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- Company announces plans for multi-year expansion at Carowinds Amusement Park
SANDUSKY, Ohio, Aug. 26, 2013 -- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced a multi-year expansion project for its Carowinds amusement park located in Charlotte, North Carolina.
"The continued growth in the Charlotte market presents a unique opportunity for our Carowinds amusement park, which we believe is ready for record-breaking attractions," said Richard Zimmerman, Cedar Fair's Chief Operating Officer. "Over the next three years we intend to make several significant investments in both the amusement and water park areas, including new rides and attractions, new and upgraded food locations, and general infrastructure improvements. We plan to expand the capacity of Carowinds in all areas to appropriately serve its market and provide our guests with a 'Best Day of Summer' experience each and every time they visit our park."
The Company, which recently opened a satellite corporate office in Charlotte, expects the expanded park will draw additional tourists to the already popular Charlotte market. It will invest more than $50 million over the next three years and expects to hire an additional 15 full-time and approximately 270 seasonal jobs to support these new investments. As with many of its capital investments across the country, the Company will look to hire local companies to help with the design and construction of this multi-year expansion.
About Cedar Fair
Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio, and one of the largest regional amusement-resort operators in the world. The Company owns and operates 11 amusement parks, three outdoor water parks, one indoor water park and five hotels. Its parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, and Toronto, Ontario. Cedar Fair also operates the Gilroy Gardens Family Theme Park in California under a management contract. Cedar Fair's flagship park, Cedar Point, has been consistently voted the "Best Amusement Park in the World" in a prestigious annual poll conducted by Amusement Today newspaper.
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 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. Important factors, including general economic conditions, adverse weather conditions, competition for consumer leisure time and spending, unanticipated construction delays 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 our parks and cause actual results to differ materially from the Company's expectations. 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.