Cedar Fair Entertainment Company Provides Earnings Guidance for the Third Quarter of 2020
October 01, 2020 at 07:37 am EDT
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Cedar Fair Entertainment Company provided earnings guidance for the third quarter of 2020. For the quarter, the company's net revenues are expected to be between $85 million and $90 million, compared to $715 million in the third quarter of 2019. The decrease in net Revenue was the direct result of the 11.9 million-visit decrease in attendance and a decrease in out-of-park revenues of approximately $50 million, both shortfalls due to COVID-19-related park closures in the current period.
Cedar Fair, L.P. is a regional amusement park operator. The Company operates approximately 13 properties, consisting of 11 amusement parks, four separately gated outdoor water parks, and resort accommodations totaling more than 2,300 rooms and 600 luxury recreational vehicle (RV) sites. Its parks are family-oriented, with recreational facilities for people of all ages, and provide clean and attractive environments with rides and immersive entertainment. Its parks operate seasonally except for Knott's Berry Farm, which is typically open daily on a year-round basis. Its seasonal parks are generally open daily from Memorial Day until Labor Day. In addition to daily operations, its seasonal parks are open during select weekends, including at various properties in the fourth quarter for Halloween and winter events. Its Cedar Fairs parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto, Ontario.