SANDUSKY, Ohio--(BUSINESS WIRE)--
Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional
amusement parks, water parks and immersive entertainment, today
announced it has entered into an agreement to acquire the land upon
which its California’s Great America amusement park is located for
approximately $150 million. The Company has leased the land from the
City of Santa Clara since the origin of the park in 1976.
Cedar Fair President and CEO Richard A. Zimmerman said, “This is a once
in a generation opportunity to solidify our control of 112 acres in the
heart of Santa Clara. The transaction underscores our long-term
commitment to enhancing and expanding California’s Great America,
insuring a high-quality, family-friendly entertainment destination for
those who live and work in Northern California.”
The transaction is expected to close in the second quarter of 2019,
subject to terms of a purchase and sale agreement with the Successor
Agency to the former Redevelopment Agency of the City of Santa Clara,
the land’s current owner. The Company intends to finance this
transaction through additional long-term borrowings.
About Cedar Fair
Cedar Fair Entertainment Company (NYSE: FUN), one of the largest
regional amusement-resort operators in the world, is a publicly traded
partnership headquartered in Sandusky, Ohio. Focused on its mission to
make people happy by providing fun, immersive and memorable experiences,
the Company owns and operates 11 amusement parks, including its flagship
park, Cedar Point, along with two outdoor water parks, one indoor water
park and four hotels. It also operates an additional theme park under a
management contract. Its parks are located in Ohio, California, North
Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri,
Michigan and Toronto, Ontario.
Forward-Looking Statements
Some of the statements contained in this news release constitute
“forward-looking statements” within the meaning of the safe harbor
provisions of the United States Private Securities Litigation Reform Act
of 1995, including statements as to the Company's expectations, beliefs
and strategies regarding the future. These statements may involve risks
and uncertainties that could cause actual results to differ materially
from those described in such statements. Although the Company 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, adverse weather conditions, competition for consumer leisure
time and spending, unanticipated construction delays, changes in the
Company’s capital investment plans and projects and other factors
discussed from time to time by the Company in reports filed with the
Securities and Exchange Commission (the “SEC”) could affect attendance
at the Company’s parks and cause actual results to differ materially
from the Company's expectations. Additional information on risk factors
that may affect the business and financial results of the Company can be
found in the Company's Annual Report on Form 10-K and in the filings of
the Company made from time to time with the SEC. The Company undertakes
no obligation to correct or update any forward-looking statements,
whether as a result of new information, future events or otherwise.
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Investor Relations
419.627.2233
www.cedarfair.com
Source: Cedar Fair Entertainment Company