of Fun. Cedar Fair also operates Camp Snoopy at the Mall of America in Bloomington, Minnesota under a management contract.
Mr. Kinzel will host a conference call to discuss the acquisition at 2:00 p.m. Eastern Time on Wednesday, March 10, 2004. The call can be accessed at 1-888-896-0863, or in “listen only” mode via the Cedar Fair web site (www.cedarfair.com). The conference call will be made available for replay starting at approximately 3:00 p.m. ET, Wednesday, March 10, 2004, until 11:59 p.m. ET, Wednesday, March 24, 2004. In order to access the replay of the conference call, please dial 1-877-519-4471 followed by the access code 4594040.
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All Season Totals for Dragster 37 rides:)
Number of rollbacks = 1 on the 23th of July
Number of trips to CP this year was 27 times!
Go to my new site and post! Email me about it and I will give you a link. Sorry it won't let me post here.
http://www.guidetothepoint.com/cpplace.aspx?mode=thread&TopicID=13806
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Walt Schmidt
Virtual Midway
*** This post was edited by Gemini 3/10/2004 8:34:38 AM ***
Closed topic.