Cedar Fair L.P. said Thursday that year-to-date revenue through Memorial Day weekend was $343 million, a record for the period and up 21% from the same period a year ago, as general demand and season pass attendance remain ahead of pre-pandemic 2019 levels. The increase from last year was driven by a 28% rise in per capita in-park spending to a record $59.70, and 13% growth in out-of-park revenue to $45 million. Those increases helped offset a 210,000 decline in attendance to 5.2 million guests, hurt by 14 fewer days in the latest period and continued disruption within group sales. “Despite the current macro-environment pressures being placed on consumers, overall demand and guest spending levels remain strong across our parks,” said Chief Executive Richard Zimmerman. “Meanwhile, we are seeing gradual improvement in demand trends in group sales as that attendance channel continues to recover from the disruption of the pandemic.” The stock, which is still inactive in premarket trading, has slipped 5.1% year to date while the S&P 500 has dropped 14.0%.
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