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16 Feb 2017
Competitors not a concern for Cedar Fair, says CEO Matt Ouimet
By Tom Anstey
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Ouimet said the company would continue to invest in Knott's Berry Farm, but that it does not need to compete with the likes of investments by the likes of Universal and Disney to be a success
Photo: Al Behrman/AP/Press Association Images
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With California’s hotbed of theme park attractions all making significant investment into new developments, Cedar Fair CEO Matt Ouimet has said the company does not feel pressured to make the same commitment at Knott’s Farm following a record annual earnings report.
Speaking during an earnings call, Ouimet was questioned about about park investments and whether those would rise in the wake of increased competition. Last year, Universal Studios Hollywood launched its Wizarding World of Harry Potter attraction, while Disneyland California is preparing for the launch of its Star Wars land in 2019.
“We will not respond in capital to whatever Disney does or whatever Universal does, that’s not part of our playbook,” said Ouimet.
“What we will do is continue to position Knott’s as the community’s park and the expansion of our water park is a good example of where we can differentiate Knott’s from the other major players at a very modest capital investment.
“You'll continue to see us investing in Knott’s. We believe there’s still running a room, particularly when we’re priced at about $100 for a season pass and other players are well above $100 for a single day at this point.”
For 2016, Cedar Fair recorded its seventh straight year of record results, reporting a 4 per cent increase of US$53m (€49.8m, £42.4m) in net revenues to US$1.29bn (€1.21bn, £1bn). Figures were driven off the back of a 656,000 visitor increase to a record 25.1 million guests for the year. |
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