EBITDA Adjustments
Q: How to reconcile EBITDA adjustments?
A: Management explained that Cedar Fair’s extra operating days drove its adjusted EBITDA, whereas Six Flags’ results remained unadjusted. The reported decline stems from lower attendance and higher costs, with expectations to improve once operations are harmonized.

Cost Synergies
Q: What is cost synergy progress?
A: They expect to realize about $40–50 million in cost synergies by year-end from operational efficiencies, with these improvements unfolding over the next 12–18 months.

Six Flags Attendance
Q: Can baseline attendance return to normal?
A: Management is focused on restoring Six Flags’ attendance to pre-pandemic levels by boosting season pass sales and group visits, aiming to drive upward demand through targeted initiatives.

Season Pass Pricing
Q: How is season pass pricing evolving?
A: They now aim for low single-digit increases instead of last year’s more aggressive moves, emphasizing enhanced guest experience and value, with early indicators showing solid demand.

Attendance vs. Pricing
Q: How to balance attendance and per-capita?
A: While higher attendance—especially via season pass channels—puts pressure on admissions per capita, management believes this trade-off supports overall revenue growth and improved customer experience.

Flow-through Efficiency
Q: What drives high flow-through?
A: A tighter operating schedule and stringent cost control have led to a reported flow-through of about 77%, demonstrating that fewer operating days paired with efficiency measures can significantly boost margins.

Organic OpEx Investments
Q: What are the OpEx investments?
A: Increased spending on advertising and operational enhancements is underway to improve the guest experience and drive revenue per visitor, although final investment levels are still being determined.

Portfolio Optimization
Q: Will less-core parks be divested?
A: They are evaluating each park’s strategic role; while non-core assets might eventually be divested as part of a broader portfolio optimization, every park currently has a defined contribution.

Promotional Landscape
Q: What changes in promotional efforts?
A: No drastic adjustments have been made yet; however, management is shifting toward dynamic pricing and enhanced group promotions to support stronger back-half demand.

July Pacing
Q: How did July perform overall?
A: July’s performance was modestly impacted by weather, with lower attendance offset by strong booking trends and robust resort activity, suggesting a healthy rebound later in the season.

Underinvestment Areas
Q: Where to invest in marketing?
A: There’s a planned shift from purely digital channels to a more diversified advertising mix to broaden reach and drive guest traffic, addressing previously underinvested areas.

Pass Visitation Frequency
Q: How many visits per pass?
A: Legacy Cedar Fair passes average just over 4 visits per year, while Six Flags passes are closer to 2 visits, indicating significant potential for increased frequency.

Ancillary Add-ons
Q: Will passes include add-ons?
A: The strategy involves bundling offerings like dining and fast lane passes with season passes to enhance value and boost renewal rates, as already evidenced by higher retention.

CapEx Strategy
Q: What CapEx improvements are planned?
A: They are considering targeted CapEx investments modeled on Cedar Fair’s successful initiatives—upgrading food and beverage facilities and ride infrastructure to enhance guest appeal and operational efficiency.

Nonpaying Attendance
Q: Are attendance figures fully paying?
A: Management noted that part of the attendance increase includes nonpaying visitors; however, the focus remains on achieving a comfortably crowded environment that translates into higher monetized demand through dynamic pricing.

Operating Days Reduction
Q: What about operating day reduction?
A: Cedar Fair anticipates roughly a 5% reduction in operating days compared to last year, partly due to fiscal calendar shifts, which affects quarterly comparability.

Per Cap Optimization
Q: Is per-cap strategy tailored by park?
A: Yes, adjustments to per-cap strategies are made on a park-by-park basis to optimize pricing based on local market dynamics and visitor behavior.

Housekeeping Days
Q: Clarify weekend day adjustments?
A: The fiscal five-week reporting period was structured to include a comparable number of weekend days, ensuring consistency in operating day comparisons.

Learning Insights
Q: What key lessons emerged?
A: The team reiterated that a resilient business model, combined with strategic season pass adjustments and dynamic pricing, continues to drive demand amid shifting consumer conditions.

Per Cap Outlook
Q: What is per-cap outlook?
A: Despite temporary mix effects, management is confident that enhancing the guest experience will eventually lift per-cap spending, supporting long-term growth.