SANDUSKY, Ohio--(BUSINESS WIRE)--Cedar Fair Entertainment Company (NYSE: FUN), a leader in amusement parks, waters parks and immersive entertainment, today announced the declaration of a regular quarterly cash distribution of $0.925 per limited partner (LP) unit. The quarterly distribution rate is consistent with the Company’s annualized distribution rate of $3.70 per LP unit announced in October of last year.
The distribution, which is payable on March 20, 2019, to unitholders of record as of March 11, 2019, represents the Company’s 33rd consecutive year of paying a cash distribution to its unitholders.
Cedar Fair recently reported record results for 2018, including net revenues, attendance, average in-park guest per capita spending, and out-of-park revenues, including its resort accommodations. The Company also announced a new long-term Adjusted EBITDA growth target of $575 million by 2023, which represents a 4% CAGR over the next five years.
Commenting on recent results, Cedar Fair President and CEO Richard Zimmerman said, “We ended 2018 strongly, achieving new highs in attendance and net revenues for both the fourth quarter and full year. Guests of all ages continue to delight in our immersive entertainment offerings including our Halloween Haunt and WinterFest celebrations. The success and expansion of these events created momentum heading into 2019 as evidenced by the strong sales activity in our advance purchase channels across all categories and all parks year to date.
“As we look to the future, we remain committed to providing a compelling entertainment experience throughout the year for guests of all ages and we are confident we will entertain a record number of visitors again in 2019,” continued Zimmerman. “The four FUNdamental mandates of our long-term strategy are clear. Over the next several years we plan to broaden the guest experience, expand our season pass program, increase market penetration and pursue adjacent development opportunities. We are confident in our strategy and ability to drive continued value creation through a balanced approach of investing in our business and returning capital to our unitholders through an attractive and growing distribution.”
About Cedar Fair
Cedar Fair Entertainment Company (NYSE: FUN), one of the largest regional amusement-resort operators in the world, is a publicly traded partnership headquartered in Sandusky, Ohio. Focused on its mission to make people happy by providing fun, immersive and memorable experiences, the Company owns and operates 11 amusement parks, including its flagship park, Cedar Point, along with two outdoor water parks, one indoor water park and four hotels. It also operates an additional theme park under a management contract. Its parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan and Toronto, Ontario.
Forward-Looking Statements
Some of the statements contained in this news release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements as to the Company's expectations, beliefs, goals and strategies regarding the future. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct, or that the Company's growth strategies will achieve the targeted results. Important factors, including general economic conditions, adverse weather conditions, competition for consumer leisure time and spending, unanticipated construction delays, changes in the Company’s capital investment plans and projects and other factors discussed from time to time by the Company in reports filed with the Securities and Exchange Commission (the “SEC”) could affect attendance at the Company’s parks and cause actual results to differ materially from the Company's expectations or otherwise to fluctuate or decrease. Additional information on risk factors that may affect the business and financial results of the Company can be found in the Company's Annual Report on Form 10-K and in the filings of the Company made from time to time with the SEC. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
