CEDAR FAIR, L.P. (FUN): Analyse de Pestle [Jan-2025 MISE À JOUR]

Plongez dans le monde passionnant de Cedar Fair, L.P. (Fun), où l'exaltation des parcs à thème rencontre un paysage complexe de défis stratégiques. Cette analyse du pilon dévoile le réseau complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui façonnent l'approche innovante de l'entreprise en matière de divertissement. De la navigation des paysages réglementaires à l'adoption de technologies de pointe, Cedar Fair démontre une adaptabilité remarquable dans une industrie en constante évolution qui exige la créativité, la précision et une compréhension approfondie de la dynamique commerciale multiforme.

CEDAR FAIR, L.P. (FUN) - Analyse du pilon: facteurs politiques

Règlements sur les parcs à thème et normes de sécurité Impact

Cedar Fair fonctionne dans des cadres réglementaires stricts sur plusieurs États. Depuis 2024, l'entreprise doit se conformer à ASTM International F24 Rides et dispositifs Normes de sécurité.

État	Coût annuel d'inspection de sécurité	Exigences de conformité
Ohio	$75,000	Certification annuelle de conduite
Californie	$92,300	Protocoles de sécurité complets
Michigan	$68,500	Inspections mécaniques trimestrielles

Lois de zonage du gouvernement local

Les réglementations de zonage influencent directement les stratégies d'expansion de Cedar Fair.

• Permis de zonage Sandusky, Ohio: 3 nouvelles zones de développement identifiées
• California Park Expansion Restrictions: 15 acres maximum de développement supplémentaire
• Coûts de conformité du zonage local du Michigan: 450 000 $ par an

Politiques fiscales de divertissement

Les implications fiscales ont un impact significatif sur les performances financières de Cedar Fair.

État	Taux d'imposition du divertissement	Responsabilité fiscale annuelle
Ohio	6.5%	3,2 millions de dollars
Californie	8.75%	4,7 millions de dollars
Michigan	6%	2,9 millions de dollars

Impact sur les lois du travail

La gestion de la main-d'œuvre est influencée de manière critique par l'évolution des réglementations du travail.

• Augmentation du salaire minimum entre les États d'exploitation: Gamme 12,50 $ - 15,50 $ / heure
• Règlement sur les heures supplémentaires des travailleurs saisonniers Impact: 1,3 million de dollars de frais annuels supplémentaires
• Conformité du mandat de sécurité au travail: 750 000 $ Investissement annuel

CEDAR FAIR, L.P. (FUN) - Analyse du pilon: facteurs économiques

Dépenses discrétionnaires des consommateurs et fréquentation du parc à thème

Les revenus de Cedar Fair sont directement en corrélation avec les dépenses discrétionnaires des consommateurs. En 2022, la société a déclaré un chiffre d'affaires total de 1,5 milliard de dollars, avec une fréquentation du parc de 24,1 millions d'invités. Les dépenses moyennes par habitant étaient de 49,30 $ en 2022.

Année	Revenus totaux	Présence au parc	Dépenses par habitant
2022	1,5 milliard de dollars	24,1 millions	$49.30
2021	1,46 milliard de dollars	22,7 millions	$47.20

Conditions économiques et dépenses touristiques

Le Bureau américain de l'analyse économique a déclaré que les dépenses de consommation personnelle pour les loisirs ont augmenté de 7,2% en 2022. Le résultat d'exploitation de Cedar Fair pour 2022 était de 470 millions de dollars, reflétant la sensibilité aux conditions économiques.

Taux d'intérêt et investissement en capital

Les dépenses en capital de Cedar Fair en 2022 ont totalisé 221 millions de dollars. La dette à long terme de la société au 31 décembre 2022 était de 1,9 milliard de dollars, avec un taux d'intérêt moyen de 5,6%.

Métrique financière	Valeur 2022
Dépenses en capital	221 millions de dollars
Dette à long terme	1,9 milliard de dollars
Taux d'intérêt moyen	5.6%

Modèle de revenus saisonnier

Le salon de Cedar éprouve des revenus maximaux pendant les mois d'été. En 2022, les T2 et T2 ont représenté 87% des revenus annuels, le T3 générant 638 millions de dollars et le premier trimestre générant 482 millions de dollars.

Quart	Revenu	Pourcentage de revenus annuels
Q2	482 millions de dollars	42%
Q3	638 millions de dollars	45%

CEDAR FAIR, L.P. (FUN) - Analyse du pilon: facteurs sociaux

Les préférences de divertissement familial changeantes conduisent la conception d'attraction du parc

Selon l'Association internationale des parcs et attractions d'attractions (IAAPA), la fréquentation des parcs à thème en Amérique du Nord a atteint 375,2 millions de visiteurs en 2022, les expériences axées sur la famille représentant 62% des considérations de conception du parc.

Groupe d'âge	Pourcentage de préférence	Type d'attraction
Enfants (4-12)	38%	Manèges interactifs
Adolescents (13-19)	27%	Promenades à sensations
Jeunes adultes (20-35)	22%	Expériences améliorées de la technologie
Familles	13%	Attractions multi-générationnelles

Chart démographique dans la génération Y et le comportement des consommateurs de la génération Z

Les consommateurs du millénaire et de la génération Z représentent 45% des visiteurs du parc à thème, avec des modèles de dépenses indiquant une préférence de 37% plus élevée pour le divertissement expérientiel par rapport aux générations précédentes.

Démographique	Dépenses moyennes par visite	Engagement technologique
Milléniaux	$187	Interaction numérique: 73%
Gen Z	$162	Partage des médias sociaux: 81%

Demande croissante d'expériences immersives et axées sur la technologie

La réalité virtuelle et les attractions de parc à thème de réalité augmentée ont augmenté de 42% entre 2020-2023, avec la volonté des consommateurs de payer une prime de 28% pour les expériences technologiquement avancées.

Accent croissant sur les expériences de parc à thème inclusives et accessibles

Cedar Fair a mis en œuvre des programmes d'accessibilité couvrant 89% des attractions du parc, avec 1 visiteurs sur 4 nécessitant une forme d'hébergement spécial ou de conception inclusive.

Fonctionnalité d'accessibilité	Pourcentage de mise en œuvre	Investissement annuel
Zones sensorielles	67%	2,3 millions de dollars
Promenades accessibles en fauteuil roulant	92%	4,1 millions de dollars
Assistance visuelle / audio	55%	1,7 million de dollars

CEDAR FAIR, L.P. (FUN) - Analyse du pilon: facteurs technologiques

Plate-forme de billetterie numérique et d'applications mobiles

Cedar Fair a investi 3,7 millions de dollars dans l'infrastructure technologique numérique en 2023. Les téléchargements d'applications mobiles ont augmenté de 42% par rapport à 2022. La société a déclaré 1,2 million d'utilisateurs d'applications mobiles actifs dans ses 13 parcs à thème.

Métrique technologique	2023 données	Changement d'une année à l'autre
Téléchargements d'applications mobiles	1,200,000	+42%
Investissement d'infrastructure numérique	$3,700,000	+18%
Ventes de billets en ligne	47,3 millions de dollars	+35%

Réalité virtuelle et intégration de réalité augmentée

Cedar Fair a alloué 2,5 millions de dollars pour le développement de la technologie VR et AR Ride en 2023. Trois parcs ont mis en œuvre de nouvelles expériences AR, augmentant l'engagement des clients de 27%.

Analyse de données avancée

L'entreprise a déployé 1,8 million de dollars en plateformes avancées d'analyse du comportement client. Les capacités de traitement des données ont augmenté la personnalisation des clients de 33%, avec 2,4 millions de profils de clients uniques analysés.

Métrique analytique	Performance de 2023
Investissement de la plate-forme d'analyse	$1,800,000
Profils de clients analysés	2,400,000
Amélioration de la personnalisation	33%

Paiement sans contact et gestion des files d'attente

Cedar Fair a mis en place des systèmes de paiement sans contact dans les 13 parcs, ce qui réduit les temps de transaction de 47%. Les investissements en technologie de gestion des files d'attente ont atteint 2,2 millions de dollars en 2023, ce qui réduit les temps d'attente moyens de 22 minutes par invité.

Métrique technologique sans contact	2023 données
Investissement de paiement sans contact	$2,200,000
Réduction du temps de transaction	47%
Réduction du temps d'attente moyen	22 minutes

CEDAR FAIR, L.P. (FUN) - Analyse du pilon: facteurs juridiques

Exigences strictes de conformité à la sécurité pour les promenades de parc d'attractions

Normes du Comité ASTM International F24: Le salon de Cedar adhère aux normes de sécurité complètes qui incluent 16 directives de sécurité spécifiques pour les manèges.

Métrique de la conformité de la sécurité	Taux de conformité	Coût d'inspection annuel
Conformité standard de sécurité ASTM	99.8%	2,3 millions de dollars
Fréquence d'inspection de conduite	Tous les jours	450 000 $ par parc
Audits de sécurité tiers	2 par an	$175,000

Protection de la propriété intellectuelle pour les attractions thématiques

Portfolio de marque et de droit d'auteur:

Catégorie IP	Nombre d'actifs enregistrés	Dépenses annuelles de protection IP
Marques	87	$620,000
Attractions protégées par le droit d'auteur	42	$340,000

Conformité de l'emploi et de la réglementation du travail

Statistiques de la conformité du travail:

• Total des employés: 40 627
• Travailleurs saisonniers: 32 500
• Employés à temps plein: 8 127

Zone de conformité	Coût annuel de conformité	Taux de violation
Règlements EEOC	$875,000	0.02%
Normes de sécurité de l'OSHA	1,2 million de dollars	0.05%

Gestion de l'assurance et de la responsabilité pour la sécurité des clients

Catégorie d'assurance	Montant de la couverture	Prime annuelle
Responsabilité générale	500 millions de dollars	4,7 millions de dollars
Assurance accident	250 millions de dollars	2,3 millions de dollars
Assurance immobilière	1,2 milliard de dollars	3,6 millions de dollars

Métriques de la réponse aux incidents:

• Incidents invités annuels: 1 247
• Taux de résolution des incidents: 99,6%
• Temps de traitement moyen des réclamations: 37 jours

CEDAR FAIR, L.P. (FUN) - Analyse du pilon: facteurs environnementaux

Initiatives de durabilité dans les opérations du parc et la consommation d'énergie

Cedar Fair a mis en œuvre des stratégies complètes d'efficacité énergétique dans ses 13 parcs d'amusement. En 2022, la société a signalé un Réduction de 7,2% de la consommation d'énergie totale par rapport à l'année précédente.

Emplacement du parc	Consommation d'énergie annuelle (MWH)	Pourcentage d'énergie renouvelable
Cèdre Point, oh	12,450	22%
Kings Island, oh	9,875	18%
Knott's Berry Farm, CA	11,230	25%

Programmes de gestion des déchets et de recyclage

En 2023, le salon de Cedar a détourné 42,6% des déchets totaux des décharges à travers des programmes de recyclage complets à travers ses parcs.

Catégorie de déchets	Volume de recyclage annuel (tonnes)	Taux de recyclage
Plastique	687	65%
Carton	412	78%
Gaspillage alimentaire	256	35%

Impact du changement climatique sur les opérations de parc saisonnier

Cedar Fair expérimenté 6.3 Days d'opération supplémentaires perdus en 2022 en raison d'événements météorologiques extrêmes, ce qui a entraîné un impact estimé aux revenus de 2,4 millions de dollars.

Adoption de la technologie verte dans les infrastructures et attractions du parc

L'entreprise a investi 3,7 millions de dollars en améliorations de technologies vertes À travers les infrastructures du parc en 2023, en nous concentrant sur l'éclairage LED et les installations d'énergie solaire.

Technologie	Montant d'investissement	Économies annuelles attendues
Éclairage LED	1,2 million de dollars	$450,000
Installation du panneau solaire	2,5 millions de dollars	$680,000

Cedar Fair, L.P. (FUN) - PESTLE Analysis: Social factors

You're looking for a clear map of the social currents driving Cedar Fair's performance in 2025, and the direct takeaway is this: the 'experience economy' is a powerful tailwind, but it's hitting a headwind from price-sensitive consumers and a costly labor market. Cedar Fair's merger with Six Flags Entertainment Corporation is an attempt to navigate these social pressures by creating scale.

The continued 'experience economy' trend favors amusement parks over material goods spending.

The shift in consumer preference from buying 'stuff' to buying 'memories' is defintely a core strength for the amusement park sector. The global theme park tourism market is expected to be valued at $72.3 billion in 2025, projecting a robust growth at an 11.4% Compound Annual Growth Rate (CAGR) through 2035. This macro trend is why the company can still command premium pricing for its experiences.

For Cedar Fair specifically, this trend translates into strong demand for long-lead products. For example, early 2025 saw season pass sales grow by 6%, and resort bookings surged 10%, proving that guests are willing to commit capital for immersive, multi-day experiences. The challenge is making sure the experience justifies the price tag every single visit.

Tight labor markets necessitate higher wages and better benefits to attract and retain seasonal staff.

The regional amusement park model relies heavily on a seasonal workforce, primarily students and young people, and the tight US labor market is forcing a strategic trade-off. In 2023, the company employed approximately 49,700 seasonal and part-time employees alongside 3,350 full-time staff. The average hourly wage for a seasonal role like a server sits around $11.54 to $12.50 (based on the average yearly salary of $24,005 for a server, assuming a 2,080-hour work year, or the company-wide average of $13.51 per hour).

The post-merger entity is actively managing this cost pressure. In the first half of 2025, the company reported a planned reduction in labor costs totaling $16.0 million, achieved partly through declines in seasonal wage rates and a reduction in full-time headcount. Still, the need to attract and house thousands of seasonal workers remains a fixed cost challenge, with the company owning or renting dormitories at major parks like Cedar Point, Kings Island, and Carowinds.

Shifting demographics require new ride and entertainment offerings to appeal to Gen Z and Millennials.

The core target audience remains families and young people ages 12 through 24, and this group demands novelty and high-tech immersion. They want interactive storytelling, digital integration, and a social media-worthy experience. Cedar Fair is responding with significant capital expenditure, committing over $1 billion in capital investments across 11 parks to boost attendance and drive repeat visits.

This investment is crucial because a park is only as good as its newest attraction. For 2025, this includes major draws like the re-imagined Top Thrill 2 at Cedar Point and new, immersive entertainment like the Siren's Curse show. The capital plans are a direct response to the younger demographic's preference for experiences that blend physical thrills with technological sophistication.

• Investments focus on high-thrill coasters and immersive, themed zones.
• Digital integration (apps, real-time queues) is essential for the tech-savvy guest.
• New attractions must be 'shareable' to leverage social media marketing.

Consumer sensitivity to pricing, especially for food and beverage, influences in-park spending per guest.

This is where the social reality of inflation and economic pressure hits the company's bottom line. While attendance grew to 21.1 million guests in Q3 2025, in-park per capita spending fell 4% to $59.08. This is a strong indicator of consumer pushback on the cost of in-park items like food, beverage, and merchandise, even as they pay the gate price.

In-park spending is a key profit driver, so this decline is a major risk. The company has attempted to offset this with mid-single-digit ticket price increases and dynamic pricing, but the data shows a clear trade-off: higher attendance, partly from lower-priced season passes, dilutes the average spending per guest.

Metric	Q3 2025 Value	Change from Prior Year	Social Factor Impact
Total Attendance (Q3 2025)	21.1 million guests	Grew (specific % not cited, but mentioned as growth)	Experience economy demand remains strong.
In-Park Per Capita Spending (Q3 2025)	$59.08	Fell 4%	Consumer price sensitivity to in-park F&B/merchandise.
Total Revenue (Q3 2025)	$1.32 billion	Impacted by per-capita spending drop.
Seasonal Employee Average Wage	Approx. $13.51/hour	Rising labor costs in a tight market.

Here's the quick math: a 4% drop in per-capita spending on 21.1 million guests in a peak quarter means a substantial revenue hit, even with higher attendance. The company has to either significantly reduce its cost of goods sold (COGS) for food and beverage or find a way to offer perceived value that justifies the higher prices. The drop suggests price resistance is currently winning.

Cedar Fair, L.P. (FUN) - PESTLE Analysis: Technological factors

Technology is no longer a back-office function for the amusement park industry; it's a core driver of revenue and guest experience. The combined Six Flags Entertainment Corporation, following the 2024 merger, is pouring capital into consumer-facing and operational technology, which is a significant near-term opportunity. The company has planned a capital expenditure of between $500 million and $525 million in 2025 alone, part of a $1 billion two-year investment, with a portion specifically earmarked for technology enhancements and infrastructure improvements.

This massive investment is aimed squarely at boosting per capita spending, which was $59.08 in the third quarter of 2025, and streamlining operations to hit the targeted $120 million in cost synergies by year-end. Honestly, the technology stack is the engine for the entire post-merger strategy.

Mobile app integration is critical for in-park purchases, virtual queuing, and personalized offers.

The mobile application is the primary digital touchpoint for guests, and its enhancement is a priority for the new Six Flags Entertainment Corporation. The goal is to transform the mobile app from a simple map into a comprehensive digital wallet and personalized concierge service. This focus is already showing results in non-attendance-driven income, with out-of-park revenues-including digital ticket sales-rising a solid 6% year-over-year to $108 million in Q3 2025.

A high-functioning app directly correlates with higher in-park spending and a better guest experience, which is why the company is investing heavily in state-of-the-art consumer technologies.

• Enable mobile food and beverage ordering to cut down on wait times.
• Integrate virtual queuing for popular rides to reduce physical line frustration.
• Deliver geo-fenced, personalized offers to guests based on their real-time location in the park.
• Store the new All Park Passport Add-On for access to all 42 parks.

Dynamic pricing models are increasingly used to maximize revenue based on demand, weather, and capacity.

The strategic use of dynamic pricing-or yield management-is a core technological capability that directly impacts the top line. The company is actively working to improve its revenue management capabilities to drive this dynamic pricing. This technology allows prices for single-day tickets, Fast Lane passes (virtual queuing), and even in-park add-ons to fluctuate based on real-time factors like projected attendance, local weather forecasts, and remaining park capacity.

For example, strategic pricing has already contributed to a 6% season pass growth. But, to be fair, the Q3 2025 dip in per capita spending suggests the models still need refinement to consistently maximize value without alienating the customer base.

Use of artificial intelligence (AI) for predictive maintenance on rides and optimizing staffing schedules.

The merger has triggered a major organizational restructuring, including a planned staff reduction exceeding 10% of full-time employees, which is being supported by a centralized regional operating model. This push for efficiency is where Artificial Intelligence (AI) and machine learning (ML) become critical operational tools.

Here's the quick math: achieving the targeted $120 million in cost synergies by the end of 2025 means eliminating duplicative overhead and optimizing every process. This is only possible with technology that can predict operational needs.

Operational Area	AI/ML Application	Expected Impact Driver (2025)
Ride Maintenance	Predictive Maintenance (IoT sensors)	Reduces unplanned downtime and associated guest complaints.
Staffing	Demand Forecasting Algorithms	Optimizes labor schedules to match hourly attendance, supporting the 10% staff reduction.
Inventory/Logistics	Supply Chain Optimization	Minimizes waste and stock-outs for high-volume F&B locations.

Enhanced digital security is defintely required to protect customer data from breaches.

As the company centralizes its technology stack and integrates its guest data onto one in-house ticketing platform, the surface area for cyber threats expands dramatically. The combined company acknowledges it continues to face cybersecurity threats and vulnerabilities in its systems and those of its third-party providers. Protecting sensitive business and customer information is critical, especially given the high volume of season pass holders and digital transactions.

The industry context is clear: global end-user spending on information security is projected to reach $213 billion in 2025, reflecting the escalating threat landscape. The company must allocate a substantial portion of its capital investment to robust security measures, including cloud security posture management and data encryption, to maintain guest trust and comply with evolving data privacy regulations.

Next Step: Finance and IT must draft a detailed breakdown of the $500-$525 million 2025 capital plan to show the specific allocation for cybersecurity and core infrastructure by the end of Q4.

Cedar Fair, L.P. (FUN) - PESTLE Analysis: Legal factors

Post-Merger Litigation is the Primary Legal Risk

The biggest legal risk for the company in the 2025 fiscal year isn't the pre-merger antitrust review-that deal closed in July 2024-but the post-merger litigation stemming from the $8 billion transaction. The U.S. Department of Justice (DOJ) review was resolved, but now the company faces a federal class-action lawsuit filed in November 2025.

This lawsuit, filed in the U.S. District Court of Northern Ohio, alleges Six Flags Entertainment Corporation misled investors about the financial health and operational state of its parks before the merger. Honesty, the market reaction speaks for itself: Six Flags' stock price has dropped roughly 64% since the merger announcement, and the company reported a $1.2 billion loss in a November 2025 press release.

The core of the complaint is that the legacy Six Flags parks suffered from chronic underinvestment, requiring millions of dollars in undisclosed capital expenditures to turn around. This is a massive legal overhang that could lead to substantial financial losses and distract executive leadership. It's a defintely serious situation.

Data Privacy Regulations Require Constant Compliance Updates

Compliance with evolving data privacy laws, particularly the California Consumer Privacy Act (CCPA) as amended by the California Privacy Rights Act (CPRA), is a continuous operational cost. Since the company processes personal information for hundreds of thousands of guests, especially through online ticketing and season pass sales, it must meet the strict 2025 compliance thresholds.

The stakes are high. As of January 1, 2025, the annual gross revenue threshold for CCPA applicability increased to $26,625,000. More critically, the civil penalty for an intentional violation of the CCPA can reach up to $7,988 per violation.

New regulations approved in September 2025, set to take effect on January 1, 2026, introduce even more complexity. The company needs to start preparing its compliance framework now for these new requirements.

• Assess high-risk processing activities for required Risk Assessments.
• Update privacy policies to address new Automated Decision-Making Technology (ADMT) rules.
• Ensure opt-out mechanisms are as easy to use as opt-in mechanisms.

Labor Law Compliance and Unionization Efforts

Labor law compliance remains a continuous operational challenge, especially given the combined company's large seasonal and part-time workforce across 17 U.S. states. The national sentiment towards unions is strong, with public approval holding steady at 68% in 2025, which increases the risk of unionization efforts at individual parks.

State-level changes are the most immediate financial pressure. For example, new California labor compliance updates for 2025 include a minimum hourly wage of $21.45 for certain unionized exemptions from state wage and hour laws. This kind of state-by-state minimum wage and overtime rule creep forces continuous updates to payroll and human resources systems.

The company must also ensure its arbitration agreements and onboarding procedures are transparent and legally sound, especially in states like California where laws are constantly changing to protect employee rights.

Intellectual Property (IP) Protection for Park Themes and Ride Designs

The combined company's intellectual property portfolio is a core competitive asset, including both owned and licensed content. Cedar Fair's legacy IP, such as the PEANUTS characters, is a major draw for family zones like the new 2025 rides at Carowinds Park. Six Flags brings licensed IP like Looney Tunes and DC Comics.

IP protection is a delicate balance. On one hand, the company must vigorously protect its trademarks and copyrights-from park logos to new ride designs like the rumored launched wing coaster at Kings Dominion for 2025-to maintain exclusivity and brand value. On the other hand, it must manage fan engagement carefully.

The company maintains a legal strategy to protect its assets, including trademarks, copyrights, and domain names, without alienating the dedicated roller coaster enthusiast community. This careful, non-adversarial approach to fan-site infringement is a necessary, ongoing legal cost of doing business.

Legal Risk Area	2025 Status & Key Number	Impact on Six Flags Entertainment Corporation
Post-Merger Litigation (Investor Suit)	Class-action lawsuit filed November 2025; Stock drop of approx. 64% since merger.	High financial and reputational risk; potential for multi-million dollar damages and executive distraction.
Data Privacy (CCPA/CPRA)	Intentional violation fine up to $7,988 per incident (2025 update).	Mandatory, ongoing compliance costs; risk of significant fines, especially with new ADMT regulations starting in 2026.
Labor Law Compliance	Public union approval at 68% (2025); State-level minimum wage increases (e.g., California's $21.45/hour floor for certain exemptions).	Increased operational costs from wage and hour compliance; heightened risk of union organizing efforts.
Intellectual Property (IP)	Protection of key licensed IP (PEANUTS, DC Comics) and proprietary ride designs (e.g., 2025 new attractions).	Necessary legal expenditure to maintain competitive advantage and brand integrity against infringement.

Cedar Fair, L.P. (FUN) - PESTLE Analysis: Environmental factors

Extreme weather events, including heatwaves and hurricanes, increasingly force park closures and impact attendance.

You need to be a trend-aware realist about climate volatility, because it's already hitting the bottom line. The amusement park business is fundamentally weather-dependent, and the 2025 season showed how near-term climate risks translate directly into financial headwinds.

The combined company experienced a significant operational drag in the second quarter of 2025 due to unfavorable weather, particularly in the legacy Cedar Fair parks. This directly contributed to a 700,000-visit (8%) decrease in attendance at those parks, which, in turn, drove a $25 million decrease in Adjusted EBITDA from legacy Cedar Fair operations for the quarter. That's a huge swing, and it shows that rain, cold, or excessive heat can wipe out millions in profit in a single quarter. We're not talking about a slow season; we're talking about forced closures and suppressed demand due to extreme conditions. It's a clear and present danger to revenue.

Here is a quick look at the direct financial impact of attendance fluctuations in 2025:

Metric	Q2 2025 Legacy Cedar Fair Impact	Quantifiable Value
Attendance Change (Q2 2025)	Decrease in visits	700,000 visits (8%)
Adjusted EBITDA Change (Q2 2025)	Decrease attributed to weather/attendance	$25 million
In-Park Per Capita Spending (Q3 2025)	Decline in guest spending	$59.08 (a 4% decline)

Sustainability initiatives, focusing on waste reduction and energy efficiency, are becoming a public expectation.

The company's public commitment to environmental, social, and governance (ESG) standards, outlined in its 'Better FUN Builds a Better World' framework, is critical for brand reputation and investor confidence. Investors are looking for more than just a framework; they want concrete 2025 metrics on waste diversion and energy savings.

The challenge is bridging the gap between public commitment and operational reality across the now-combined portfolio of nearly 40 parks. For example, while the company is committed to reducing its environmental footprint, a late 2024 analysis indicated that a flagship park like Cedar Point primarily manages waste by landfilling everything except cardboard. This contrasts sharply with the recycling programs found at some legacy Six Flags parks, like Six Flags New England, which recycles upwards of 145 tons of material per year. The integration plan must standardize and elevate the environmental performance of the entire portfolio, focusing on:

• Implementing energy management systems across all parks.
• Completing the transition to more efficient LED lighting systems.
• Developing a unified, company-wide waste diversion program to move beyond the current landfilling status quo.

Local environmental permits for water usage and construction are critical for new capital projects.

The speed and cost of capital projects-the new rides and attractions that drive attendance-are directly tied to securing local environmental and water usage permits (like Construction General Stormwater Permits, or CGPs). Any delay here means a multi-million-dollar asset sits idle, missing a full operating season.

For the 2025 season, the construction of major new water-based attractions provided a clear example of this regulatory hurdle. Kings Island, for instance, submitted permits for a significant water park expansion, including the new RiverRacers water coaster and the Salamander Sliders children's area. These projects require stringent local approval regarding water discharge, stormwater runoff, and overall environmental impact, especially in regions facing increasing water scarcity concerns. The regulatory environment is not getting easier, and the permitting timeline is a defintely a key risk factor in the capital expenditure budget.

Increased focus on electric vehicle (EV) charging infrastructure at parks to meet guest demand.

As EV sales continue to grow-with EVs accounting for roughly 9% of new vehicle sales in the U.S. as of late 2024-guests increasingly expect charging options in the parking lot. For a regional park operator, providing this amenity is no longer a luxury; it's a competitive necessity that eases range anxiety for guests traveling long distances.

The combined company already operates some EV infrastructure, primarily inherited from the legacy Six Flags portfolio. For example, at Six Flags Great Adventure, the park offers 16 charging outlets with a capacity of 11 kW per port, typically located in preferred parking areas. Expanding this network across all major parks is an immediate capital opportunity to enhance the guest experience and capture premium parking revenue. The next step is a massive, multi-park rollout of Level 2 and DC fast-charging (DCFC) stations, which are key to reducing range anxiety for EV travel.

Next Step: Finance needs to model the impact of a 15% increase in seasonal labor costs across all parks for Q1 2026, incorporating the estimated post-merger labor structure.