GRAND RAPIDS, Mich. (WOOD) — Cedar Fair, L.P., the company that owns Michigan’s Adventure, Cedar Point and several amusement parks across the country, says it is optimistic about a good year as we inch toward summer.
The company held its annual meeting Wednesday to discuss its financial figures from the 2021 fourth quarter and the full year’s results. Overall, revenue was down slightly in 2021 compared to 2019 (pre-pandemic) — $1.34 billion compared to $1.47 billion — attendance was down 30% and operating days were down 15%. However, people are spending more than ever once inside the park, mitigating losses and pointing to positive trends for 2022.
“We are extremely pleased with our 2021 results, particularly given the level of uncertainty with which we entered the year and the ongoing headwinds of the pandemic,” Cedar Fair President and CEO Richard Zimmerman said in a release. “Our outstanding performance is a testament to the agility and insight of our talented team.”
Cedar Fair is now looking to the future, moving forward with plans to invest another $200 million in new rides and attractions at its parks and finishing renovation projects that were delayed during the pandemic. Cedar Fair is also working to add more touchless amenities to mitigate virus spread, including eventually eliminating cash from inside parks.
A spokesperson for Michigan’s Adventure says there are currently no new attractions to announce for the state’s largest amusement park, however patrons will see renovated merchandise and concession spaces.
The announcement comes days after Sea World proposed a deal to purchase Cedar Fair. Company leaders said they would review the deal but noted it was “unsolicited” and “non-binding.” In 2019, Six Flags offered $4 billion to buy the company but that offer was rejected.