Jun 13, 2019 Joe Kleiman Business, Homepage Slider, News, North America, Themed Resorts/Hotels, Water Parks, World markets Comments Off on Cedar Fair enters Texas market with acquisition of two Schlitterbahn properties
June 13, 2019 — Cedar Fair Entertainment Company today announced that it has signed a definitive agreement to acquire two iconic water parks and one resort in Texas – Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston for a cash purchase price of $261 million, subject to certain working capital adjustments related to the timing of the closing. Additionally, Cedar Fair has the right to acquire a property located in Kansas City, Kansas, for a cash purchase price of $6 million.
“We are very excited about the opportunity to bring these two award-winning Texas water parks into the Cedar Fair family,” said Richard Zimmerman, Cedar Fair’s president and CEO. “These properties represent new markets for us with attractive demographics in the growing Central Texas region, and they align with our strategy to identify compelling opportunities to accelerate our growth and profitability. The investments we have made over the past five years to strengthen our back-of-house and customer-facing systems will support a smooth integration of these properties by ensuring a premium guest experience, strong team collaboration and superior execution.”
Zimmerman continued, “Schlitterbahn employees are known throughout the industry for their innovation and dedication to the quality of the guest experience. Because of their work, the water park located in New Braunfels has been recognized as the ‘Best Water Park in the World’ for 21 straight years, and Galveston has received recognition as the ‘Best Indoor Water Park in the World’ for a decade. We look forward to adding these parks to Cedar Fair’s industry-leading portfolio of regional entertainment resorts.”
In 2018, Cedar Fair entertained 25.9 million guests and reported $1.35 billion in annual net revenue. The two Texas water parks and the resort entertained 1.2 million guests in 2018 and generated annual revenues of approximately $68 million. Following this transaction, Cedar Fair’s portfolio will consist of 15 parks, resort accommodations totaling more than 2,000 rooms across six parks, more than 600 luxury RV sites across four parks, and two marinas.
In addition to the two Texas properties, Cedar Fair has the right to acquire a third site, located on approximately 40 acres in Kansas City, Kansas, which previously operated as a Schlitterbahn water park, for a cash purchase price of $6 million.
The transaction is subject to regulatory approval and other customary terms and conditions, and is expected to close during the second quarter of 2019 subject to those approvals and conditions. The Company intends to finance the transaction through additional long-term borrowings.
Comments Off on Cedar Point announces Summer 2021 will center around park’s 150th anniversary celebration
Comments Off on Herschend Enterprises becomes majority partner and operator of Kentucky Kingdom
Comments Off on Steelman Partners and Gensler designing 75 hectare resort near Angkor Wat
Comments Off on ProSlide celebrates 35th anniversary with launch of new website
Mar 05, 2021 Comments Off on Pico Group selects AV Stumpfl PIXERA media servers for new exhibit at Singapore Discovery Centre
Mar 05, 2021 Comments Off on St. Louis CITY SC to create comprehensive professional sports campus in downtown St. Louis
Mar 04, 2021 Comments Off on Extreme Engineering completes Cloud Coaster at Quest, Doha Oasis
Mar 04, 2021 Comments Off on Former Walt Disney Imagineering executive Ian MacVittie joins Technifex
Mar 04, 2021 Comments Off on Themed Entertainment Association hires executive search firm for Executive Director positionPosition profile is anticipated in mid-March
Feb 16, 2021 Comments Off on Eleventh Hour seeks Technical Proposal Writer/Manager for entertainment company clientThe position is ideal for a technical proposal writer who...
Feb 16, 2021 Comments Off on Little Canada seeks Visual Arts SpecialistLittle Canada is a highly detailed and animated journey...
Feb 15, 2021 Comments Off on Scenario seeks LA-based safety managerThe main office/shop located in San Fernando with various...
Feb 10, 2021 Comments Off on Steelman Partners and Gensler designing 75 hectare resort near Angkor WatThe initial phase is expected to be completed by 2025 at an...