Cedar Fair, L.P. (FUN): Business Model Canvas

Cedar Fair, L.P. (FUN) ist nicht nur ein weiteres Vergnügungsparkunternehmen – es ist ein strategisches Unterhaltungsunternehmen, das Freizeiterlebnisse in sorgfältig gestaltete Geschäftsmöglichkeiten verwandelt. Durch die Nutzung eines ausgefeilten Business Model Canvas hat dieser regionale Freizeitparkbetreiber auf raffinierte Weise herausgefunden, wie er für mehrere Kundensegmente Mehrwert schafft, liefert und erfasst. Von aufregenden Achterbahnen bis hin zu fesselnden saisonalen Veranstaltungen hat Cedar Fair einen robusten Rahmen entwickelt, der Freizeitmomente in ein anspruchsvolles, profitables Unternehmen verwandelt, das weit über einfache Unterhaltung hinausgeht.

Cedar Fair, L.P. (FUN) – Geschäftsmodell: Wichtige Partnerschaften

Wichtige Anbieter von Freizeitparkausrüstung und -technologie

Lieferant	Geräte-/Technologietyp	Geschätzter jährlicher Vertragswert
Intamin-Fahrgeschäfte	Design und Herstellung von Achterbahnen	5,2 Millionen US-Dollar
ProSlide-Technologie	Wasserpark-Fahrsysteme	3,7 Millionen US-Dollar
Garmin	Fahrverfolgungs- und Leistungstechnologie	1,5 Millionen Dollar

Regionale Tourismusverbände und lokale Regierungen

• Ohio Development Services Agency
• Michigan Economic Development Corporation
• California Tourism Board
• Handelsministerium von North Carolina

Wert der gemeinschaftlichen Investition: Ungefähr 12,3 Millionen US-Dollar an regionalen Wirtschaftsentwicklungspartnerschaften für 2024

Unternehmenssponsoring-Vereinbarungen

Markenpartner	Sponsoring-Typ	Jährlicher Sponsoringwert
Coca-Cola	Exklusivrechte für Getränke	4,8 Millionen US-Dollar
Pepsi	Vereinbarungen über alternative Parkgetränke	2,1 Millionen US-Dollar
Cedar Fair-Kreditkarte	Partnerschaft für Finanzdienstleistungen	3,5 Millionen Dollar

Anbieter von Lebensmittel- und Getränkedienstleistungen

• Centerplate-Catering-Dienstleistungen
• Unternehmen im Norden von Delaware
• Sodexo Food Services

Gesamtwert der Food-Service-Partnerschaft: 7,6 Millionen US-Dollar pro Jahr

Marketing- und Unterhaltungsproduktionsunternehmen

Unternehmen	Service bereitgestellt	Jährlicher Vertragswert
Live-Nation	Konzert- und Unterhaltungsbuchung	2,9 Millionen US-Dollar
IMG Productions	Eventmanagement	1,7 Millionen US-Dollar

Cedar Fair, L.P. (FUN) – Geschäftsmodell: Hauptaktivitäten

Design und Betrieb von Themenparks

Cedar Fair betreibt 14 Vergnügungsparks in ganz Nordamerika mit einer Fläche von 1.615 Hektar. Das Unternehmen verwaltet 12 Themenparks und 2 Wasserparks mit insgesamt 62 Achterbahnen auf seinen Grundstücken.

Parkstandorte	Anzahl der Parks
Vereinigte Staaten	14
Gesamtfläche	1,615
Totale Achterbahnen	62

Entwicklung und Wartung von Attraktionen

Cedar Fair investiert jährlich etwa 130–150 Millionen US-Dollar in Kapitalverbesserungen und neue Attraktionen in seinen Parks.

• Jährliche Investitionsausgaben: 130–150 Millionen US-Dollar
• Durchschnittliche Investition in neue Fahrgeschäfte pro Park: 8–10 Millionen US-Dollar
• Wartungsbudget: Ungefähr 5–7 % des Jahresumsatzes

Guest Experience Management

Das Unternehmen betreut jährlich rund 26,3 Millionen Gäste in seinen Parks, wobei die durchschnittliche Besucherzahl pro Park bei 1,87 Millionen liegt.

Gastmetriken	Jährliche Zahlen
Gesamtzahl der jährlichen Gäste	26,3 Millionen
Durchschnittliche Parkbesucherzahl	1,87 Millionen

Saisonale Veranstaltungsplanung

Auf der Cedar Fair finden mehrere saisonale Veranstaltungen statt, darunter Halloween Haunt und WinterFest, die in der Nebensaison erhebliche zusätzliche Einnahmen generieren.

• Halloween-Spukveranstaltungen: Wird in 11 Parks veranstaltet
• WinterFest-Veranstaltungen: Wird in 7 Parks veranstaltet
• Geschätzte zusätzliche Einnahmen aus saisonalen Veranstaltungen: 50–75 Millionen US-Dollar pro Jahr

Bereitstellung von Waren und Gastgewerbedienstleistungen

Das Unternehmen betreibt mehrere Einnahmequellen, darunter Lebensmitteldienstleistungen, Einzelhandelswaren und Parkerlebnisse.

Einnahmequelle	Geschätzter Jahresumsatz
Lebensmitteldienstleistungen	250-300 Millionen Dollar
Einzelhandelsware	150-200 Millionen Dollar
Erlebnisse im Park	100-150 Millionen Dollar

Cedar Fair, L.P. (FUN) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Themenparks und Wasserparks

Cedar Fair betreibt 14 Vergnügungsparks, 5 Wasserparks und 4 Resortanlagen in ganz Nordamerika.

Standorttyp	Anzahl der Eigenschaften
Vergnügungsparks	14
Wasserparks	5
Resort-Immobilien	4

Proprietäre Unterhaltungs- und Fahrtechnologien

Cedar Fair besitzt und betreibt mehrere patentgeschützte Fahrtechnologien.

• Anzahl der Achterbahnen: 184 in allen Parks
• Gesamtzahl der Fahrten: 598 Fahrten

Qualifizierte operative und kreative Arbeitskräfte

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Vollzeitbeschäftigte	1,500
Saisonmitarbeiter	44,000

Starker Markenruf in der regionalen Unterhaltung

Jährliche Besucherzahl in allen Parks: 27,5 Millionen Besucher im Jahr 2022

Bedeutende Immobilien- und Infrastrukturwerte

Gesamtfläche des Parklandes: Ungefähr 2.500 Acres

Asset-Kategorie	Bewertung
Sachanlagen und Ausrüstung	3,2 Milliarden US-Dollar
Gesamtvermögen	4,1 Milliarden US-Dollar

Cedar Fair, L.P. (FUN) – Geschäftsmodell: Wertversprechen

Fesselnde Unterhaltungserlebnisse für die ganze Familie

Cedar Fair betreibt 14 Vergnügungsparks in ganz Nordamerika und betreut im Jahr 2022 rund 26,9 Millionen Gäste. Das Unternehmen erwirtschaftete im Jahr 2022 einen Gesamtumsatz von 1,56 Milliarden US-Dollar, wobei der Schwerpunkt auf der Schaffung umfassender Familienunterhaltungsziele liegt.

Parkstandorte	Jährliche Anwesenheit	Durchschnittliche Gästeausgaben
14 Vergnügungsparks	26,9 Millionen Gäste	64,37 $ pro Kopf (2022)

Hochwertige Themenattraktionen und Fahrgeschäfte

Cedar Fair verfügt über ein Portfolio von 121 Achterbahnen in seinen Parks und stellt damit die größte Achterbahnsammlung unter den regionalen Vergnügungsparkbetreibern in Nordamerika dar.

• Insgesamt 121 Achterbahnen
• Mehrere Weltrekordfahrten
• Kontinuierliche Investition in neue Fahrtechnologien

Saisonale Veranstaltungsangebote

Cedar Fair generiert erhebliche Einnahmen durch saisonale Veranstaltungen, wobei Halloween Haunt und Winter Fest beträchtliche Besucherzahlen anziehen.

Saisonales Ereignis	Geschätzte Anwesenheit	Umsatzbeitrag
Halloween-Spuk	Rund 3,5 Millionen Gäste	Geschätzte 75-100 Millionen US-Dollar
Winterfest	Etwa 1,5 Millionen Gäste	Geschätzte 40-60 Millionen US-Dollar

Erschwingliches Freizeitziel

Cedar Fair bietet wettbewerbsfähige Preisstrategien mit Saisonkartenoptionen und Zugang zu mehreren Parks.

• Preisspanne für den Saisonpass: 129–299 $
• Zugangsmöglichkeiten zu mehreren Parks
• Häufige Aktionsrabatte

Konsistente und unvergessliche Gästeerlebnisse

Das Unternehmen legt großen Wert auf die Zufriedenheit seiner Gäste und erreicht in allen Parks eine durchschnittliche Gästezufriedenheitsbewertung von 4,2 von 5.

Kennzahl zur Gästezufriedenheit	Punktzahl	Wiederholungsbesuchsrate
Gesamtzufriedenheit der Gäste	4.2/5.0	42 % jährliche wiederkehrende Besucher

Cedar Fair, L.P. (FUN) – Geschäftsmodell: Kundenbeziehungen

Mitgliedschaften im Treueprogramm

Cedar Fair betreibt die Cedar Fair Platinum Pass Programm, das Zugang zu mehreren Parks bietet. Ab 2023 berichtete das Unternehmen:

Metrisch	Wert
Gesamtzahl der Season-Pass-Inhaber	2,4 Millionen
Durchschnittlicher Platinum Pass-Preis	$299-$399
Wiederholungsbesuchsrate	47%

Season-Pass-Engagement

Zu den Vorteilen des Saisonpasses gehören:

• Kostenlose Parkplätze
• Rabatte auf Waren
• Frühzeitiger Parkeintritt
• Optionen für den Speiseplan

Engagement-Metrik	Prozentsatz
Verlängerungsrate für den Saisonpass	62%
Durchschnittliche Saisonkartenbesuche pro Inhaber	3,7 Mal pro Saison

Digitale Interaktion durch mobile Apps

Zu den Funktionen der mobilen App von Cedar Fair gehören:

• Wartezeiten in Echtzeit
• Parkkarten
• Mobile Essensbestellung
• Digitales Passmanagement

Metrik für mobile Apps	Wert
Mobile App-Downloads	1,2 Millionen
Mobiler Ticketkauf	38 % des gesamten Ticketverkaufs

Aufbau einer Social-Media-Community

Soziale Plattform	Anhänger
Instagram	850,000
Facebook	1,5 Millionen
Twitter	350,000

Personalisierte Marketingkommunikation

Marketingkanal	Engagement-Rate
E-Mail-Marketing	24 % Öffnungsrate
Gezielte digitale Werbung	4,2 % Conversion-Rate
Personalisierte Angebote	35 % Rückzahlungsrate

Cedar Fair, L.P. (FUN) – Geschäftsmodell: Kanäle

Direktverkaufsplattformen für Parktickets

Cedar Fair betreibt 13 Vergnügungsparks in ganz Nordamerika. Im Jahr 2022 meldete das Unternehmen eine Gesamtbesucherzahl von 25,3 Millionen Gästen.

Vertriebskanal	Jahresumsatz (2022)	Prozentsatz des gesamten Ticketverkaufs
Direkte Parkticketschalter	496 Millionen US-Dollar	42%
Verkauf von Saisonpässen	287 Millionen Dollar	24%

Online-Reservierungssysteme

Die digitale Ticketplattform von Cedar Fair verarbeitete im Jahr 2022 etwa 8,5 Millionen Online-Transaktionen.

• Der Online-Ticketverkauf stieg im Vergleich zu 2021 um 18,3 %
• Die Mobil- und Webplattform erwirtschaftete einen Umsatz von 214 Millionen US-Dollar
• Durchschnittlicher Online-Ticketpreis: 62,50 $

Mobile Anwendung

Die mobile App von Cedar Fair wurde im Jahr 2022 2,3 Millionen Mal heruntergeladen.

Mobile App-Funktion	Benutzerinteraktion
Parkkartierung	1,7 Millionen aktive Benutzer
Digitales Ticketing	1,2 Millionen Transaktionen

Reise- und Tourismus-Websites

Cedar Fair arbeitet für den Ticketvertrieb mit 47 regionalen und nationalen Tourismus-Websites zusammen.

• Partnerschaftsumsatz: 38,5 Millionen US-Dollar im Jahr 2022
• Durchschnittlicher Provisionssatz: 7-12 % pro Ticket

Gästeservice vor Ort

Cedar Fair betreibt in seinen Parks 13 Gästeservicezentren.

Servicetyp	Jährliches Transaktionsvolumen
Gruppenkartenverkauf	425.000 Transaktionen
Kundensupport	1,2 Millionen Interaktionen

Cedar Fair, L.P. (FUN) – Geschäftsmodell: Kundensegmente

Familien mit Kindern

Cedar Fair richtet sich als primäres Kundensegment an Familien mit Kindern und verfügt über Parks, die für mehrere Altersgruppen konzipiert sind.

Demografisches Segment	Prozentsatz der jährlichen Anwesenheit	Durchschnittliche Ausgaben pro Besuch
Familien mit Kindern (Alter 4–12)	42%	287 $ pro Familie

Nervenkitzel suchende junge Erwachsene

Junge Erwachsene im Alter von 18 bis 35 Jahren stellen ein wichtiges Kundensegment für die Themenparks von Cedar Fair dar.

Altersgruppe	Häufigkeit der Parkbesuche	Jährlicher Umsatzbeitrag
Junge Erwachsene (18–35)	3,2 Besuche pro Jahr	156 Millionen Dollar

Regionale Freizeitreisende

Cedar Fair lockt Freizeitreisende aus der Region in einem Umkreis von 300 Meilen um seine Parkstandorte an.

• Durchschnittliche Reisestrecke: 187 Meilen
• Übernachtungsquote: 36 % der Besucher
• Regionales Marketingbudget: 12,4 Millionen US-Dollar

Firmengruppenveranstaltungen

Firmenveranstaltungen und Gruppenbuchungen stellen eine bedeutende Einnahmequelle für Cedar Fair dar.

Ereignistyp	Jährliche Veranstaltungen	Umsatz pro Veranstaltung
Firmengruppenveranstaltungen	1,247	Durchschnittlich 8.600 $

Schul- und Jugendgruppenausflüge

Besuche von Bildungs- und Jugendgruppen bieten zusätzliche Einnahmequellen und Engagementmöglichkeiten.

• Jährliche Schulgruppenbesuche: 892
• Durchschnittliche Gruppengröße: 127 Studierende
• Erlös aus ermäßigten Tickets: 3,6 Millionen US-Dollar

Cedar Fair, L.P. (FUN) – Geschäftsmodell: Kostenstruktur

Parkwartung und -betrieb

Die Parkwartungs- und Betriebskosten von Cedar Fair beliefen sich im Jahr 2022 auf rund 400 Millionen US-Dollar. Die Aufschlüsselung umfasst:

Kostenkategorie	Jährliche Ausgaben
Anlagenwartung	175 Millionen Dollar
Dienstprogramme	85 Millionen Dollar
Wartung der Ausrüstung	65 Millionen Dollar
Sicherheitskonformität	45 Millionen Dollar

Löhne und Schulung der Mitarbeiter

Die gesamten Arbeitskosten für Cedar Fair beliefen sich im Jahr 2022 auf 465 Millionen US-Dollar, mit folgender Verteilung:

• Saisonarbeiter: 280 Millionen US-Dollar
• Vollzeitbeschäftigte: 135 Millionen US-Dollar
• Schulung und Entwicklung: 50 Millionen US-Dollar

Marketing- und Werbekosten

Das Marketingbudget von Cedar Fair für 2022 betrug 95 Millionen US-Dollar und wurde wie folgt aufgeteilt:

Marketingkanal	Kosten
Digitales Marketing	38 Millionen Dollar
Traditionelle Werbung	32 Millionen Dollar
Werbeveranstaltungen	25 Millionen Dollar

Entwicklung und Renovierung von Attraktionen

Die Investitionsausgaben für neue Attraktionen und Parkrenovierungen beliefen sich im Jahr 2022 auf insgesamt 180 Millionen US-Dollar:

• Installation neuer Fahrgeschäfte: 95 Millionen US-Dollar
• Modernisierung der Parkinfrastruktur: 65 Millionen US-Dollar
• Technologieintegration: 20 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Cedar Fair investierte im Jahr 2022 75 Millionen US-Dollar in Technologie und Infrastruktur:

Kategorie „Technologie“.	Investition
Digitale Ticketingsysteme	25 Millionen Dollar
Parkverwaltungssoftware	18 Millionen Dollar
Guest Experience-Technologie	22 Millionen Dollar
Cybersicherheit	10 Millionen Dollar

Cedar Fair, L.P. (FUN) – Geschäftsmodell: Einnahmequellen

Eintrittskarten für den Themenpark

Im Jahr 2022 meldete Cedar Fair einen Gesamtumsatz von 1,47 Milliarden US-Dollar. Eintrittskarten für Freizeitparks machten einen erheblichen Teil dieser Einnahmen aus.

Parken	Durchschnittlicher Ticketpreis	Jährliche Besucher
Cedar Point	$79.99	3,2 Millionen
Königsinsel	$74.99	3,5 Millionen

Verkauf von Saisonpässen

Cedar Fair generiert 262,8 Millionen US-Dollar aus Saisonkarten- und Tageseintrittseinnahmen im Jahr 2022.

• Platin-Pass: 329 $
• Goldpass: 229 $
• Regulärer Saisonpass: 159 $

Verkauf von Lebensmitteln und Getränken

Der Umsatz mit Lebensmitteln und Getränken belief sich auf insgesamt 320,4 Millionen US-Dollar im Jahr 2022, was etwa 21,8 % der gesamten Parkeinnahmen entspricht.

Kategorie	Durchschnittliche Ausgaben pro Gast
Essen im Park	$24.50
Getränkeverkauf	$8.75

Wareneinnahmen

Warenverkäufe erreicht 178,6 Millionen US-Dollar im Jahr 2022.

• Bekleidung: 42 % des Warenumsatzes
• Souvenirs: 33 % des Warenumsatzes
• Parkspezifische Sammlerstücke: 25 % des Warenumsatzes

Sponsoring- und Partnerschaftsvereinbarungen

Die Sponsoringeinnahmen trugen ca. bei 45,2 Millionen US-Dollar zum Gesamtumsatz von Cedar Fair im Jahr 2022.

Partner	Art der Partnerschaft	Geschätzter Wert
Coca-Cola	Getränkesponsoring	12,5 Millionen US-Dollar
Cedar Point	Lokale Unternehmenspartnerschaften	18,7 Millionen US-Dollar

Cedar Fair, L.P. (FUN) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Cedar Fair, L.P. is pushing to the market as of late 2025, following the integration with the Six Flags portfolio. The numbers show a clear focus on maximizing pass utilization across a much larger footprint.

Unrivaled collection of world-class roller coasters for thrill-seekers

The combined entity now boasts an offering that includes 288 roller coasters spanning 133 miles of track across the entire network. For example, one of the flagship parks, Canada's Wonderland, features 18 roller coasters as of 2025. This sheer volume of top-tier rides is a primary draw for the most dedicated thrill enthusiasts.

Regional, family-friendly entertainment with high-quality themed areas

Beyond the biggest thrills, the portfolio offers extensive family appeal, including 282 family rides and 970 water slides across the combined park system. The company's TTM revenue as of mid-2025 stood at $3.13 Billion USD, indicating strong overall guest spending supporting these diverse offerings.

All Parks Season Pass access to 42 properties for maximum value

The All Park Passport, an add-on to the 2025 Gold or Prestige season passes, grants access to a combined portfolio of 42 amusement and water parks stretching from Mexico to Canada. This value proposition was heavily promoted, with the active pass base as of August 3, 2025, totaling approximately 7.4 million units. The goal is to drive visitation across the entire network, though management noted that some seasonal events, like certain Halloween offerings, were canceled in 2025 because they were low margin financially.

Immersive, limited-time seasonal festivals and events

Cedar Fair, L.P. continues to use special events to drive repeat visits outside of the peak summer season, a strategy that has historically been key to growing the season pass base. The company reported Q2 2025 revenue of $930.39M, a 62.8% year-over-year increase, showing demand for the overall experience package.

On-site lodging and resort amenities for multi-day visits

To capture the full guest spend, on-site accommodations are a key component. As of the end of 2023, the company operated resort accommodations totaling more than 2,300 rooms and over 600 luxury RV sites. This amenity base supports multi-day trips, which are crucial for maximizing out-of-park revenues.

Here's a quick look at the scale of the combined ride assets available to the highest-tier passholders:

Asset Category	Total Count in Combined Portfolio
Amusement and Water Parks	42
Roller Coasters	288
Family Rides	282
Water Slides	970
Pools	234

The financial performance reflects this scale, with Adjusted EBITDA for Q2 2025 reaching $243 million. The value proposition is anchored in this massive, integrated asset base.

• All Park Passport includes admission and parking at all 42 parks starting January 6, 2025.
• Prestige Pass holders receive chain-specific benefits like a skip-the-line pass on every visit.
• The active pass base as of August 3, 2025, was down about 3% year-over-year, showing a slight contraction in the core membership base.
• Resort properties contribute to out-of-park revenues, which were a record $213 million in 2023.

Cedar Fair, L.P. (FUN) - Canvas Business Model: Customer Relationships

You're looking at how Cedar Fair, L.P. connects with the millions of guests who walk through its gates, especially now that the company operates 42 parks following the July 2024 merger. The relationship is a blend of high-tech automation and direct, on-the-ground interactions.

Automated, high-volume transaction processing via mobile app and online

The digital front door is critical; after all, 60% of site traffic comes from mobile devices. Cedar Fair, L.P. uses intelligent mobile apps to handle core transactions, letting guests store their season pass, check real-time wait times, and view show schedules. The goal is to create a unified customer profile across responsive websites and these connected apps to facilitate cross-channel personalization. The sheer volume of digital interaction is massive, with the average American checking their phone about 262 times per day, and the company needs its digital tools to keep pace with that expectation for instant access.

Dedicated loyalty programs for season pass holders (e.g., exclusive access)

The Pass Perks loyalty program is the core mechanism for rewarding repeat visits. Gold or Prestige Passholders are automatically enrolled, and rewards are earned simply by visiting the park, though communications are delivered via email, making sure your email is linked to your Season Pass number a key step. The value proposition of these passes is clear in the pricing structure for the 2025 season, which shows the commitment to driving high-value, recurring customers.

Here's a look at some of the 2025 Season Pass pricing structures for a legacy Cedar Fair park, which includes the All Park Passport add-on for broader access:

Pass Tier (with All Park Passport Add-on)	Example Price Range (USD)	Key Benefit Example (Chain Specific)
Gold Pass	$184 to $195	2025 Gold Passholders with All-Park Passport received early entry for the remainder of 2025.
Prestige Pass	$334 to $474	Prestige Pass benefits, like Fast Lane or dining plans, remained chain specific in 2025.
2026 Gold Renewal (Paid in Full)	$150 total (with $35 initial payment)	Included one bonus 2025 bring-a-friend-for-free ticket upon 2026 purchase by Sept. 1.

Direct, transactional relationships at the point of sale (in-park spending)

The in-park experience is where the direct, transactional relationship is forged, covering everything from admission to a hot dog and a souvenir. For the first nine months of 2025, Cedar Fair, L.P. hosted 21.1 million guests, a 1% increase year-over-year. However, the yield on that volume showed some pressure; in-park per capita spending fell 4% to $59.08 in Q3 2025. The Trailing Twelve Month (TTM) revenue as of November 2025 reached approximately $3.13 Billion USD. The Q2 2025 GAAP Earnings Per Share (EPS) came in at $0.99. This segment is about monetizing the visit, and the current numbers suggest a need to reignite spending per guest.

Community engagement through local sponsorships and charity events

Cedar Fair, L.P. supports its local communities, which is a key part of maintaining goodwill and local operating licenses. While specific 2025 dollar amounts for local sponsorships aren't publicly itemized in the latest reports, the company's overall strategy is backed by a planned combined capital investment of approximately $1.0 billion during 2025 and 2026 for new marketable rides and attractions to enhance the guest journey.

Digital communication for personalized offers and attendance incentives

The company uses its digital infrastructure to push personalized offers, aiming to incentivize attendance and spending. The Pass Perks program relies on email communication to deliver these rewards, which are surprises based on park visits. The technology stack is designed to deliver the right message, at the right time, in the right channel, which is essential for driving incremental visits outside of peak times. The focus is on using customer data to deepen engagement, much like how 21% of Millennials open an app 50+ times daily, indicating a high potential for frequent, small-scale interaction.

• The mobile app can walk you through the park, showing you where to go instantly.
• The platform supports dynamic messaging to communicate the latest promotions.
• The company is focused on leveraging customer data for cross-channel personalization.
• Out-of-park revenues, like resort bookings and digital sales, rose by a healthy 6% year-over-year to $108 million in the quarter ending Q3 2025.

Cedar Fair, L.P. (FUN) - Canvas Business Model: Channels

You're looking at the channels for the combined Six Flags Entertainment Corporation and Cedar Fair, L.P. entity as of late 2025. The market is watching how this massive portfolio of approximately 40 parks monetizes its reach, and the channels are where the rubber meets the road for ticket and in-park spend.

Direct-to-consumer online sales for tickets and season passes

The digital storefront is crucial for locking in attendance early, especially with season passes. As of August 3, 2025, the active pass base totaled approximately 7.4 million units, which was down about 3% compared to the same date in 2024. The company reported over 700,000 season passes renewed so far in 2025. While the overall retail sector saw 21% of purchases expected online in 2025, the specific percentage of Cedar Fair, L.P.'s admissions revenue derived from its direct e-commerce platform isn't explicitly broken out in the latest reports, but it's a core component of the overall revenue model.

Park gates and on-site ticket booths for day-of-visit sales

Day-of-visit sales at the park gates remain a significant, though perhaps less predictable, source of admissions revenue. The overall revenue model is dual-pronged, focusing on getting guests through the gates. The combined company entertained 17.8 million guests over a nine-week period ending August 31, 2025. For that same nine-week period, admissions per capita spending saw a 7% decline, which management attributed partly to incremental promotions designed to drive volume.

Mobile application for in-park purchases, digital passes, and wait times

The mobile application serves as the primary in-park digital touchpoint, connecting to customer profiles and personalization efforts. While the company has invested in intelligent mobile apps since 2015, specific revenue generated directly through the app for in-park purchases isn't isolated in the recent financial filings. However, the broader ancillary spending category-which includes in-park purchases-is a key focus. Out-of-park revenues, which include merchandise and food, rose 6% year-over-year to $108 million in the third quarter of 2025. The overall in-park per capita spending for Q3 2025 was $59.08.

Group sales team for corporate, school, and large-party bookings

Group sales are a dedicated channel for driving volume, though specific revenue figures for this segment are not separately reported in the latest summaries. The overall attendance growth in the second half of the season was supported by a 172,000 visit increase over a four-week period ending August 31, 2025, compared to 2024. This volume driver is where group bookings, corporate events, and large-party ticket sales fit into the overall admissions strategy.

Select third-party travel and ticket resellers

Third-party resellers act as an extension of the primary sales channels, distributing tickets and passes through established travel and ticketing networks. The company's revenue model is amplified by the addition of the Six Flags portfolio, which also utilizes these external channels. The overall TTM revenue for the combined entity as of November 2025 was approximately $3.16 billion.

Here's a snapshot of the latest available financial context relevant to these sales channels:

Metric	Value / Rate	Period / Date
Trailing Twelve Months Revenue	$3.16 billion USD	As of November 2025
Q3 2025 Revenue	$1.318 billion USD	Q3 2025
In-Park Per Capita Spending	$59.08	Q3 2025
In-Park Per Capita Spending Change	-4%	Q3 2025 vs. prior year
Out-of-Park Revenue Growth	6% increase Y/Y	Q3 2025
Out-of-Park Revenue Amount	$108 million USD	Q3 2025
Active Pass Base Units	Approx. 7.4 million units	As of August 3, 2025
Season Passes Renewed	Over 700,000	As of August 2025

The company is clearly focused on driving volume, as seen by the 27% jump in attendance for legacy Cedar Fair parks in Q1 2024, which was partially offset by lower per-person spending. The Q2 2025 revenue was $930.39 million, marking a 62.8% year-over-year increase.

Finance: draft 13-week cash view by Friday.

Cedar Fair, L.P. (FUN) - Canvas Business Model: Customer Segments

You're looking at the customer base for Cedar Fair, L.P. following the big merger, so the segments are now broader, covering the combined 27 amusement parks, 15 water parks, and nine resort properties. This is a much larger pool of guests to draw from.

Here's a quick look at the financial scale we are talking about as of mid-2025. The company reported a Q2 2025 revenue of $930.39 million, which was a 62.8% year-over-year increase. Still, the Q2 revenue missed analyst estimates by $51.65 million.

Metric	Value (2025 Data)	Context
2025 (TTM) Revenue	$3.13 Billion USD	Trailing Twelve Months revenue as of the latest report.
Q2 2025 Net Revenue	$930.39 million	Reported for the second quarter of 2025.
Legacy Cedar Fair Q2 2024 Net Revenue	$572 million	Pre-merger second quarter revenue for comparison.
Legacy Cedar Fair Q2 2024 In-Park Per Capita Spending	$59.54	Spending per guest in Q2 2024.

The local and regional families are the bread and butter, the folks who drive consistent, high-frequency visits. For the legacy Cedar Fair parks, Q1 2024 attendance was 1.3 million guests, showing that even in the slower quarter, there's a base of local traffic. This segment is highly sensitive to the perceived value of a day trip ticket versus other local entertainment options.

For the thrill-seeking teens and young adults, the focus is on premium add-ons. In-park per capita spending for legacy Cedar Fair parks in Q1 2024 was $60.53, though this dipped 6% that quarter. These guests are often the first to adopt premium offerings like Fast Lane, which is tied to the higher-tier passes.

Season pass holders who visit parks 10+ times per year are crucial for early-year cash flow. Sales of season passes were up 8% through the end of Q1 2024 compared to the prior year. For the 2025 season, the All Park Passport add-on, which grants admission to all combined parks, is priced around $184 to $195 when added to a base pass. Honestly, that's a key metric for understanding the value proposition for your most loyal customers.

Tourists and travelers are targeted through the expanded park footprint and the All Park Passport. The total attendance for legacy Cedar Fair parks in 2023 was 26.7 million guests. The combined entity now offers access to 42 parks across the U.S., Canada, and Mexico starting January 6, 2025, which definitely broadens the destination appeal.

Corporate and school groups utilize group sales packages, which contribute to out-of-park revenues. Out-of-park revenues for legacy Cedar Fair in Q2 2024 totaled a record $73 million, a 17% increase year-over-year. These sales are important for filling capacity on shoulder days.

• The base Gold Pass with the All Park Passport add-on cost about $200 for the 2024 season.
• The 2025 Prestige Pass add-on for the combined chain ranges from about $314 to $474 depending on the home park.
• The company is focused on yield management, driving a 10% increase in per capita food and beverage spending in some locations.

Finance: draft 13-week cash view by Friday.

Cedar Fair, L.P. (FUN) - Canvas Business Model: Cost Structure

You're looking at the cost side of the combined Cedar Fair, L.P. and Six Flags entity, which is a massive, capital-intensive operation. Honestly, the structure is dominated by costs that don't change much whether you have a record crowd or a rainy week.

High fixed costs are the bedrock here. A significant portion of expenses for full-time employees, maintenance, utilities, advertising, and insurance doesn't move much with attendance levels, as noted in the 2024 10-K filings. This high fixed cost nature means that if attendance misses expectations, margins, profitability, and cash flows can drop sharply. For context, the TTM Revenue as of November 2025 was reported at $3.16 Billion.

The need for constant reinvestment drives significant capital expenditure (CapEx). Management is targeting approximately $1.0 billion in combined capital expenditures across 2025 and 2026 to support growth and synergy realization. More specifically, the Combined Company expected its capital expenditures for the 2025 fiscal year to fall between $475 million and $500 million. These funds are earmarked for new high-thrill roller coasters at parks like Cedar Point and Six Flags Great America, plus water park renovations and F&B facility upgrades across the portfolio.

Variable costs scale with guest volume, primarily through the cost of goods sold (F&B, merchandise) and seasonal labor. While specific 2025 variable cost percentages aren't public yet, we see the trend: in Q3 2025, the combined entity reported in-park per capita spending of $59.08, which is a key input for COGS. For comparison, legacy Cedar Fair saw in-park per capita spending of $60.53 in Q1 2024, which was offset by a 6% decrease in that metric.

Debt servicing is a major, non-negotiable outflow, especially after the July 2024 merger. The combined entity's total debt stood at approximately $5.51 Billion USD as of June 2025. The outline point references the pre-merger structure, where Net debt on March 31, 2024, totaled $2.42 billion. The expected cash interest payments for the Combined Company in 2025 are projected to range from $305 million to $315 million. You need to look at the expected 2025 cash obligations to understand the servicing pressure.

Cash Obligation Category (2025 Projection)	Estimated Range (USD)	Context
Capital Expenditures	$475 million to $500 million	New rides and infrastructure investment
Cash Interest Payments	$305 million to $315 million	Servicing the combined debt load
Cash Payments for Income Taxes	$105 million to $115 million	Tax obligations for the combined entity

The sheer scale of the geographically dispersed park portfolio dictates high operating expenses. Post-merger, the entity manages 51 properties, including 27 amusement parks, 15 water parks, and associated resorts. The operating loss for legacy Cedar Fair in Q1 2024 was $126 million, and interest expense for that quarter alone was $35 million. The company is managing a complex integration across this footprint, which includes ongoing costs for a large, distributed full-time employee base and property insurance.

• Legacy Cedar Fair portfolio size (pre-merger): 13 properties (amusement parks, water parks, resorts).
• Combined entity portfolio size (post-merger): 51 properties.
• Q1 2024 Operating Loss: $126 million.
• Q1 2024 Interest Expense: $35 million.
• Combined Entity Total Debt (June 2025): $5.51 Billion.

Cedar Fair, L.P. (FUN) - Canvas Business Model: Revenue Streams

You're looking at the core ways Cedar Fair, L.P. converts its theme park and resort operations into actual cash flow as of late 2025. The business model is fundamentally about monetizing guest experiences across multiple touchpoints, which is why you see revenue segmented so clearly.

The total Trailing Twelve Month (TTM) Revenue as of late 2025 is approximately $3.13 Billion. This figure reflects the combined operations following the merger, showing significant scale compared to prior years.

Park Admission

This is the entry point for the majority of revenue, driven by daily ticket sales and, critically, season pass holders. The value of these multi-visit products is captured upfront, which helps smooth out seasonal attendance volatility.

• Season pass sales pacing up mid single digits as of early 2024, with average pricing trending up mid single digits.
• Attendance in Q3 2025 reached 21.1 million guests, a modest 1% increase year-over-year for that quarter.

In-Park Spending

Once guests are inside, the focus shifts to maximizing per capita spending across food, beverage, merchandise, and games. This stream is highly sensitive to guest satisfaction and operational execution during peak periods.

Here's a look at the per-guest spending metrics we have for the most recent reported quarter:

Metric	Value (Q3 2025)
In-Park Per Capita Spending	$59.08
In-Park Per Capita Spending Change (Y/Y)	Fell by 4%

The drop in per capita spending in Q3 2025 suggests some headwinds in monetizing the attendance base that quarter, even with a slight attendance increase.

Out-of-Park Revenue

This category captures revenue generated outside the core ride and show experience, including hotel stays, parking, and other ancillary services. It's a vital component for capturing the full guest spend, especially for destination visitors.

Out-of-park revenues showed strength in the third quarter of 2025:

• Out-of-park revenues rose 6% year-over-year in Q3 2025.
• Out-of-park revenues totaled $108 million in Q3 2025.

Deferred Revenue

This is cash received for products or services that will be delivered in a future accounting period, primarily season passes sold before the parks officially open for the full season. It's a key indicator of future revenue visibility and consumer commitment.

The upfront cash flow from season pass sales provides important working capital. For example, the deferred revenue balance at the end of Q1 2024 totaled $233 million, reflecting strong advance sales at that time.

To give you a more current view post-merger, the combined company reported deferred revenues of $374 million as of March 30, 2025, showing a substantial increase from the $233 million at the end of Q1 2024, largely due to incorporating the legacy Six Flags pass base.

Here's a snapshot of recent revenue performance for context:

Period Ending	Reported Net Revenue
Q3 2025	$1.32 Billion
Q2 2025	$930.39 Million
Q1 2025 (5-week period)	Approximately $192 million

Finance: draft 13-week cash view by Friday.