Rich

Rich, an individual shareholder, inquired about the significant year-over-year revenue increase at the Texas park despite free attendance promotions, the disparity between attendance and revenue growth at the Missouri park, and the inverse trend at the Georgia park, including efforts to increase per capita spend. He also asked for updates on excess land transactions, future growth strategies focusing on marketing, margin expansion, and per capita spend, details on local management incentive metrics, and plans for CapEx, acquisitions, and shareholder returns.

Answer

Geoff Gannon, President of Parks! America, explained that Texas park revenue growth was driven by increased paid attendance and higher ticket prices, with free promotions boosting awareness. For Missouri, he cited seasonality, elimination of certain food services, and value-conscious consumers in the Branson/Springfield market for the revenue lag. In Georgia, Gannon attributed the revenue resilience despite lower attendance to improved per capita spending from better gift shop and food service offerings, and dynamic pricing. He disclosed a small Georgia land sale and outlined future growth efforts focusing on new corporate hires for events and social media, and profitable animal encounters. Gannon detailed the incentive structure for GMs based on 20% EBITDA return on non-cash assets and CapEx under one-third of EBITDA, noting Texas has a separate improvement-focused goal. He indicated that shareholder return discussions would occur in the coming months and that acquisitions were not immediately expected, with internal park investments currently offering better returns.