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Cedar Fair announces long- term growth strategy


US


BUILDING on the positive value-creating momentum the group has cultivated through the successful refinancing of its debt, coupled with a strong performance through the summer operating season, North American parks operator Cedar Fair Entertainment Company has established several long-term financial goals. The company, which operates several theme parks and


waterparks across the US and Canada, said it will strive to increase revenues by as much as 14 per cent by 2015 and achieve free cash flows of between US$120m and $140m. It is also seeking to provide for a “sustainable and


distribution” to unitholders


growing -


between $1.25 and $1.75 per limited partner unit within four years. As part of this


planning process, Cedar Fair has reaffirmed


its previous 2010


outlook of revenues between $940m and $965m. “We have developed a comprehensive five-year plan to


position us for consistent, steadily increasing growth going forward while returning an attractive income stream to our investors through a sustainable distribution policy,” said Dick Kinzel, chairman, president and chief executive officer. The company plans to achieve these goals by steadily


growing its attendance and revenues through continued investment in leading-edge rides and attractions, along with new targeted marketing programmes. “Cedar Fair is a recognised leader in the regional


amusement park industry with a business model that has generated healthy revenues and strong cash flows in all economic climates over many years,” added Kinzel. “I am confident that the expertise and proven success of our management team will keep us focused on executing our strategy and delivering maximum long-term value creation for our unitholders.”


Legoland selects PCL as design builder


FOLLOWING a rigorous search, Merlin Entertainments has chosen PCL Construction Services as the builders for Legoland Florida. Legoland Florida opens in 2011. Dedicated to families


with children between the ages of two and 12, the 145-acre interactive theme park will house more than 50 rides, shows and attractions. “We are committed


to the success of Legoland


Florida


and appreciate the confidence Merlin has placed in our firm,” said Deron Brown, vice-president and district manager for PCL. “Once finished, Legloand Florida will be transformed


into Florida’s newest family theme park with a mix of rides, shows, attractions, restaurants and shops - the perfect full- day experience for families with children.”


New park planned for Texas coast


LANDRY’S Restaurants has informed city officials in Galveston, the Texan coastal city, that it has abandoned plans to restore the historic Flagship Hotel and will instead build an amusement park in its place. Last year the hospitality group said it would renovate the


long-dilapidated 225-room hotel and add a Chart House restaurant to the building, which remains the only one built on a pier over the Gulf of Mexico. However, upon reviewing the plans Jeff Cantwell, senior vice-president of development for Landry’s, said: “The hotel structure just wasn’t conducive to renovate.” The group now plans to build an amusement park on the


pier at 2501 Seawall Boulevard, including a double-decker carousel, a Ferris Wheel and 1940s-style amusements similar to the attractions the pier featured when it was built in 1943. Once approved, the project is slated to take about 18 months and cost about $30 million.


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