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Cedar Fair to invest US$62m in parks
By Tom Walker
Theme park operator Cedar Fair will invest around US$62m in improving its theme parks during 2009.
Dick Kinzel, Cedar Fair's chief executive officer, said that the company would introduce a new large roller coaster at Kings Island in Cincinnati and two new wooden coasters at Worlds of Fun in Kansas City and Carowinds, Charlotte, North Carolina.
Valleyfair park in Shakopee, Minnesota and Kings Dominion in Doswell, Virginia, will have new family attractions added to their offerings.
Kinzel added: "It is important for us to reinvest in our parks on an annual basis.
"Capital reinvestment has always been a high priority for the company, and it is why we have been able to maintain and improve our operating results over the years. Our strategy has always been to offer a variety of activities to our guests, and I believe our 2009 program will again capture their attention."
Reporting the company's results, Kinzel also revealed that the group generated full-year net revenues of $996.2m and net income of $5.7m during the 12 months to 31 December 2008 – compared to net revenues of $987.0m and a net loss of $4.5m during 2007.
Theme park operator Cedar Fair will invest around US$62m in improving its theme parks during 2009.
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