In today’s post, I take a closer look at how the different parks in the Cedar Fair chain contribute to the company’s overall revenue and EBITDA. As both a fan and member of the amusement park/theme park industry, I am always searching for ways to learn more about the many incredible companies that operate parks all over the world. Although I enjoy putting on my “fan hat” from time-to-time to read speculation and theories about new rides, I find the most interesting insights come from looking at each business holistically. At the end of the day every park is a business, a fun business, but still a business that is best understood by analyzing it through such a lenses.
There are very few resources to turn to for coverage and data about the inner workings of the industry. The Global Attractions and Attendance Report compiled by the Themed Entertainment Association (TEA) and AECOM is one of the best resources available. Unfortunately, even that report relies on unofficial guesstimates and is considered by many in the industry, including myself, to be directionally, but not completely accurate. The most accurate sources of information are the earnings calls, SEC filings and investor presentations that the major public companies in the amusement park industry release on a quarterly basis. Unfortunately, public companies only release tidbits of financial information that typically focus on the overall company and not specific parks or areas of the business. Large conglomerates such as Disney and Comcast provide less data as the theme park business only accounts for one part of their overall companies. On rare occasions, companies will provide more insightful and complete information about how their business operates at the park level.