• Company anticipates 2019 will yield its 10^th
  consecutive year of record-setting revenues, driven by investments in
  new rides; multi-week, immersive entertainment offerings;
  season-extending events; and data-driven marketing
• Early-season sales for advance purchase commitments up double-digits
• Board declares cash distribution of $0.925 per limited partner (LP)
  unit payable on June 17, 2019

SANDUSKY, Ohio–(BUSINESS WIRE)–Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional
amusement parks, water parks and immersive entertainment, today
announced results for the first quarter ended March 31, 2019, and due to
the later timing of the Easter and spring break holidays, the Company
provided an update on revenue trends through the first four months of
the year. Historically, first-quarter results represent less than 5% of
the Company’s full-year net revenues as the majority of its parks and
facilities are closed during the first quarter. As a result, the Company
typically operates at a loss during this three-month period.

Based on preliminary results for the first four months ended April 28,
2019, the Company indicated net revenues are up 2%, or approximately $2
million, when compared with the same prior-year period ended April 29,
2018, primarily a result of strong in-park guest spending and
out-of-park revenues.

“We are pleased with the start to the year and our early-season trends
through the first four months of the season, which for the most part
normalize for the spring break calendar shift associated with a later
Easter holiday,” said Richard Zimmerman, Cedar Fair’s president and CEO.
“Importantly, deferred revenues through the first four months of the
year are up 12%, or more than $20 million year-over-year, on the sale of
advance purchase commitments for 2019, including sales of season passes
and our all-season dining and beverage products. We believe our strong
early-season performance and positive outlook are attributable to the
outstanding job our teams have done to elevate the guest experience. For
instance, Knott’s Berry Farm in California is off to its strongest start
ever as its early-season PEANUTS Celebration and Boysenberry Festival
events continue to expand their offerings and guest appeal. Meanwhile,
in Charlotte, Carowinds’ newest world-class roller coaster, Copperhead
Strike, is quickly becoming a signature attraction in this growing and
attractive market, and the initial response to Canada’s Wonderland’s
newest coaster, Yukon Striker, has been even better than expected.”

Zimmerman stated that the Company is on track to achieve its long-term
Adjusted EBITDA target of $575 million by 2023 as it aggressively
pursues growth through multiple channels. This includes broadening and
enhancing the guest experience, expanding its season pass program,
increasing market penetration through targeted marketing efforts and
pursuing adjacent development.

First-Quarter Results

For the first quarter ended March 31, 2019, Cedar Fair’s net revenues
increased $12 million to $67 million, compared with $55 million last
year. The increase in revenues reflects increases in attendance, in-park
per capita spending and out-of-park revenues, all of which were up
meaningfully in the quarter due to an additional nine operating days,
compared with last year’s first quarter ended on March 25, 2018.

The operating loss for the quarter was in line with the Company’s
expectations at $85 million, compared with an operating loss of $76
million last year. The higher operating loss reflects a $14 million
increase in operating costs and expenses, which totaled $138 million for
the first quarter of 2019. The increase in operating costs and expenses
was in line with the Company’s expectations and was largely due to an
extra calendar week and the nine additional operating days in the
quarter.

Depreciation and amortization expenses for the first three months of
2019 were $14 million, an increase of $8 million compared with last
year, due to a change in the estimated useful life of a long-lived park
asset, as well as the additional week in the current-year period. The
loss on impairment/retirement of fixed assets in the current quarter was
comparable to last year’s first quarter.

Interest expense for the first quarter was $21 million, up slightly from
$20 million in 2018, due to the additional week in the current-year
period. The net effect of the Company’s swaps during the quarter
resulted in a $6 million charge to earnings in 2019 compared with a $4
million benefit to earnings in 2018. The difference reflects the change
in fair market value movements in the Company’s swap portfolio. During
the first quarter of 2019, the Company also recognized a $9 million net
benefit to earnings for foreign currency gains and losses related to the
U.S.-dollar denominated Canadian notes compared with a $10 million net
charge to earnings for the first quarter of 2018.

During the first three months of 2019, a tax benefit of $20 million was
recorded to account for publicly traded partnership taxes and income
taxes on the Company’s corporate subsidiaries. This is comparable to the
tax benefit recorded in the first three months of 2018.

The net loss for the 2019 first quarter totaled $84 million, or $1.49
per diluted LP unit. This is comparable with a net loss of $83 million,
or $1.49 per diluted LP unit, reported in 2018.

Cash Flow and Liquidity Remain Strong

As of March 31, 2019, the Company had $735 million of variable-rate term
debt, before giving consideration to fixed-rate interest rate swaps;
$950 million of fixed-rate debt, before reduction for debt issuance
costs and original issue discount; $120 million of borrowings under its
revolving credit facilities; and $60 million of cash and cash
equivalents on hand. The Company believes it is in a strong position to
produce future cash flows from operations that, combined with its credit
facilities, will be sufficient to meet working capital needs, debt
service, planned capital expenditures and distributions for the
foreseeable future.

Distribution Declaration

The Company also announced today the declaration of a cash distribution
of $0.925 per LP unit. The distribution will be paid on June 17, 2019,
to unitholders of record as of June 4, 2019. This distribution reflects
the Company’s confidence in its business model and long-term strategy
and is consistent with its targeted annual distribution rate of $3.70
per LP unit for 2019.

Outlook

“This is an exciting time of year for Cedar Fair, as all of our parks
begin full summer operations,” said Zimmerman. “Over the next several
months, we will be introducing even more immersive experiences to
attract incremental guests to our parks and create reasons for our loyal
season passholders to visit again and again. We are launching several
new events, including Grande Carnivale, a nightly parade and street
party featuring music and dancing, and authentic food, drinks and live
entertainment from around the world. Also new this year at several of
our parks is Monster Jam^® Thunder Alley^TM, an
interactive experience featuring Monster Jam’s most popular trucks. And,
in addition to the excitement around a new coaster, our Canada’s
Wonderland team is looking forward to extending its operating season
with a new WinterFest celebration.”

Zimmerman also noted the Company has several major development projects
underway, scheduled to open in the fourth quarter of 2019. “As we
continue to focus on expanding our accommodations portfolio, we look
forward to cutting the ribbon later this year on a 129-room SpringHill
Suites hotel adjacent to our Carowinds park. The addition of this hotel
will provide our guests a convenient option for extending their stay at
the park while enhancing Carowinds’ position as a multi-day
destination,” said Zimmerman.

Set to open later this year at the Cedar Point Sports Center in Sandusky
is a new indoor sports facility located next to the successful outdoor
sports complex that opened in 2017. “The outdoor complex has had
overwhelming success, drawing athletes and their families from multiple
states for tournament play, and we believe the stage is set for the
indoor facility to be just as successful,” added Zimmerman. “Scheduled
to open in December, this new facility will allow us to expand our draw
in the very attractive and ever-growing amateur sports market.

“As our teams focus on readying the majority of our parks for opening
day, we are confident Cedar Fair is well positioned to deliver one of
our best years yet. As consumers continue to prioritize experiences over
possessions, we are confident the Company has the right strategy and
team in place to give visitors the premium guest experience they have
come to expect from Cedar Fair,” concluded Zimmerman.

Conference Call

The Company will host a conference call with analysts today, May 8,
2019, at 10 a.m. EDT, to further discuss 2019 first quarter results and
provide additional detail on its long-term outlook. The call will be
webcast live in “listen only” mode via the Cedar Fair website http://ir.cedarfair.com
under Investor Information / Events and Presentations. It will also be
available for replay starting at approximately 1 p.m. EDT, Wednesday,
May 8, 2019, until 11:59 p.m. EDT, Wednesday, May 22, 2019. In order to
access the replay of the earnings call by phone, please dial
844-512-2921 followed by the access code 2895700.

About Cedar Fair

Cedar Fair Entertainment Company (NYSE: FUN), one of the largest
regional amusement-resort operators in the world, is a publicly traded
partnership headquartered in Sandusky, Ohio. Focused on its mission to
make people happy by providing fun, immersive and memorable experiences,
the Company owns and operates 11 amusement parks, including its flagship
park, Cedar Point, along with two outdoor water parks, one indoor water
park and four hotels. It also operates an additional theme park under a
management contract. Its parks are located in Ohio, California, North
Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri,
Michigan and Toronto, Ontario.

Forward-Looking Statements

Some of the statements contained in this news release constitute
“forward-looking statements” within the meaning of the safe harbor
provisions of the United States Private Securities Litigation Reform Act
of 1995, including statements as to the Company’s expectations, beliefs,
goals and strategies regarding the future. These statements may involve
risks and uncertainties that 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 have been correct, or that the Company’s
growth strategies will achieve the targeted results. Important factors,
including 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 reports filed with the Securities and Exchange Commission
(the “SEC”) could affect attendance at the Company’s parks 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 correct or update any
forward-looking statements, whether as a result of new information,
future events or otherwise.

Note: Monster Jam^® and Thunder Alley^TM
are registered and unregistered trademarks of Feld Entertainment, Inc.

This news release and prior releases are available online at http://ir.cedarfair.com

Contacts

Michael Russell
419.627.2233
https://ir.cedarfair.com