Cedar Fair, L.P. (Fun): Modelo de negócios Canvas [Jan-2025 Atualizado]

Cedar Fair, L.P. (Fun) não é apenas mais uma empresa de parques de diversões - é uma potência estratégica de entretenimento que transforma experiências de lazer em oportunidades de negócios meticulosamente criadas. Ao alavancar uma sofisticada modelo de modelo de negócios, este operador de parque temático regional mapeou engenhosamente como cria, agrega e captura valor em vários segmentos de clientes. Desde uma emocionante montanha -russa a eventos sazonais imersivos, a Cedar Fair desenvolveu uma estrutura robusta que transforma momentos recreativos em uma empresa sofisticada e lucrativa que vai muito além do entretenimento simples.

Cedar Fair, L.P. (Fun) - Modelo de negócios: Parcerias -chave

Principais fornecedores de equipamentos de parque temático e tecnologia

Fornecedor	Tipo de equipamento/tecnologia	Valor estimado do contrato anual
Diversão Intamin Rides	Projeto de montanha -russa e fabricação	US $ 5,2 milhões
Tecnologia proslida	Sistemas de passeio aquático do parque aquático	US $ 3,7 milhões
Garmin	Rastreamento de passeio e tecnologia de desempenho	US $ 1,5 milhão

Conselhos de turismo regionais e governos locais

• Agência de Serviços de Desenvolvimento de Ohio
• Corporação de Desenvolvimento Econômico de Michigan
• Conselho de Turismo da Califórnia
• Departamento de Comércio da Carolina do Norte

Valor de investimento colaborativo: Aproximadamente US $ 12,3 milhões em parcerias regionais de desenvolvimento econômico para 2024

Acordos de patrocínio corporativo

Parceiro da marca	Tipo de patrocínio	Valor anual de patrocínio
Coca Cola	Direitos exclusivos da bebida	US $ 4,8 milhões
Pepsi	Acordos alternativos de bebidas parques	US $ 2,1 milhões
Cartão de crédito justo de cedro	Parceria de Serviços Financeiros	US $ 3,5 milhões

Provedores de serviços de alimentos e bebidas

• Serviços de catering da placa central
• Delaware North Companies
• Sodexo Food Services

Valor da parceria total de serviços de alimentação: US $ 7,6 milhões anualmente

Empresas de produção de marketing e entretenimento

Empresa	Serviço prestado	Valor anual do contrato
Nação viva	Reserva de concerto e entretenimento	US $ 2,9 milhões
Produções IMG	Gerenciamento de eventos	US $ 1,7 milhão

Cedar Fair, L.P. (Fun) - Modelo de negócios: Atividades -chave

Design e operação do parque temático

A Cedar Fair opera 14 parques de diversões na América do Norte, cobrindo 1.615 acres de terra. A empresa gerencia 12 parques temáticos e 2 parques aquáticos, com um total de 62 montanhas -russas em suas propriedades.

Locais do parque	Número de parques
Estados Unidos	14
Total de acres	1,615
Total de montanhas -russas	62

Desenvolvimento e manutenção de atração

A Cedar Fair investe aproximadamente US $ 130-150 milhões anualmente em melhorias de capital e novas atrações em seus parques.

• Despesas de capital anual: US $ 130-150 milhões
• Investimento médio de novo passeio por parque: US $ 8 a 10 milhões
• Orçamento de manutenção: aproximadamente 5-7% da receita anual

Gerenciamento de experiência do hóspede

A empresa atende aproximadamente 26,3 milhões de convidados anualmente em seus parques, com uma participação média por parque de 1,87 milhão de visitantes.

Métricas convidadas	Números anuais
Total de convidados anuais	26,3 milhões
Participação média do parque	1,87 milhão

Planejamento sazonal de eventos

A Cedar Fair hospeda vários eventos sazonais, incluindo Halloween Haunt e Winterfest, que geram receita adicional significativa durante as temporadas fora do pico.

• Eventos de assombração de Halloween: hospedado em 11 parques
• Eventos de Winterfest: hospedado em 7 parques
• Receita adicional de eventos sazonais estimados: US $ 50-75 milhões anualmente

Entrega de serviços de mercadoria e hospitalidade

A empresa opera vários fluxos de receita, incluindo serviços de alimentação, mercadorias de varejo e experiências no parque.

Fluxo de receita	Receita anual estimada
Serviços de alimentação	US $ 250-300 milhões
Mercadoria de varejo	US $ 150-200 milhões
Experiências no parque	US $ 100-150 milhões

Cedar Fair, L.P. (Fun) - Modelo de negócios: Recursos -chave

Extenso portfólio de parques temáticos e parques aquáticos

A Cedar Fair opera 14 parques de diversões, 5 parques aquáticos e 4 propriedades de resort na América do Norte.

Tipo de localização	Número de propriedades
Parques de diversão	14
Parques aquáticos	5
Propriedades do resort	4

Tecnologias proprietárias de entretenimento e passeio

Cedar Fair possui e opera múltiplos Tecnologias de passeio protegidas por patentes.

• Contagem de montanhas -russas: 184 em todos os parques
• Contagem total de passeios: 598 passeios

Força de trabalho operacional e criativa qualificada

Categoria de funcionários	Número de funcionários
Funcionários em tempo integral	1,500
Funcionários sazonais	44,000

Forte reputação da marca no entretenimento regional

Atendimento anual em parques: 27,5 milhões de visitantes em 2022

Ativos imobiliários e de infraestrutura significativos

Área Total Park Land: Aproximadamente 2.500 acres

Categoria de ativos	Avaliação
Propriedade, planta e equipamento	US $ 3,2 bilhões
Total de ativos	US $ 4,1 bilhões

Cedar Fair, L.P. (Fun) - Modelo de negócios: proposições de valor

Experiências imersivas de entretenimento familiar

A Cedar Fair opera 14 parques de diversões na América do Norte, atendendo a aproximadamente 26,9 milhões de convidados em 2022. A empresa gerou receita total de US $ 1,56 bilhão em 2022, com foco na criação de destinos abrangentes de entretenimento familiar.

Locais do parque	Participação anual	Gastos médios dos hóspedes
14 parques de diversões	26,9 milhões de convidados	US $ 64,37 per capita (2022)

Atrações e passeios temáticos de alta qualidade

A Cedar Fair mantém um portfólio de 121 montanhas -russas em seus parques, representando a maior coleção de montanhas -russas entre os operadores regionais de parques de diversões na América do Norte.

• 121 montanhas -russas totais
• Múltiplos passeios recordes do mundo
• Investimento contínuo em novas tecnologias de passeio

Ofertas de eventos sazonais

A Cedar Fair gera receita significativa por meio de eventos sazonais, com o Halloween Haunt e o Winter Fest atraindo um número substancial de visitantes.

Evento sazonal	Participação estimada	Contribuição da receita
Halloween Haunt	Aproximadamente 3,5 milhões de convidados	Estimado US $ 75-100 milhões
Fest de inverno	Aproximadamente 1,5 milhão de convidados	Estimado US $ 40-60 milhões

Destino de lazer acessível

A Cedar Fair oferece estratégias de preços competitivas com opções de passe de temporada e acesso a vários parques.

• Faixa de preço do passe da temporada: US $ 129- $ 299
• Opções de acesso a vários parques
• Descontos promocionais frequentes

Experiências de convidados consistentes e memoráveis

A empresa mantém um forte foco na satisfação do hóspede, com uma classificação média de satisfação do hóspede de 4,2 em 5 em seus parques.

Métrica de satisfação do hóspede	Pontuação	Repita a taxa de visitação
Satisfação geral do hóspede	4.2/5.0	42% de visitantes repetidos anuais

Cedar Fair, L.P. (Fun) - Modelo de Negócios: Relacionamentos do Cliente

Associações do Programa de Fidelidade

Cedar Fair opera o Cedar Fair Platinum Pass Programa, que fornece acesso a vários parques. A partir de 2023, a empresa informou:

Métrica	Valor
Titulares de passe total da temporada	2,4 milhões
Preço médio de aprovação de platina	$299-$399
Repita a taxa de visitação	47%

Passo da temporada no engajamento

Os benefícios do passe da temporada incluem:

• Estacionamento gratuito
• Descontos de mercadorias
• Admissão antecipada do parque
• Opções do plano de refeições

Métrica de engajamento	Percentagem
Taxa de renovação do passe de temporada	62%
Visitas médias de passe de temporada por titular	3,7 vezes por estação

Interação digital através de aplicativos móveis

Os recursos do aplicativo móvel da Cedar Fair incluem:

• Tempos de espera em tempo real
• Mapas do parque
• Pedidos de alimentos móveis
• Gerenciamento de passe digital

Métrica de aplicativo móvel	Valor
Downloads de aplicativos móveis	1,2 milhão
Compras de ingressos móveis	38% do total de vendas de ingressos

Construção da comunidade de mídia social

Plataforma social	Seguidores
Instagram	850,000
Facebook	1,5 milhão
Twitter	350,000

Comunicações de marketing personalizadas

Canal de marketing	Taxa de engajamento
Marketing por e -mail	24% de taxa de abertura
Anúncios digitais direcionados	Taxa de conversão de 4,2%
Ofertas personalizadas	Taxa de resgate de 35%

Cedar Fair, L.P. (Fun) - Modelo de Negócios: Canais

Plataformas de vendas de ingressos diretos do parque

A Cedar Fair opera 13 parques de diversões em toda a América do Norte. Em 2022, a empresa relatou participação total de 25,3 milhões de convidados.

Canal de vendas	Receita anual (2022)	Porcentagem de vendas totais de ingressos
Contadores de ingressos diretos do parque	US $ 496 milhões	42%
Vendas de passes de temporada	US $ 287 milhões	24%

Sistemas de reserva on -line

A plataforma de ingressos digitais da Cedar Fair processou aproximadamente 8,5 milhões de transações on -line em 2022.

• As vendas de ingressos on -line aumentaram 18,3% em comparação com 2021
• A plataforma móvel e da web gerou US $ 214 milhões em receita
• Preço médio de ingresso on -line: US $ 62,50

Aplicativo móvel

O aplicativo móvel da Cedar Fair foi baixado 2,3 milhões de vezes em 2022.

Recurso de aplicativo móvel	Engajamento do usuário
Mapeamento do parque	1,7 milhão de usuários ativos
Ticketing digital	1,2 milhão de transações

Sites de viagens e turismo

A Cedar Fair faz parceria com 47 sites de turismo regional e nacional para distribuição de ingressos.

• Receita de parceria: US $ 38,5 milhões em 2022
• Taxa média de comissão: 7-12% por bilhete

Serviços de convidados no local

A Cedar Fair opera 13 centros de serviço convidados em seus parques.

Tipo de serviço	Volume anual de transações
Vendas de ingressos em grupo	425.000 transações
Suporte ao cliente	1,2 milhão de interações

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

Famílias com crianças

A Cedar Fair tem como alvo as famílias com crianças como segmento de clientes primários, com parques projetados para acomodar várias faixas etárias.

Segmento demográfico	Porcentagem de participação anual	Gastos médios por visita
Famílias com crianças (de 4 a 12 anos)	42%	US $ 287 por família

Jovens adultos em busca de emoção

Os jovens adultos de 18 a 35 anos representam um segmento crítico de clientes para os parques temáticos da Cedar Fair.

Faixa etária	Frequência de visitação do parque	Contribuição anual da receita
Jovens adultos (18-35)	3,2 visitas por ano	US $ 156 milhões

Viajantes regionais de lazer

A Cedar Fair atrai viajantes regionais de lazer dentro de um raio de 300 milhas de seus locais de parque.

• Distância média da viagem: 187 milhas
• Taxa de estadia noturna: 36% dos visitantes
• Orçamento de marketing regional: US $ 12,4 milhões

Eventos de grupo corporativo

Eventos corporativos e reservas em grupo representam um fluxo de receita significativo para a Cedar Fair.

Tipo de evento	Eventos anuais	Receita por evento
Eventos de grupo corporativo	1,247	Média de US $ 8.600

Passeios de grupos de escolas e jovens

As visitas ao grupo educacional e da juventude oferecem oportunidades adicionais de receita e engajamento.

• Visitas anuais em grupo escolar: 892
• Tamanho médio do grupo: 127 alunos
• Receita de ingresso com desconto: US $ 3,6 milhões

Cedar Fair, L.P. (Fun) - Modelo de negócios: estrutura de custos

Manutenção e operações do parque

Os custos de manutenção e operações da Cedar Fair para 2022 totalizaram aproximadamente US $ 400 milhões. O colapso inclui:

Categoria de custo	Despesa anual
Manutenção da instalação	US $ 175 milhões
Utilitários	US $ 85 milhões
Manutenção de equipamentos	US $ 65 milhões
Conformidade de segurança	US $ 45 milhões

Salários e treinamento de funcionários

Os custos totais de mão -de -obra da Cedar Fair em 2022 atingiram US $ 465 milhões, com a seguinte distribuição:

• Trabalhadores sazonais: US $ 280 milhões
• Funcionários em tempo integral: US $ 135 milhões
• Treinamento e desenvolvimento: US $ 50 milhões

Despesas de marketing e promocionais

O orçamento de marketing da Cedar Fair para 2022 foi de US $ 95 milhões, alocado da seguinte maneira:

Canal de marketing	Despesa
Marketing digital	US $ 38 milhões
Publicidade tradicional	US $ 32 milhões
Eventos promocionais	US $ 25 milhões

Desenvolvimento e renovação de atração

As despesas de capital para novas atrações e reformas do parque em 2022 totalizaram US $ 180 milhões:

• Novas instalações de passeio: US $ 95 milhões
• Atualizações de infraestrutura do parque: US $ 65 milhões
• Integração de tecnologia: US $ 20 milhões

Investimentos de tecnologia e infraestrutura

A Cedar Fair investiu US $ 75 milhões em tecnologia e infraestrutura em 2022:

Categoria de tecnologia	Investimento
Sistemas de bilhetes digitais	US $ 25 milhões
Software de gerenciamento de parques	US $ 18 milhões
Tecnologia da experiência do hóspede	US $ 22 milhões
Segurança cibernética	US $ 10 milhões

Cedar Fair, L.P. (Fun) - Modelo de negócios: fluxos de receita

Bilhetes de admissão do parque temático

Em 2022, a Cedar Fair registrou receita total de US $ 1,47 bilhão. As admissões de parques temáticos representaram uma parcela significativa desta receita.

Parque	Preço médio do ingresso	Visitantes anuais
Ponto de cedro	$79.99	3,2 milhões
Ilha de Kings	$74.99	3,5 milhões

Vendas de passes de temporada

Feira de cedro gerado US $ 262,8 milhões do Pass da temporada e receitas diárias de admissão em 2022.

• Pass Platinum: US $ 329
• Pass Gold: US $ 229
• Passe de temporada regular: US $ 159

Vendas de alimentos e bebidas

A receita de alimentos e bebidas totalizou US $ 320,4 milhões Em 2022, representando aproximadamente 21,8% da receita total do parque.

Categoria	Gasto médio por convidado
Refeições no parque	$24.50
Vendas de bebidas	$8.75

Receita de mercadorias

As vendas de mercadorias alcançaram US $ 178,6 milhões em 2022.

• Vestuário: 42% da receita de mercadorias
• Lembranças: 33% da receita de mercadorias
• Colecionáveis ​​específicos do parque: 25% da receita de mercadorias

Acordos de patrocínio e parceria

As receitas de patrocínio contribuíram aproximadamente US $ 45,2 milhões à receita total da Cedar Fair em 2022.

Parceiro	Tipo de parceria	Valor estimado
Coca Cola	Patrocínio de bebidas	US $ 12,5 milhões
Ponto de cedro	Parcerias corporativas locais	US $ 18,7 milhões

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.