Cedar Fair Entertainment Company, which owns and operates 12 amusement parks, two outdoor waterparks and one indoor waterpark in the United States and Canada, has announced a long-term plan to reach its Adjusted EBITDA growth target of $575million by 2023.
Cedar Fair reported record full-year growth in 2018, netting revenues of $1.35billion, a 2% rise from 2017. Attendance was up last year, with Cedar Fair parks welcoming a record 25.9 million guests through their gates.
The trend looks set to continue in 2019, as advance purchases at the parks, including season passes, are already more than 25% higher than the same time in 2018.
The company is determined to sustain and extend visitor intake numbers at its parks and has developed a strategic five-year plan designed to meet its ambitious targets.
The long-term plan aims to broaden guest experience by introducing a greater number of immersive and interactive family attractions, putting on concerts, special events and outdoor gathering spaces.
The company is also looking to develop over 1,300 acres of undeveloped land that lies next to its parks. The land will be used to house a 150,000 square-foot indoor amateur sport facility and hotels.
Cedar Fair will also rework its marketing strategy with the aim of increasing market penetration through targeted marketing.
The parks are also hoping to attract visitors to Cedar Fair sites multiple times a year by introducing a “Seasons of Fun” feature, which comprise of festivals in the spring, immersive entertainment in the summer, Halloween events and WinterFest celebrations.