Cedar Fair has disclosed its long-term plans to invest in new events, rides, and attractions, in response to the Covid-19 pandemic and its results for Q2 2020.
Cedar Parks were forced to closed in mid-March this year due to the outbreak of the health crisis. In a recent presentation to investors, the owner of operators of a number of theme parks, waterparks and indoor parks, said that 2020 has been disrupted because of the pandemic.
With significantly fewer days in operation, the company’s parks witnessed nine million less visitors, earning a net revenue of $60m compared to $503m in 2019.
In response to the loss in revenue, Cedar Park has taken steps to limit operating costs during the pandemic, including suspending advertising and marketing expenses, eliminating almost all seasonal and part-time labour costs, and reducing administration and other general expenses.
The theme park operator has announced a proactive and exciting long-term strategy as it prepares for the 2021 season. The long-term plans include broadening the appeal of its parks by adding something new to each venue every year.
Cedar Fair also plans to utilise more limited-duration events, designed to drive a sense of urgency to attract visitors to the parks. The guest experience will also be enhanced with more immersive experiences like Forbidden Frontier.