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Drop in visitors unlikely despite gas prices, economy, Cedar Fair CEO says
By John Seewer
Associated Press
Published on Friday, May 09, 2008
SANDUSKY: Amusement parks and water parks aren't likely to see a drop in visitors this summer despite surging gas prices and the struggling economy, the head of North America's third-largest park operator says.
Families and teens still will come to ride roller coasters and gobble up funnel cakes and corn dogs, but they'll probably spend less on games and souvenirs, said Richard Kinzel, chief executive of Cedar Fair Entertainment Co.
''It's always been sort of recession resistant,'' Kinzel said. ''That's what we're hoping for and that's what usually has happened in the past.''
Cedar Fair operates 11 U.S. amusement parks, including Cedar Point in Sandusky and Kings Island near Cincinnati, and six outdoor water parks, as well as Canada's Wonderland amusement park near Toronto.
Nearly two years ago, it paid $1.24 billion to buy five parks from Paramount Parks Inc. The deal made Cedar Fair the third-largest in terms of attendance.
Most of its parks now are operating, and its flagship, Cedar Point, opens Saturday.
New this year at its parks are 18 live shows, three thrill rides and five roller coasters.
Kinzel, who was set to retire before the deal with Paramount, is entering his 37th year in the amusement industry and has three more years left on his contract.
He got his start in 1972 at Cedar Point supervising food stands along the midway. Three years later, he became the park's director of operations.
Gas prices will keep families closer to home, which should benefit Cedar Fair, he said.
''It really is a cheaper alternative than going to Florida or California or the lake for a week,'' Kinzel said.
He said season pass and group sales are up over last year, although hotel reservations are down.
The Walt Disney Co. said Tuesday that attendance at its parks in California and Florida were up 5 percent in the first three months of this year. It credited a weak U.S. dollar with keeping Americans closer to home and attracting tourists from abroad.
Visitors to Cedar Fair parks will find higher food prices this year. The company increased prices by a nickel or so after its food costs came in 4 percent higher over the winter.
SANDUSKY: Amusement parks and water parks aren't likely to see a drop in visitors this summer despite surging gas prices and the struggling economy, the head of North America's third-largest park operator says.
Get the full article here.
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