Cedar Fair missed slightly on top and bottom line earnings but continue to show excellent progress. They've paid down 75% of debt borrowed during the pandemic and reinstated unit distribution at 30 cents a quarter. I expect this will gradually move up over the next two to three years and be back in the 90 cent range with a stock price closer to $60.
This is a new board for the holding company of multi-state amusement parks. I have a small number of shares and look forward to adding more in the future. The most notable aspect of the stock is that it isn't an equity. It is a publicly traded partnership. Here is the exact wording from a FAQ on their website:
How is Cedar Fair different from a corporation?
Cedar Fair is structured as a Master Limited Partnership (MLP), as opposed to a corporation. MLP's are businesses that are taxed at the unitholder level and generally not subject to federal or state income tax. Annual income, gains, losses, deductions or credits of the MLP pass through to its unitholders, and are then allocated to each unitholder based on the number of units held and their acquisition date. This information is presented annually to the unitholder on a Schedule K-1.
Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio. The Partnership is one of the largest regional amusement park operators in the world, with eleven amusement parks, four separately-gated outdoor water parks, one indoor water park and five hotels. The parks are located in Ohio, California, North Carolina, Virginia / District of Columbia, Pennsylvania, Minnesota, Missouri, Michigan, and Toronto, Ontario. Cedar Fair also operates Gilroy Gardens Family Theme Park in Gilroy, California under a management contract.
Cedar Fair's dedication to providing the best in family entertainment and guest service has kept guests coming back year after year.
Cedar Fair went public on April 29, 1987 and trades on The New York Stock Exchange under the ticker symbol "FUN."
Cedar Point, which was first developed as a recreational area in 1870, is located on a peninsula in Sandusky, Ohio bordered by Lake Erie and Sandusky Bay, approximately 60 miles west of Cleveland and 100 miles southeast of Detroit. Cedar Point is believed to be the largest seasonal amusement park in the United States, measured by the number of rides and attractions and the hourly ride capacity, and has been named the Best Amusement Park in the World for fifteen consecutive years by Amusement Today's international survey. It serves a six-state region in the Midwestern United States, which includes nearly all of Ohio and Michigan, western Pennsylvania and New York, northern West Virginia and Indiana, and southwestern Ontario, Canada. The park's total market area includes approximately 26 million people, and the major areas of dominant influence in this market area, which are Cleveland, Detroit, Toledo, Akron, Columbus, Grand Rapids, Flint, and Lansing, include approximately 15 million people.
Located adjacent to the park is "Soak City," a separately-gated water park that features more than 20 water rides and attractions, as well as "Challenge Park," which includes extra-charge attractions "RipCord," a free-fall ride from a height of more than 15 stories, two 18-hole themed miniature golf courses and two go-kart tracks.
Cedar Point also owns and operates four hotel facilities. The park's only year-round hotel is Castaway Bay, an indoor water park resort, which is located at the Causeway entrance to the park. Castaway Bay features a tropical Caribbean theme with 237 hotel rooms centered around a 38,000-square-foot indoor water park. The park's largest hotel, the historic Hotel Breakers, has more than 600 guest rooms. Hotel Breakers has various dining and lounge facilities, a private beach, lake swimming, a conference/meeting center, one indoor pool and two outdoor pools. Located near the Causeway entrance to the park is Breakers Express, a 350-room, limited-service seasonal hotel. In addition to the Hotel Breakers and Breakers Express, Cedar Point offers the lake-front Sandcastle Suites Hotel, which features 187 suites, a courtyard pool, tennis courts and a contemporary waterfront restaurant.
Cedar Point also owns and operates the Cedar Point Marina, Castaway Bay Marina and Camper Village. Cedar Point Marina is one of the largest full-service marinas on the Great Lakes and provides dockage facilities for more than 740 boats, including floating docks and full guest amenities. In addition, Cedar Point Marina features a Famous Dave's Bar-B-Que restaurant and an upscale seafood restaurant called Bay Harbor, both of which are accessible by the general public. Castaway Bay Marina is a full-service marina featuring 160 slips. Camper Village includes campsites for more than 100 recreational vehicles and Lighthouse Point, which offers lake-front cottages, cabins and full-service recreation vehicle campsites.
Knott's Berry Farm, located near Los Angeles in Buena Park, California, first opened in 1920 and was acquired by the Partnership late in 1997. The park is one of several year-round theme parks in Southern California and serves a total market area of approximately 20 million people centered in Orange County, and a large national and international tourism population.
The park is renowned for its seasonal events, including a special Christmas promotion, "Knott's Merry Farm," and a Halloween event called "Knott's Scary Farm," which has been held for more than 30 years and is annually rated one of the best Halloween events in the industry by Amusement Today's international survey.
The Partnership also owns and operates two water parks in California. Adjacent to Knott's Berry Farm is "Knott's Soak City-Orange County," a separately-gated seasonal water park that features more than 20 water rides and attractions.
"Knott's Soak City-Palm Springs" is a 16-acre seasonal water park, located in Palm Springs, California, that offers 20 separate water rides and attractions, including 13 water slides, a giant wave pool, a lazy river inner tube ride and a children's activity area, as well as various food and merchandise shops.
The Partnership also owns and operates the Knott's Berry Farm Resort Hotel, a 320-room, full-service hotel located adjacent to Knott's Berry Farm, which features a pool, tennis courts and meeting/banquet facilities.
In Southern California, Knott's Berry Farm's primary amusement/theme park competitors are Disneyland and Disney's California Adventure, which are approximately 10 minutes away, Universal Studios, approximately 40 minutes away, and Six Flags Magic Mountain, approximately 75 minutes away. The San Diego Zoo and Sea World-San Diego are located approximately 90 minutes from Knott's. LEGOLAND, a children's park, is located approximately 70 minutes away in Carlsbad, California.
Kings Island, a combination amusement and water park located near Cincinnati, Ohio, first opened in 1972 and was acquired by the Partnership in June of 2006. Kings Island is one of the largest seasonal amusement parks in the United States, measured by the number of rides and attractions and the hourly ride capacity. The park features a children's area that has been named the "Best Kids' Area in the World" for twelve consecutive years by Amusement Today.
The park's total market area includes approximately 15 million people, and the major areas of dominant influence in this market area, which are Cincinnati, Dayton and Columbus, Ohio, Louisville and Lexington, Kentucky, and Indianapolis, Indiana, include approximately 8 million people.
In Kings Island's major markets, its primary amusement park competitors are Holiday World in Santa Claus, Indiana approximately 200 miles away, and the Partnership's other Ohio park Cedar Point, in Sandusky.
Canada's Wonderland, a combination amusement and water park located near Toronto in Vaughan, Ontario, first opened in 1981 and was acquired by the Partnership in June of 2006. It contains more than 200 attractions, including 16 roller coasters, and is one of the most attended regional amusement parks in North America. Canada's Wonderland is in a culturally diverse metropolitan market with large populations of different ethnicities and national origins. Each year, numerous cultural festivals featuring renowned music artists from across the world perform in the Kingswood Music Theatre located within the park. The park's total market area includes approximately 9 million people.
In Canada's Wonderland's major markets, its primary amusement park competitors are Ontario Place in Toronto and Darien Lake, located 125 miles away in Darien Center, New York.
Kings Dominion, a combination amusement and water park located near Richmond, Virginia, first opened in 1975 and was acquired by the Partnership in June of 2006. The park's total market area includes approximately 19 million people and the major areas of dominant influence in this market area, which are Richmond and Norfolk, Virginia, Raleigh, North Carolina, Baltimore, Maryland and Washington, D.C, include approximately 12 million people.
Additionally, the park offers Kings Dominion Campground, a camping area featuring a swimming pool, playground, volleyball courts, miniature golf and laundry facilities. The campground also offers a free shuttle service between the campground and amusement park.
In Kings Dominion's major markets, its primary amusement park competitors are Six Flags America, located 120 miles away in Largo, Maryland; Busch Gardens and Water Country USA in Williamsburg, Virginia, located approximately 50 miles away.
Carowinds, a combination amusement and water park located in Charlotte, North Carolina, first opened in 1973 and was acquired by the Partnership in June of 2006. Carowinds' major markets include Charlotte, Greensboro, and Raleigh, North Carolina as well as Greenville and Columbia, South Carolina. The park's total market area includes approximately 14 million people.
The park also offers Camp Wilderness Resort, a camping area that offers a convenience and merchandise store, laundry facilities, a swimming pool, miniature golf, shuffleboard and sand volleyball courts. The campground has more than 140 RV sites and 97 spacious tent and pop-up sites. The campground also offers a free shuttle service between the campground and amusement park.
In Carowinds' major markets, its primary amusement park competitors are Six Flags Over Georgia, located 250 miles away in Atlanta, Georgia, Wet 'n Wild Emerald Pointe located approximately 100 miles away in Greensboro, North Carolina and Dollywood in Pigeon Forge, Tennessee, approximately 225 miles away.
Great America, a combination amusement and water park located in Santa Clara, California, first opened in 1976 and was acquired by the Partnership in June of 2006. The park's total market area includes approximately 13 million people and draws its visitors primarily from San Jose, San Francisco, Sacramento, Modesto and Monterey, among other cities in Northern California.
In Great America's major markets, its primary amusement park competitors are Six Flags Marine World, located 60 miles away in Vallejo, California, Raging Waters in San Jose, California and Gilroy Gardens Family Theme Park in Gilroy, California, which is also managed by the Partnership.
Dorney Park, a combination amusement and water park located near Allentown in South Whitehall Township, Pennsylvania, was first developed as a summer resort area in 1884, and was acquired by the Partnership in 1992. Dorney Park is one of the largest amusement parks in the Northeastern United States and serves a total market area of approximately 35 million people. The park's major markets include Philadelphia, New Jersey, New York City,Lancaster, Harrisburg, York, Scranton, Wilkes-Barre, Hazleton and the Lehigh Valley.
Dorney Park has a number of competitors, with Hershey Park in central Pennsylvania and Six Flags Great Adventure in New Jersey being the major competitors in its market area.
Valleyfair, which opened in 1976 and was acquired by the Partnership's predecessor in 1978, is a combination amusement and water park located near Minneapolis-St. Paul in Shakopee, Minnesota. It is the largest amusement park in Minnesota. Valleyfair's market area is centered in Minneapolis-St. Paul, which has a population of approximately 3 million, but the park also draws visitors from other areas in Minnesota and surrounding states with a combined population base of 9 million people.
In Valleyfair's major markets, its primary amusement park competitors are Adventureland in Des Moines, Iowa, located approximately 250 miles away and Nickelodeon Universe, an indoor amusement park in Bloomington, Minnesota.
Worlds of Fun, which opened in 1973, and Oceans of Fun, the water park that opened in 1982, were acquired by the Partnership in 1995. Located in Kansas City, Missouri, Worlds of Fun serves a total market area of approximately 7 million people centered in Kansas City, but also including most of Missouri, as well as portions of Kansas and Nebraska.
The park also features Worlds of Fun Village, an upscale camping area that offers overnight guest accommodations next to the park in 20 wood-side cottages, 22 log cabins and 80 deluxe RV sites. Also, included within the Village is a clubhouse with a swimming pool and arcade games.
Oceans of Fun, which is included in the park's admission fee, is located adjacent to Worlds of Fun and features a wide variety of water attractions.
In Worlds of Fun's major markets, its primary amusement park competitors are Six Flags Over Mid-America in eastern Missouri and Silver Dollar City in southern Missouri.
Michigan's Adventure, which was acquired by the Partnership in 2001, is the largest amusement park in Michigan. The combination amusement and water park located near Muskegon, Michigan serves a total market area of approximately 5 million people, principally from central and western Michigan and eastern Indiana.
Michigan's Adventure competes in northern Indiana with Six Flags Great America, which is located approximately 250 miles away in Gurnee, Illinois, and with the Partnership's other park, Cedar Point in Sandusky, Ohio.
Wildwater Kingdom, formerly known as Geauga Lake, located near Cleveland, Ohio, was first developed as a recreational area in 1888, and was acquired by the Partnership in 2004. This family-oriented water park serves a total market area of approximately 6 million people. The park's major markets include Cleveland, Akron and Youngstown.
Cedar Fair provides the tax information necessary for filing each unitholder's federal, state and local tax returns on IRS Schedule K-1 in early March each year. You may review your individual tax reporting package through this website each year when it is available in early March through December 31.