Wednesday, April 17, 2024


  • Valuable property expected to remain strong performer for Cedar Fair going forward
  • Company reaches agreement with the San Francisco 49ers on parking and construction issues
  • Expects to achieve high end of its annual distribution target of $1.35 to $1.65 per unit in 2012, and $2.00 or more in 2013

SANDUSKY, OHIO, USA –Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment announced that JMA Ventures, LLC (“JMA”) has elected to not move forward with their purchase of California’s Great America amusement park in Santa Clara, California. As a result, the definitive purchase agreement governing this transaction, originally agreed on September 16, 2011, has been terminated.

“We respect JMA’s decision and are pleased to return to the long-term ownership of this exceptional property,” said Matt Ouimet, Cedar Fair’s president. “As we stated at the time the agreement was made, this is a quality park that has terrific employees and serves a strong market. We look forward to continuing to take advantage of the synergies which are uniquely available to us as a result of operating this park as part of our larger portfolio of properties.”
According to Ouimet, the termination of this sale does not alter the Company’s expectations of achieving record adjusted EBITDA between $365 million and $375 million in 2011. “In fact, we expect to be at the higher end of our original distribution guidance of $1.35 to $1.65 per limited partner unit in 2012,” he said. “With continued growth in our annual distribution rates and additional debt reduction through our improved operating performance, we believe Cedar Fair will maintain its position as one of the most attractive growth and yield stories in the leisure and hospitality industry.”

The Company also announced that it has reached a long-term agreement with the San Francisco 49ers related to the construction of the stadium and parking for NFL and other stadium-related events for the life of the newstadium. The agreement is still subject to the execution of a definitive agreement and the approval of the Stadium Authority and related approvals from the City of Santa Clara.

“The combination of an NFL stadium and a premier amusement park in one location offers tremendous and exciting opportunities for family entertainment. We are excited to reach an agreement on construction issues and parking that are important to the stadium project,” said Jed York, president and chief executive officer of the San Francisco 49ers.
“This arrangement leads the way to a mutually beneficial relationship between Cedar Fair, the 49ers and the City of Santa Clara,” added Ouimet. “California’s Great America was a strong performer in 2011 and we are confident this will continue into the future as we build the park’s customer base through new marketing initiatives and capital investments.”

About Cedar Fair
Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio, and one of the largest regional amusement-resort operators in the world. The Company owns and operates 11 amusement parks, six outdoor water parks, one indoor water park and five hotels. Its parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, and Toronto, Ontario. Cedar Fair also operates the Gilroy Gardens Family Theme Park in California under a management contract. Cedar Fair’s flagship park is Cedar Point.

Judith Rubin
Judith Rubin
Judith Rubin ([email protected]) is a leading journalist, content marketing specialist and connector in the international attractions industry. She reports on design and technical design, production and project management, industry trends and company culture. From 2005-2020 she ran communications and publications for the Themed Entertainment Association (TEA). In 2013, she was honored with the TEA Service Award. She was development director of IMERSA and publicist for the Large Format Cinema Association, and has contributed to the publications of PLASA, IAAPA and the International Planetarium Society. Judith joined World’s Fair magazine in 1987, which introduced her to the attractions industry. She joined InPark in 2010. Judith earned a BFA from Pratt Institute. She has lived in Detroit, New York, Oakland, and now Saint Louis, where she is active in the local arts community.

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