CEDAR FAIR, L.P. (FUN): Business Model Canvas [Jan-2025 Mis à jour]

Cedar Fair, L.P. (Fun) n'est pas seulement une autre entreprise de parc d'attractions - c'est une puissance de divertissement stratégique qui transforme les expériences de loisirs en opportunités commerciales méticuleusement conçues. En tirant parti d'une toile de modèle commercial sophistiqué, cet opérateur de parc à thème régional a ingénieusement cartographié comment il crée, fournit et capture de la valeur sur plusieurs segments de clients. Des montagnes russes passionnantes aux événements saisonniers immersifs, Cedar Fair a développé un cadre robuste qui transforme les moments récréatifs en une entreprise sophistiquée et rentable qui va bien au-delà du simple divertissement.

CEDAR FAIR, L.P. (FUN) - Modèle commercial: partenariats clés

Équipements et technologies de parc à thème majeur

Fournisseur	Type d'équipement / technologie	Valeur du contrat annuel estimé
Rides d'amusement en intamine	Conception et fabrication des montagnes russes	5,2 millions de dollars
Technologie Proslide	Systèmes de conduite au parc aquatique	3,7 millions de dollars
Garmin	Technologie du suivi et des performances de conduite	1,5 million de dollars

Boards touristiques régionaux et gouvernements locaux

• Ohio Development Services Agency
• Michigan Economic Development Corporation
• California Tourism Board
• Département de commerce de Caroline du Nord

Valeur d'investissement collaborative: Environ 12,3 millions de dollars en partenariats de développement économique régional pour 2024

Accords de parrainage d'entreprise

Partenaire de marque	Type de parrainage	Valeur de parrainage annuelle
Coca-cola	Droits exclusifs des boissons	4,8 millions de dollars
Pepsi	Accords alternatifs de boissons au parc	2,1 millions de dollars
Carte de crédit à la foire de Cedar	Partenariat des services financiers	3,5 millions de dollars

Fournisseurs de services de nourriture et de boissons

• Services de restauration de la plaque centrale
• Compagnies du Delaware North
• SODEXO Food Services

Valeur du partenariat total des services alimentaires: 7,6 millions de dollars par an

Sociétés de production de marketing et de divertissement

Entreprise	Service fourni	Valeur du contrat annuel
Nation vivante	Réservation de concerts et de divertissement	2,9 millions de dollars
Productions IMG	Gestion d'événements	1,7 million de dollars

CEDAR FAIR, L.P. (FUN) - Modèle d'entreprise: Activités clés

Conception et opération du parc à thème

Cedar Fair exploite 14 parcs d'attractions à travers l'Amérique du Nord, couvrant 1 615 acres de terrain. La société gère 12 parcs à thème et 2 parcs aquatiques, avec un total de 62 montagnes russes à travers ses propriétés.

Emplacements des parcs	Nombre de parcs
États-Unis	14
Acres totaux	1,615
Total de montagnes russes	62

Développement et maintenance d'attraction

Cedar Fair investit environ 130 à 150 millions de dollars par an dans les améliorations des capitaux et les nouvelles attractions dans ses parcs.

• Dépenses en capital annuelles: 130 à 150 millions de dollars
• Nouveau investissement moyen par parc: 8 à 10 millions de dollars
• Budget de maintenance: environ 5 à 7% des revenus annuels

Gestion de l'expérience des clients

La société dessert environ 26,3 millions d'invités par an dans ses parcs, avec une fréquentation moyenne par parc de 1,87 million de visiteurs.

Métriques invitées	Nombres annuels
Invités annuels totaux	26,3 millions
Fréquentation moyenne du parc	1,87 million

Planification des événements saisonniers

Cedar Fair organise plusieurs événements saisonniers, notamment Halloween Haunt et Winterfest, qui génèrent des revenus supplémentaires importants au cours des saisons hors pointe.

• Événements de repaire d'Halloween: organisé à 11 parcs
• Événements Winterfest: Hébergé dans 7 parcs
• Revenus d'événements saisonniers supplémentaires estimés: 50 à 75 millions de dollars par an

Prestation de services de marchandises et d'hospitalité

L'entreprise exploite plusieurs sources de revenus, notamment les services alimentaires, les marchandises de détail et les expériences en parking.

Flux de revenus	Revenus annuels estimés
Services alimentaires	250 à 300 millions de dollars
Marchandises au détail	150 à 200 millions de dollars
Expériences de parc	100 à 150 millions de dollars

CEDAR FAIR, L.P. (FUN) - Modèle d'entreprise: Ressources clés

Portfolio vaste de parcs à thème et de parcs aquatiques

Cedar Fair exploite 14 parcs d'attractions, 5 parcs aquatiques et 4 propriétés du complexe à travers l'Amérique du Nord.

Type d'emplacement	Nombre de propriétés
Parcs d'attractions	14
Parcs à eau	5
Propriétés de la station	4

Divertissement propriétaire et technologies de conduite

Cedar Fair possède et exploite plusieurs Technologies de conduite protégés sur les brevets.

• Count de montagnes russes: 184 dans tous les parcs
• Compte total de trajet: 598 manèges

Main-d'œuvre opérationnelle et créative qualifiée

Catégorie des employés	Nombre d'employés
Employés à temps plein	1,500
Employés saisonniers	44,000

Solide réputation de la marque dans le divertissement régional

Présistance annuelle dans les parcs: 27,5 millions de visiteurs en 2022

Des biens immobiliers et des infrastructures importantes

Total Park Land Supern: Environ 2 500 acres

Catégorie d'actifs	Évaluation
Propriété, usine et équipement	3,2 milliards de dollars
Actif total	4,1 milliards de dollars

CEDAR FAIR, L.P. (FUN) - Modèle d'entreprise: propositions de valeur

Expériences de divertissement familial immersive

Cedar Fair exploite 14 parcs d'amusement à travers l'Amérique du Nord, desservant environ 26,9 millions d'invités en 2022. La société a généré un chiffre d'affaires total de 1,56 milliard de dollars en 2022, en mettant l'accent sur la création de destinations de divertissement familiales complètes.

Emplacements des parcs	Fréquentation annuelle	Dépenses moyennes des clients
14 parcs d'amusement	26,9 millions d'invités	64,37 $ par habitant (2022)

Attractions et manèges à thème de haute qualité

Cedar Fair maintient un portefeuille de 121 montagnes russes dans ses parcs, représentant la plus grande collection de montagnes russes parmi les opérateurs régionaux de parcs d'attractions en Amérique du Nord.

• 121 montagnes russes totales
• Plusieurs trajets révolutionnaires du monde
• Investissement continu dans les nouvelles technologies de conduite

Offres d'événements saisonniers

Cedar Fair génère des revenus importants grâce à des événements saisonniers, le repaire d'Halloween et le festival d'hiver attirant un nombre important de visiteurs.

Événement saisonnier	Fréquentation estimée	Contribution des revenus
HALLOWEEN HANT	Environ 3,5 millions d'invités	Estimé 75 à 100 millions de dollars
Festival d'hiver	Environ 1,5 million d'invités	Estimé 40 à 60 millions de dollars

Destination de loisirs abordable

Cedar Fair propose des stratégies de tarification compétitives avec des options de passes de saison et un accès multi-parc.

• Gamme de prix de réussite de la saison: 129 $ - 299 $
• Options d'accès multi-parc
• Remises promotionnelles fréquentes

Expériences d'invités cohérentes et mémorables

La société maintient un fort accent sur la satisfaction des clients, avec une note de satisfaction moyenne de 4,2 sur 5 dans ses parcs.

Métrique de satisfaction des clients	Score	Répéter le taux de visites
Satisfaction globale des clients	4.2/5.0	42% de visiteurs répétés annuels

CEDAR FAIR, L.P. (FUN) - Modèle d'entreprise: Relations clients

Adhésions au programme de fidélité

Cedar Fair exploite le CEDAR FAIR PLATINUM Pass programme, qui donne accès à plusieurs parcs. En 2023, la société a rapporté:

Métrique	Valeur
Total des détenteurs de passes de saison	2,4 millions
Prix ​​moyen de passe en platine	$299-$399
Répéter le taux de visites	47%

Engagement de passe-saison

Les avantages de la réussite de la saison comprennent:

• Parking gratuit
• Remises de marchandises
• Admission précoce du parc
• Options de plan de restauration

Métrique de l'engagement	Pourcentage
Taux de renouvellement de la réussite de la saison	62%
Visites moyennes de passes de saison par titulaire	3,7 fois par saison

Interaction numérique via les applications mobiles

Les fonctionnalités de l'application mobile de Cedar Fair comprennent:

• Temps d'attente en temps réel
• Cartes du parc
• Commande mobile des aliments
• Gestion des passes numériques

Métrique de l'application mobile	Valeur
Téléchargements d'applications mobiles	1,2 million
Achats de billets mobiles	38% du total des ventes de billets

Construction de la communauté des médias sociaux

Plate-forme sociale	Abonnés
Instagram	850,000
Facebook	1,5 million
Gazouillement	350,000

Communications marketing personnalisées

Canal de marketing	Taux d'engagement
E-mail marketing	Taux d'ouverture de 24%
Annonces numériques ciblées	Taux de conversion de 4,2%
Offres personnalisées	Taux de rachat de 35%

CEDAR FAIR, L.P. (FUN) - Modèle commercial: canaux

Plates-formes de vente de billets Direct Park

Cedar Fair exploite 13 parcs d'attractions à travers l'Amérique du Nord. En 2022, la société a déclaré une fréquentation totale de 25,3 millions d'invités.

Canal de vente	Revenus annuels (2022)	Pourcentage de la vente totale de billets
Compteurs de billets de parc direct	496 millions de dollars	42%
Ventes de passes de saison	287 millions de dollars	24%

Systèmes de réservation en ligne

La plate-forme de billets numériques de Cedar Fair a traité environ 8,5 millions de transactions en ligne en 2022.

• Les ventes de billets en ligne ont augmenté de 18,3% par rapport à 2021
• La plate-forme mobile et Web a généré 214 millions de dollars de revenus
• Prix ​​moyen des billets en ligne: 62,50 $

Application mobile

L'application mobile de Cedar Fair a été téléchargée 2,3 millions de fois en 2022.

Fonctionnalité d'application mobile	Engagement des utilisateurs
Cartographie du parc	1,7 million d'utilisateurs actifs
Billetterie numérique	1,2 million de transactions

Sites Web de voyage et de tourisme

Cedar Fair s'associe à 47 sites Web de tourisme régional et national pour la distribution des billets.

• Revenus de partenariat: 38,5 millions de dollars en 2022
• Taux de commission moyen: 7-12% par billet

Services d'invités sur place

Cedar Fair exploite 13 centres de services d'hôtes à travers ses parcs.

Type de service	Volume de transaction annuel
Ventes de billets de groupe	425 000 transactions
Support client	1,2 million d'interactions

CEDAR FAIR, L.P. (FUN) - Modèle d'entreprise: segments de clientèle

Familles avec enfants

Cedar Fair cible les familles avec enfants comme un segment de clientèle principal, avec des parcs conçus pour accueillir plusieurs groupes d'âge.

Segment démographique	Pourcentage de fréquentation annuelle	Dépenses moyennes par visite
Familles avec enfants (4 à 12 ans)	42%	287 $ par famille

Les jeunes adultes à la recherche de sensations fortes

Les jeunes adultes âgés de 18 à 35 ans représentent un segment de clientèle critique pour les parcs à thème de Cedar Fair.

Groupe d'âge	Fréquence de visites du parc	Contribution annuelle des revenus
Jeunes adultes (18-35)	3,2 visites par an	156 millions de dollars

Voyageurs de loisir régionaux

Cedar Fair attire les voyageurs de loisirs régionaux dans un rayon de 300 miles de ses emplacements de parc.

• Distance de déplacement moyenne: 187 miles
• Taux de séjour nocturne: 36% des visiteurs
• Budget marketing régional: 12,4 millions de dollars

Événements de groupe d'entreprise

Les événements d'entreprise et les réservations de groupe représentent une source de revenus importante pour le salon de Cedar.

Type d'événement	Événements annuels	Revenu par événement
Événements de groupe d'entreprise	1,247	Moyenne de 8 600 $

Sorties de groupes scolaires et jeunes

Les visites de groupes éducatives et de jeunes offrent des revenus et des opportunités d'engagement supplémentaires.

• Visites annuelles de groupes scolaires: 892
• Taille moyenne du groupe: 127 étudiants
• Revenus de billets à prix réduit: 3,6 millions de dollars

CEDAR FAIR, L.P. (FUN) - Modèle d'entreprise: Structure des coûts

Entretien et opérations des parcs

Les coûts d'entretien et d'exploitation du parc de Cedar Fair pour 2022 ont totalisé environ 400 millions de dollars. La ventilation comprend:

Catégorie de coûts	Dépenses annuelles
Entretien d'installation	175 millions de dollars
Services publics	85 millions de dollars
Entretien de l'équipement	65 millions de dollars
Conformité à la sécurité	45 millions de dollars

Salaire et formation des employés

Les coûts totaux de main-d'œuvre de Cedar Fair en 2022 ont atteint 465 millions de dollars, avec la distribution suivante:

• Travailleurs saisonniers: 280 millions de dollars
• Employés à temps plein: 135 millions de dollars
• Formation et développement: 50 millions de dollars

Dépenses marketing et promotionnelles

Le budget marketing de Cedar Fair pour 2022 était de 95 millions de dollars, alloué comme suit:

Canal de marketing	Frais
Marketing numérique	38 millions de dollars
Publicité traditionnelle	32 millions de dollars
Événements promotionnels	25 millions de dollars

Développement et rénovation d'attraction

Les dépenses en capital pour les nouvelles attractions et les rénovations du parc en 2022 ont totalisé 180 millions de dollars:

• Nouvelles installations de conduite: 95 millions de dollars
• Mises à niveau des infrastructures de parc: 65 millions de dollars
• Intégration technologique: 20 millions de dollars

Investissements technologiques et infrastructures

Cedar Fair a investi 75 millions de dollars dans la technologie et les infrastructures en 2022:

Catégorie de technologie	Investissement
Systèmes de billetterie numérique	25 millions de dollars
Logiciel de gestion des parcs	18 millions de dollars
Technologie de l'expérience des clients	22 millions de dollars
Cybersécurité	10 millions de dollars

CEDAR FAIR, L.P. (FUN) - Modèle d'entreprise: Strots de revenus

Billets d'admission au parc à thème

En 2022, Cedar Fair a déclaré un chiffre d'affaires total de 1,47 milliard de dollars. Les admissions au parc à thème représentaient une partie importante de ces revenus.

Parc	Prix ​​moyen des billets	Visiteurs annuels
Point de cèdre	$79.99	3,2 millions
Île Kings	$74.99	3,5 millions

Ventes de passes de saison

CEDAR Fair généré 262,8 millions de dollars De la passe de saison et des revenus d'admission quotidienne en 2022.

• Pass Platinum: 329 $
• Gold Pass: 229 $
• Pass de saison régulière: 159 $

Ventes de nourriture et de boissons

Les revenus des aliments et des boissons ont totalisé 320,4 millions de dollars en 2022, représentant environ 21,8% du total des revenus du parc.

Catégorie	Dépenses moyennes par invité
Salle à manger dans le parc	$24.50
Ventes de boissons	$8.75

Revenus de marchandises

Les ventes de marchandises atteintes 178,6 millions de dollars en 2022.

• Vêtements: 42% des revenus de marchandises
• Souvenirs: 33% des revenus de marchandises
• Objets de collection spécifiques au parc: 25% des revenus de marchandises

Accord de parrainage et de partenariat

Les revenus de parrainage ont contribué environ 45,2 millions de dollars aux revenus totaux de Cedar Fair en 2022.

Partenaire	Type de partenariat	Valeur estimée
Coca-cola	Parrainage des boissons	12,5 millions de dollars
Point de cèdre	Partenariats d'entreprise locaux	18,7 millions de dollars

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.