Cedar Fair Capitalizes on Opportunity to Sell Its Land at California’s Great America Amusement Park
- Cedar Fair (FUN) will continue operating Great America under a long-term lease agreement as part of an eventual wind-down of the park
- Transaction proceeds to support planned acceleration of strategic priorities including deleveraging and reinvesting in high-return projects within the portfolio
The land sale, which was marketed by CBRE, was the outcome of a strategic review initiated by Cedar Fair (FUN) in 2021 to explore potential avenues to maximize the value of the Company’s extensive asset portfolio. Cedar Fair (FUN) purchased the land at California’s Great America in 2019 from the
Cedar Fair (FUN) intends to use proceeds from the land sale transaction to accelerate progress on its strategic priorities of reducing debt to achieve its
“We chose Prologis (PLD) as our partner because of their deep ties in the Bay Area and their reputation for working closely with local communities on large developments,” said Cedar Fair (FUN) President and CEO
About Cedar Fair (FUN)
Cedar Fair, L.P. (FUN) , one of the largest regional amusement-resort operators in the world, is a publicly traded partnership headquartered in
Forward-Looking Statements
Some of the statements contained in this news release that are not historical in nature constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements as to the Company's expectations, beliefs, goals, and strategies regarding the future. These forward-looking statements may involve risks and uncertainties that are difficult to predict, may be beyond our control and could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct, including the timing of any debt paydown or payment of partnership distributions, or that the Company's growth strategies will achieve the target results. Important factors, including the impacts of the COVID-19 pandemic, general economic conditions, adverse weather conditions, competition for consumer leisure time and spending, unanticipated construction delays, changes in the Company’s capital investment plans and projects and other factors discussed from time to time by the Company in its reports filed with the Securities and Exchange Commission (the “SEC”) could affect attendance at the Company’s parks, the timing of any debt paydown or payment of partnership distributions, the Company's growth strategies, and cause actual results to differ materially from the Company's expectations or otherwise to fluctuate or decrease. Additional information on risk factors that may affect the business and financial results of the Company can be found in the Company's Annual Report on Form 10-K and in the filings of the Company made from time to time with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether a result of new information, future events, information, circumstances or otherwise that arise after the publication of this document.
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Source: Cedar Fair Entertainment Company