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 49
ers 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.
Valleyfair has posted some new photos of their wave pool project for the summer 2009 season at the newly branded Soak City waterpark. You can see them on their website; it looks like the project is nearing completion.
I've certainly never experienced one, but I cannot imagine that the winters in Minnesota are very pleasant. Still, Valleyfair has been able to make much progress on their large new wave pool for 2009, Breakers Bay.
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.