It's Hitting The Fan!!

Looks like Cedar Fair is finally starting to acknowledge that their financial state is pretty precarious at best - they just put out a press release saying that they are indeed cutting the distribution by 92 cents a unit, to an annual payout of $1 instead of $1.92.

That would have been the big news of the day but they also threw in this little nugget: the company is open to selling Worlds of Fun and Valleyfair to someone if the timing and price is right.

This is all because of the debt the company took on the purchase the Paramount Parks - none of which are suddenly listed for sale... well aside from Great America but they already said they'd ditch that park in a second if the 49ers wanted it.

It's sad that Mr. Kinzel and his board let things get to this. With firms like Merlin Entertainment, and Parques Reunidos lurking around snatching up properties you have to wonder if Cedar Fair is saying they will sell Worlds of Fun and Valleyfair because they know someone wants them... like now. That's sort of how Cedar Fair does things... just look at the ramp up to this distribution cut - they leak their plans out in little bits and pieces in conference calls and news releases. We'll see.