Cedar Fair Provides Preliminary Operating Results for the 2020 Third Quarter and Updates Its Current Liquidity Position

Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today provided preliminary operating results for its third quarter ended Sept. 27, 2020, and, in light of the ongoing COVID-19 pandemic, updated the market on its current liquidity position.

As previously announced, the Company suspended operations of its parks beginning on March 14, 2020, in response to the spread of COVID-19 and local government mandates, which has had a significant impact on the Company’s 2020 financial performance. Beginning late in the second quarter, the Company resumed partial operations at seven of its parks on a staggered basis, in accordance with state and local approvals and health and safety guidelines.

In connection with reopening the parks, the Company has implemented enhanced health and safety protocols, including increased cleaning and sanitization procedures, social distancing protocols, capacity limitations, face covering requirements, and health and temperature screenings for both guests and employees. In addition, the Company has actively managed the parks’ operating days and hours to optimize cash flow.

Attendance at the reopened parks has been impacted by self-imposed limitations, fewer operating days and hours, significantly reduced marketing spend, and a limited event lineup. Despite these limitations, park attendance trends have gradually improved since reopening. Attendance versus the prior-year period has ranged from approximately 20% to 25% upon initially reopening, to approximately 35% to 40% for the last few weeks leading up to Labor Day. On several days in August, attendance at several parks easily exceeded 50% of prior-year attendance.

“Given the challenges and uncertain environment caused by the pandemic, we are pleased to have opened seven of our parks to date,” said Cedar Fair President and CEO Richard A. Zimmerman. “Getting parks open has allowed us to reengage with our customers and, at the same time, demonstrate the ability to provide our guests and associates with a safe and enjoyable entertainment offering. While attendance levels were somewhat soft upon initially reopening, we are pleased with how demand trends have improved and are encouraged with this positive momentum as we look ahead to 2021.”