Jump to content
PKIDelirium

Cedar Fair completes Paramount Parks Acquisition

Recommended Posts

CEDAR FAIR, L.P. COMPLETES ACQUISITION OF THE PARAMOUNT PARKS

 

SANDUSKY, OHIO, June 30, 2006 -- Cedar Fair, L.P. (NYSE: FUN), today announced that it has completed its acquisition of the Paramount Parks from CBS Corporation (NYSE: CBS), in a cash transaction valued at approximately $1.24 billion. Cedar Fair will assume the complete operations and management of the parks immediately.

 

“The completion of this acquisition is great news,” said Dick Kinzel, Cedar Fair’s chairman, president and chief executive officer. “The five Paramount properties are well-run, top-tier parks in good locations with the potential to do even better. The acquisition brings us access to new markets with attractive demographics, such as northern California, the Carolinas, Virginia / District of Columbia and Toronto. We now have a well-balanced portfolio of operations with four parks producing annual attendance over three million visitors each (Cedar Point, Kings Island, Knott’s Berry Farm and Canada’s Wonderland) and, on a proforma basis, no single park contributes more than 22% of revenues based on 2005 results. Our combined operations now include 12 amusement parks, five outdoor water parks, one indoor water park and six hotels, and will entertain approximately 25 million guests annually.”

 

The five Paramount Parks consist of Canada’s Wonderland near Toronto, Canada; Kings Island near Cincinnati, Ohio; Kings Dominion near Richmond, Virginia; Carowinds near Charlotte, North Carolina; and Great America located in Santa Clara, California.

 

Kinzel added, “Cedar Fair’s employees as well as many employees from the Paramount Parks have a long history and strong reputation within the industry. They have demonstrated their ability to drive solid returns on investments and are ready and anxious to begin integrating these five great family-oriented parks with our current properties.”

 

Kinzel concluded by noting that the Partnership will issue an additional press release in the near future to provide updated 2006 earnings guidance, which will reflect the revenues and cash flow of the Paramount Parks from the date of the acquisition, and information on the Partnership’s long term financing.

 

Cedar Fair’s other amusement parks are Cedar Point, located on Lake Erie between Cleveland and Toledo; Knott’s Berry Farm near Los Angeles in Buena Park, California; Dorney Park & Wildwater Kingdom near Allentown, Pennsylvania; Valleyfair near Minneapolis/St. Paul, Minnesota; Worlds of Fun, located in Kansas City, Missouri; Geauga Lake & Wildwater Kingdom near Cleveland, Ohio; and Michigan’s Adventure near Muskegon, Michigan. The Partnership’s water parks are located near San Diego and in Palm Springs, California, and adjacent to Cedar Point, Knott’s Berry Farm and Worlds of Fun. Cedar Fair also owns and operates the Castaway Bay Indoor Waterpark Resort in Sandusky, Ohio. Cedar Fair’s flagship park, Cedar Point, has been voted the “Best Amusement Park in the World” for eight consecutive years in a prestigious annual poll conducted by Amusement Today newspaper.

Some of the statements contained in this news release constitute forward-looking statements. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Partnership believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, competition for consumer leisure time and spending, adverse weather conditions, unanticipated construction delays and other factors could affect attendance at our parks and cause actual results to differ materially from the Partnership’s expectations. In addition, risks and uncertainties concerning the acquisition include, but are not limited to the ability of the Partnership to combine the operations and take advantage of growth, savings and synergy opportunities.

 

---

 

Press Release Source: Cedar Fair, L.P.

Share this post


Link to post
Share on other sites

Yeah, I'm guessing the end of the season. Also, I didnt know Cedar Fair would take over as soon as the sale was complete. I thought they would wait until the end of the season.

Share this post


Link to post
Share on other sites

They have brought back greeters, increased floor staffing on several roller coasters, and started a new ultra strict enforcement of wardrobe and time and attendence policies. Things they let slide before - or didn't really care about - are really getting scrutiny now.

Share this post


Link to post
Share on other sites

This actually started on Thursday (or Friday). I know a LOT of associates were pissed at first over the sudden change in wardrobe policies, but grew to the idea extremely quickly.

Share this post


Link to post
Share on other sites
They have brought back greeters, increased floor staffing on several roller coasters, and started a new ultra strict enforcement of wardrobe and time and attendence policies. Things they let slide before - or didn't really care about - are really getting scrutiny now.

Those were all things planned to happen since the beginning of the season.

Share this post


Link to post
Share on other sites
This actually started on Thursday (or Friday). I know a LOT of associates were pissed at first over the sudden change in wardrobe policies, but grew to the idea extremely quickly.

Not to be nit-picky but I'm glad about the wardrobe policy. Some of the employees looked rather sloppy in their appearance at some rides and stands. That's not a look you want to have when dealing with the general public.

Share this post


Link to post
Share on other sites

Note that since 2001 or '02, they started to allow employees to wear their own white/tan/khaki shorts instead of park-issued shorts. A lot more comfortable*, but it opened the door to inconsistency. I've seen guys wearing shorts that are more like short pants, and even worse, baggy shorts to where you could see the guy's underwear and/or butt.

I bet next year, they'll go back to park-issued shorts.

 

I couldn't agree more with Geauga Dog. The park is now owned by one of the most respected chains in the industry, not some pop culture conglomerate.

 

*Personal experience, having worn the shorts in '98 and '99.

Edited by CoastersNSich

Share this post


Link to post
Share on other sites
Note that since 2001 or '02, they started to allow employees to wear their own white/tan/khaki shorts instead of park-issued shorts.  A lot more comfortable*, but it opened the door to inconsistency.  I've seen guys wearing shorts that are more like short pants, and even worse, baggy shorts to where you could see the guy's underwear and/or butt. 

I bet next year, they'll go back to park-issued shorts.

 

I couldn't agree more with Geauga Dog.  The park is now owned by one of the most respected chains in the industry, not some pop culture conglomerate.

 

*Personal experience, having worn the shorts in '98 and '99.

Yeah I agree it looked a lot more professional when we had "Park Issued" pants or shorts. I still got my shorts/pants/belt issued thru wardrobe when they changed the policy, I liked it better.

 

I also see alot of employees mainly Women who wear very short shorts. The policy was when we could start wearing our own was, that if your standing and put your arms down, your fingertips should not be able to touch your bare skin.

 

Also we had a very strict policy about grooming standers. If you were a male your hair couldn't be longer then 6 inches in length, I know i've seen alot of guys with longer hair this year. Also no hoop earrings if you worked in rides. I have also seen Employees wearing hoop earrings this year.

Edited by PKIVortex

Share this post


Link to post
Share on other sites

ur all just a bunch of tightwads...lol....i mean WHO CARES WHAT PEOPLE WEAR!? I know that it looks more "professional" but cmon, cant we talk about something more important?

Share this post


Link to post
Share on other sites
ur all just a bunch of tightwads...lol....i mean WHO CARES WHAT PEOPLE WEAR!? I know that it looks more "professional" but cmon, cant we talk about something more important?

It's all part of the presentation. Sloppy looking employees, to me, is a turn off. I can't stand the butt crack showing baggy shorts look. If you worked in an office you couldn't get away with it. If the park cared about how it is presented to the public, and no doubt it does, there should have been a crackdown on it a few years ago.

Edited by Geauga Dog

Share this post


Link to post
Share on other sites

That why I thought it looked better, wearing park issued shorts/pants. Everyone's Shorts/Pants were the same. Same color (depending on what department you worked in). Rides and games were Kaki, while Food wore Blue.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

×
×
  • Create New...