Cedar Fair to acquire Six Flags Worlds of Adventure

[BarryHom]

Take a look at this press release!

SANDUSKY, OHIO, March 10, 2004 -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates six amusement parks and five water parks, today announced that it has reached agreement in principle for the acquisition of Six Flags Worlds of Adventure, located near Cleveland, Ohio, from Six Flags, Inc. The transaction, which is valued at $145 million, involves the purchase of substantially all of the assets of the park, including the adjacent hotel and campground. Six Flags will retain ownership of all animals currently located at the park. The cash purchase is subject to a number of conditions, including the negotiation of a definitive purchase agreement, and is expected to close before the beginning of the 2004 season. Further details were not disclosed.
“This is an excellent and unique opportunity for both companies,” said Dick Kinzel, Cedar Fair’s chairman, president and chief executive officer. “With this acquisition, we have the ability to add another successful operation to the Cedar Fair family of parks in a market we already know well. The park, which will be renamed Geauga Lake beginning with the 2004 season, offers numerous marketing and operational synergies that we hope to take advantage of almost immediately.”

Six Flags Worlds of Adventure is a family-oriented theme park situated on approximately 690 acres, including a 50-acre spring-fed lake. The park offers its guests a wide variety of rides and attractions, including 10 roller coasters, several children’s areas, a water park, and various live shows, and entertains more than 1.5 million guests each year, principally from the Cleveland/Akron, Youngstown and Pittsburgh markets. Although 2003 was a soft year, over the past three years the park has averaged revenues of approximately $64 million and cash operating profit of approximately $16 million. Cedar Fair’s revenues and cash operating profit for 2003 were $510 million and $176 million, respectively.

Cedar Fair’s six amusement parks are Cedar Point, located on Lake Erie between Cleveland and Toledo; Knott’s Berry Farm near Los Angeles in Buena Park, California; Dorney Park & Wildwater Kingdom near Allentown, Pennsylvania; Valleyfair near Minneapolis/St. Paul; Worlds of Fun, located in Kansas City, Missouri; and Michigan’s Adventure near Muskegon, Michigan. The Partnership’s water parks are located near San Diego and in Palm Springs, California, and adjacent to Cedar Point, Knott’s Berry Farm and Worlds of Fun. Cedar Fair also operates Camp Snoopy at the Mall of America in Bloomington, Minnesota under a management contract.


Dang! I have a season pass with Six Flags Worlds of Adventure! I wonder if it will still be valid at other Six Flags. I've got a week to go before I head to Texas!

 

[nativetxn]

I hope your season's pass is valid for your trip, Barry

 

[Cindy B]

now Barry, I would check that season pass for exclusions actually.

You must have the season pass processed before visiting any "guest park".

Since it 355 days per year operation, it may considered "seasonally. Do you have a 2004 pass? If you have a certificiate you can't have it validated or honored at any ohter park. However, if you got your photo, and card processed previously, (either online or mail order), and have your new season pass in hand, you should be ok.

I would personally check the exclusions on your voucher (if that is what you have). If you only have a voucher, you may be able to change "home parks". It may require finagling, but I am willing many people other than you are in the same position.

 

[DebbieB]

I live in Pittsburgh and haven't been to Six Flags since they bought it from Sea World/Geauga Lake. But the reputation around here was that it wasn't very well kept. Hopefully Cedar Fair will clean it up.

 

[BarryHom]

My season pass is a renewal, so it's already been processed. They slapped a two-year old photo on mine and send me a brand new 2004 pass. If all else fails, I will test it to see if it works. If not, I will cry so loud that Cindy B will hear it!

 

[ASFCurly]

I heard that they are going to change the name back to Geauga Lake, that makes me happy. If the company that owns Cedar Point is buying it, then maybe a season pass would be good for both of them, that would make me happy also. Though it looks like there won't be any more animals, and that makes me sad.

 

[Cindy B]

Originally posted by WebmasterBarry
My season pass is a renewal, so it's already been processed. They slapped a two-year old photo on mine and send me a brand new 2004 pass. If all else fails, I will test it to see if it works. If not, I will cry so loud that Cindy B will hear it!

Hmm.. that is an intersting predicament. Now its already prepaid for the year, and it was unknown that someone would acquire the park, thus making the pass you just purchased (and not used) null and void.

So that means you're coming to Ohio? When?

 

[Prince Eric1]

Hope the new ownership does better with this than six flags did. We went there a couple years ago when the former Seaworld was newly aquired, bought two day tickets, and left after one and went to the Cleveland Zoo the second day instead. The Seaworld part was cool, but when we went to the ride side they had no staffing and half of the rides were closed. The kids rides were mostly all closed and half of the water rides too (in August). I have seen the same at our local Darien Lake Six Flags, no staff and closed rides due to limited staff.

 

[BarryHom]

Originally posted by Cindy B
Hmm.. that is an intersting predicament. Now its already prepaid for the year, and it was unknown that someone would acquire the park, thus making the pass you just purchased (and not used) null and void.

So that means you're coming to Ohio? When?

I'm not sure if I'm coming to Ohio. But I think it will still work since the deal isn't set in stone yet.