SANDUSKY, Ohio - Theme park operator Cedar Fair Entertainment Co. said Tuesday that its revenue so far this season is up about 5 percent from year-ago levels, boosted by increases in both attendance and average park visitor spending.
Through the Fourth of July holiday weekend, the Sandusky, Ohio-based company said its revenue totaled about $456 million, up about $20 million from the same time last year.
The operator of Cedar Point, Kings Island and other parks said the period typically accounts for about one-third of its full-year revenue.
Cedar Fair attributed the revenue growth to a 2 percent increase in attendance and a 4 percent increase in the average amount that guests spend in the park.
Out-of-park revenues, including hotels, rose about 2 percent.
The company said it continues to see demand for its season passes increase across all of its properties, while guests have also responded favorably to its new rides and attractions.
Cedar Fair said that virtually all of its revenue from its seasonal amusement parks and water parks is generated during a 130 to 140-day operating period that starts in early May, with most of that coming in the peak vacation months of July and August.
Meanwhile, the third quarter is typically the busiest for the two parks that are open year-round, Knott's Berry Farm and Castaway Bay, Cedar Fair said. It owns and operates 11 amusement parks, seven water parks and five hotels.
The company said it remains confident in its 2012 attendance and revenue targets. Cedar Fair said in May that it expects its 2012 revenue to total between $1.06 billion and $1.08 billion. Analysts surveyed by FactSet expect revenue of $1.07 billion.
Cedar Fair shares rose 3 cents to $31.01 in morning trading. They are approaching their 52-week high of $31.74 set in mid-April.
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