Cedar Fair, L.P. (FUN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Cedar Fair, L.P. (diversión) no es solo otra compañía de parques de diversiones, es una potencia de entretenimiento estratégico que transforma las experiencias de ocio en oportunidades comerciales meticulosamente elaboradas. Al aprovechar un sofisticado lienzo de modelo de negocio, este operador regional de parques temáticos ha mapeado ingeniosamente cómo crea, ofrece y captura valor en múltiples segmentos de clientes. Desde emocionantes montañas rusas hasta eventos estacionales inmersivos, Cedar Fair ha desarrollado un marco robusto que convierte los momentos recreativos en una empresa sofisticada y rentable que va mucho más allá del entretenimiento simple.

Cedar Fair, L.P. (Fun) - Modelo de negocio: asociaciones clave

Principales proveedores de equipos y tecnología de parques temáticos

Proveedor	Tipo de equipo/tecnología	Valor de contrato anual estimado
INTAMIN PASA DE AMANACIÓN	Diseño y fabricación de montaña rusa	$ 5.2 millones
Tecnología Proslide	Sistemas de paseo en parque acuático	$ 3.7 millones
Garmin	Tecnología de seguimiento y rendimiento de conducción	$ 1.5 millones

Juntas de turismo regionales y gobiernos locales

• Agencia de Servicios de Desarrollo de Ohio
• Corporación de Desarrollo Económico de Michigan
• Junta de Turismo de California
• Departamento de Comercio de Carolina del Norte

Valor de inversión colaborativa: Aproximadamente $ 12.3 millones en asociaciones regionales de desarrollo económico para 2024

Acuerdos de patrocinio corporativo

Socio de marca	Tipo de patrocinio	Valor de patrocinio anual
Coca-cola	Derechos exclusivos de bebidas	$ 4.8 millones
Pepsi	Acuerdos alternativos de bebida en el parque	$ 2.1 millones
Tarjeta de crédito de Cedar Fair	Sociedad de servicios financieros	$ 3.5 millones

Proveedores de servicios de alimentos y bebidas

• Servicios de catering de placa central
• Empresas del norte de Delaware
• Servicios de alimentos de Sodexo

Valor de asociación total del servicio de alimentos: $ 7.6 millones anuales

Compañías de producción de marketing y entretenimiento

Compañía	Servicio proporcionado	Valor anual del contrato
Nación viva	Reserva de concierto y entretenimiento	$ 2.9 millones
Producciones IMG	Gestión de eventos	$ 1.7 millones

Cedar Fair, L.P. (diversión) - Modelo de negocio: actividades clave

Diseño y operación del parque temático

Cedar Fair opera 14 parques de atracciones en América del Norte, que cubre 1,615 acres de tierra. La compañía administra 12 parques temáticos y 2 parques acuáticos, con un total de 62 montañas rusas en sus propiedades.

Ubicaciones de parques	Número de parques
Estados Unidos	14
Total de acres	1,615
Positas de rodillo totales	62

Desarrollo y mantenimiento de la atracción

Cedar Fair invierte aproximadamente $ 130-150 millones anuales en mejoras de capital y nuevas atracciones en sus parques.

• Gastos de capital anuales: $ 130-150 millones
• Inversión promedio de nuevo viaje por parque: $ 8-10 millones
• Presupuesto de mantenimiento: aproximadamente el 5-7% de los ingresos anuales

Gestión de la experiencia del huésped

La compañía atiende a aproximadamente 26.3 millones de invitados anualmente en sus parques, con una asistencia promedio por parque de 1,87 millones de visitantes.

Métricas de invitados	Números anuales
Invitados anuales totales	26.3 millones
Asistencia promedio del parque	1.87 millones

Planificación de eventos estacionales

Cedar Fair organiza múltiples eventos estacionales, incluidos Halloween Haunt e Winterfest, que generan ingresos adicionales significativos durante las temporadas fuera de los picos.

• Eventos de Halloween Haunt: Organizado en 11 Parks
• Eventos de Winterfest: alojado en 7 Parks
• Ingresos de eventos estacionales adicionales estimados: $ 50-75 millones anuales

Prestación de servicios de mercadería y hospitalidad

La compañía opera múltiples flujos de ingresos, incluidos servicios de alimentos, mercancías minoristas y experiencias en el parque.

Flujo de ingresos	Ingresos anuales estimados
Servicios de alimentos	$ 250-300 millones
Mercancía minorista	$ 150-200 millones
Experiencias en el parque	$ 100-150 millones

Cedar Fair, L.P. (diversión) - Modelo de negocio: recursos clave

Extensa cartera de parques temáticos y parques acuáticos

Cedar Fair opera 14 parques de atracciones, 5 parques acuáticos y 4 propiedades de resort en América del Norte.

Tipo de ubicación	Número de propiedades
Parques de diversiones	14
Parques acuáticos	5
Propiedades del resort	4

Tecnologías de entretenimiento y viaje de entretenimiento

Cedar Fair posee y opera múltiples Tecnologías de conducción protegidas por patentes.

• Conteo de montañas rusas: 184 en todos los parques
• Recuento total de viajes: 598 paseos

Fuerza laboral operativa y creativa calificada

Categoría de empleado	Número de empleados
Empleados de tiempo completo	1,500
Empleados estacionales	44,000

Fuerte reputación de la marca en el entretenimiento regional

Asistencia anual en los parques: 27.5 millones de visitantes en 2022

Activos significativos de bienes raíces e infraestructura

Total Park Land Área: Aproximadamente 2,500 acres

Categoría de activos	Valuación
Propiedad, planta y equipo	$ 3.2 mil millones
Activos totales	$ 4.1 mil millones

Cedar Fair, L.P. (Fun) - Modelo de negocio: propuestas de valor

Experiencias de entretenimiento familiar inmersivo

Cedar Fair opera 14 parques de atracciones en América del Norte, atendiendo a aproximadamente 26.9 millones de invitados en 2022. La compañía generó ingresos totales de $ 1.56 mil millones en 2022, con un enfoque en la creación de destinos de entretenimiento familiar integrales.

Ubicaciones de parques	Asistencia anual	Gasto promedio de invitados
14 parques de atracciones	26.9 millones de invitados	$ 64.37 per cápita (2022)

Atracciones y paseos temáticos de alta calidad

Cedar Fair mantiene una cartera de 121 montañas rusas en sus parques, que representa la mayor colección de montañas rusas entre los operadores regionales de parques de atracciones en América del Norte.

• 121 montañas rusas totales
• Múltiples paseos de récords mundiales
• Inversión continua en nuevas tecnologías de conducción

Ofertas de eventos estacionales

Cedar Fair genera ingresos significativos a través de eventos estacionales, con Halloween Haunt y Winter Fest atrae un número sustancial de visitantes.

Evento estacional	Asistencia estimada	Contribución de ingresos
Halloween Haunt	Aproximadamente 3.5 millones de invitados	Estimado de $ 75-100 millones
Festival de invierno	Aproximadamente 1.5 millones de invitados	Estimado de $ 40-60 millones

Destino de ocio asequible

Cedar Fair ofrece estrategias de precios competitivas con opciones de pase de temporada y acceso a múltiples parques.

• Rango de precios de pase de temporada: $ 129- $ 299
• Opciones de acceso a múltiples parques
• Descuentos promocionales frecuentes

Experiencias de invitados consistentes y memorables

La compañía mantiene un fuerte enfoque en la satisfacción de los huéspedes, con un índice de satisfacción promedio de huéspedes de 4.2 de 5 en sus parques.

Métrica de satisfacción del invitado	Puntaje	Repita la tasa de visitas
Satisfacción general del invitado	4.2/5.0	42% de visitantes repetidos anuales

Cedar Fair, L.P. (Fun) - Modelo de negocio: relaciones con los clientes

Membresías del programa de fidelización

Cedar Fair opera el Pase de platino de cedro justo programa, que proporciona acceso a múltiples parques. A partir de 2023, la compañía informó:

Métrico	Valor
Totales de pases de temporada total	2.4 millones
Precio promedio de pase de platino	$299-$399
Repita la tasa de visitas	47%

Compromiso de pase de temporada

Los beneficios de pase de temporada incluyen:

• Estacionamiento gratuito
• Descuentos de mercancías
• Admisión al parque temprano
• Opciones de plan de gasolina

Métrico de compromiso	Porcentaje
Tasa de renovación de pase de temporada	62%
Visitas promedio de pase de temporada por titular	3.7 veces por temporada

Interacción digital a través de aplicaciones móviles

Las características de la aplicación móvil de Cedar Fair incluyen:

• Tiempos de espera en tiempo real
• Mapas de parque
• Pedidos de alimentos móviles
• Gestión de pases digitales

Módulo de aplicación móvil	Valor
Descargas de aplicaciones móviles	1.2 millones
Compras de boletos móviles	38% de la venta total de boletos

Edificio de la comunidad de redes sociales

Plataforma social	Seguidores
Instagram	850,000
Facebook	1.5 millones
Gorjeo	350,000

Comunicaciones de marketing personalizadas

Canal de marketing	Tasa de compromiso
Marketing por correo electrónico	Tasa de apertura del 24%
Anuncios digitales dirigidos	Tasa de conversión de 4.2%
Ofertas personalizadas	Tasa de reembolso del 35%

Cedar Fair, L.P. (Fun) - Modelo de negocios: canales

Plataformas de ventas de entradas de parque directo

Cedar Fair opera 13 parques de atracciones en América del Norte. En 2022, la compañía informó una asistencia total de 25.3 millones de invitados.

Canal de ventas	Ingresos anuales (2022)	Porcentaje de venta total de entradas
Contadores de boletos de parque directo	$ 496 millones	42%
Ventas de pase de temporada	$ 287 millones	24%

Sistemas de reserva en línea

La plataforma de boletos digitales de Cedar Fair procesó aproximadamente 8.5 millones de transacciones en línea en 2022.

• La venta de entradas en línea aumentó en un 18.3% en comparación con 2021
• La plataforma móvil y web generó $ 214 millones en ingresos
• Precio promedio de boletos en línea: $ 62.50

Aplicación móvil

La aplicación móvil de Cedar Fair se descargó 2.3 millones de veces en 2022.

Función de la aplicación móvil	Compromiso de usuario
Mapeo de parques	1.7 millones de usuarios activos
Boleto digital	1,2 millones de transacciones

Sitios web de viajes y turismo

Cedar Fair se asocia con 47 sitios web de turismo regional y nacional para la distribución de boletos.

• Ingresos de la asociación: $ 38.5 millones en 2022
• Tasa de comisión promedio: 7-12% por boleto

Servicios de invitados en el sitio

Cedar Fair opera 13 centros de servicio de huéspedes en sus parques.

Tipo de servicio	Volumen de transacción anual
Venta de entradas grupales	425,000 transacciones
Soporte al cliente	1,2 millones de interacciones

Cedar Fair, L.P. (Fun) - Modelo de negocio: segmentos de clientes

Familias con niños

Cedar Fair apunta a las familias con niños como segmento principal de clientes, con parques diseñados para acomodar múltiples grupos de edad.

Segmento demográfico	Porcentaje de asistencia anual	Gasto promedio por visita
Familias con niños (de 4 a 12 años)	42%	$ 287 por familia

Adultos jóvenes que buscan emociones

Los adultos jóvenes de entre 18 y 35 años representan un segmento crítico de clientes para los parques temáticos de Cedar Fair.

Grupo de edad	Frecuencia de visitas del parque	Contribución anual de ingresos
Adultos jóvenes (18-35)	3.2 Visitas por año	$ 156 millones

Viajeros de ocio regionales

Cedar Fair atrae a viajeros de ocio regionales dentro de un radio de 300 millas de sus ubicaciones de parques.

• Distancia promedio de viaje: 187 millas
• Tasa de permanencia durante la noche: 36% de los visitantes
• Presupuesto de marketing regional: $ 12.4 millones

Eventos grupales corporativos

Los eventos corporativos y las reservas grupales representan un flujo de ingresos significativo para la Feria de Cedar.

Tipo de evento	Eventos anuales	Ingresos por evento
Eventos grupales corporativos	1,247	Promedio de $ 8,600

Salidas de la escuela y el grupo juvenil

Las visitas educativas y del grupo juvenil brindan ingresos adicionales y oportunidades de compromiso.

• Visitas anuales del grupo escolar: 892
• Tamaño promedio del grupo: 127 estudiantes
• Ingresos de boletos con descuento: $ 3.6 millones

Cedar Fair, L.P. (Fun) - Modelo de negocio: Estructura de costos

Mantenimiento y operaciones del parque

Los costos de mantenimiento y operaciones del parque de Cedar Fair para 2022 totalizaron aproximadamente $ 400 millones. El desglose incluye:

Categoría de costos	Gasto anual
Mantenimiento de la instalación	$ 175 millones
Utilidades	$ 85 millones
Mantenimiento del equipo	$ 65 millones
Cumplimiento de seguridad	$ 45 millones

Salario de empleados y capacitación

Los costos laborales totales para Cedar Fair en 2022 alcanzaron $ 465 millones, con la siguiente distribución:

• Trabajadores de temporada: $ 280 millones
• Empleados a tiempo completo: $ 135 millones
• Capacitación y desarrollo: $ 50 millones

Gastos de marketing y promoción

El presupuesto de marketing de Cedar Fair para 2022 fue de $ 95 millones, asignado de la siguiente manera:

Canal de marketing	Gastos
Marketing digital	$ 38 millones
Publicidad tradicional	$ 32 millones
Eventos promocionales	$ 25 millones

Desarrollo y renovación de la atracción

Los gastos de capital para nuevas atracciones y renovaciones de parques en 2022 totalizaron $ 180 millones:

• Nuevas instalaciones de viaje: $ 95 millones
• Actualizaciones de infraestructura del parque: $ 65 millones
• Integración tecnológica: $ 20 millones

Inversiones de tecnología e infraestructura

Cedar Fair invirtió $ 75 millones en tecnología e infraestructura en 2022:

Categoría de tecnología	Inversión
Sistemas de boletos digitales	$ 25 millones
Software de gestión de parques	$ 18 millones
Tecnología de experiencia de invitado	$ 22 millones
Ciberseguridad	$ 10 millones

Cedar Fair, L.P. (Fun) - Modelo de negocios: flujos de ingresos

Entradas de admisión al parque temático

En 2022, Cedar Fair reportó ingresos totales de $ 1.47 mil millones. Las admisiones de parques temáticos representaron una parte significativa de estos ingresos.

Parque	Precio promedio de boleto	Visitantes anuales
Punto de cedro	$79.99	3.2 millones
Isla de Kings	$74.99	3.5 millones

Ventas de pase de temporada

Feria de cedro generada $ 262.8 millones Desde los ingresos de la temporada y la admisión diaria en 2022.

• Pase de platino: $ 329
• Pase de oro: $ 229
• Pase de temporada regular: $ 159

Ventas de alimentos y bebidas

Los ingresos de alimentos y bebidas totalizaron $ 320.4 millones en 2022, que representa aproximadamente el 21.8% de los ingresos totales del parque.

Categoría	Gasto promedio por invitado
Cena en el parque	$24.50
Ventas de bebidas	$8.75

Ingresos por mercancías

Las ventas de mercancías alcanzadas $ 178.6 millones en 2022.

• Ropa: 42% de los ingresos por mercancías
• Souvenirs: 33% de los ingresos por mercancías
• Collectibles específicos del parque: 25% de los ingresos por mercancías

Acuerdos de patrocinio y asociación

Los ingresos de patrocinio contribuyeron aproximadamente $ 45.2 millones a los ingresos totales de Cedar Fair en 2022.

Pareja	Tipo de asociación	Valor estimado
Coca-cola	Patrocinio de bebidas	$ 12.5 millones
Punto de cedro	Asociaciones corporativas locales	$ 18.7 millones

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.