Cedar Fair
has cornered the market on fun, which our ticker symbol reflects (NYSE: FUN). In fact, our purpose is to make people happy, something we have been doing since 1870, when our flagship park, Cedar Point was established in Sandusky, Ohio, on a scenic peninsula in the waters of Lake Erie.
As one of the largest regional amusement park operators in the world, we are located in 13 markets with entertainment properties that include amusement parks, water parks and resort facilities, dispersed coast-to-coast in the lower 48 states, as well as in Toronto, Ontario, Canada.
In 2022, our 15 parks welcomed approximately 27 million guests, generating record levels of net revenues and Adjusted EBITDA. We employ approximately 4,400 full-time associates and nearly 49,000 seasonal and part-time associates.
We take FUN seriously.
The strong attendance and demand at all our parks demonstrate that our entertainment offerings resonate with guests. Our mission is to inspire lasting connections and lifelong memories for all our guests by delivering amazing experiences. We pursue this by:
- Maintaining a portfolio of best-in-class assets and family entertainment properties
- Providing world-class entertainment at a quality and scale unmatched by other regional operators and leisure facilities
- Acquiring and investing in strong, widely known regional brands with attractive assets in growing markets, where we operate the highest quality, most visually pleasing parks in the industry
- Constantly elevating the appeal of our parks and the guest experience we deliver
Since our public offering in 1987, Cedar Fair has been organized as a publicly traded partnership (PTP), which allows our company to pay out the majority of earnings to investors (unitholders), without first paying significant federal or state income taxes at the entity level, thus avoiding double taxation. Over the last 30+ years, we have returned $2.7 billion of capital to our unitholders through distribution payments alone, by leveraging our consistently strong generation of free cash flow.
What does FUN mean for investors?
- Ownership in a company with a long track record of successfully creating significant value for investors
- Substantial free cash flow generation enabling payment of stable and growing distributions in a tax-efficient manner
- A successful operating model that is resilient, non-cyclical and largely unaffected by economic gyrations and geopolitical issues
- A long-term track record of investing for long-term growth and profitability
- Guests enjoy our parks and entertainment, while our investors enjoy superior returns