[Picklesthedrummer]

Looks like Cedar Fair is attempting to sell California's Great America. I know this park has been having troubles in the past few years.

http://www.cedarfair.com/ir/press_releases/index.cfm?current_root=15&mode=story&story_id=321

[RiDeWaRrIoR]

Dang if I only had $70m

[cwgator]

Maybe we can get our Wave Swinger back now???? (They can trade it for the Yo-Yo for all I care.) (I know wishful thinking.)

[Picklesthedrummer]

It seems like they have moved several of their coasters to other parks. They are sending Invertigo away and we got Nighthawk from them. Not good when coasters keep getting moved.

[Jay]

I don't know if 2 could be called "several." The park removed the aging Greezed Lightning, but most of it was used as parts for Kentucky Kingdom's version. Their last new coaster was a Wild Mouse in 2001, and their last new coaster of any substance or originality was was Flight Deck in 93. Flight Deck is B&M's SECOND ever Invert.


Lets play divvy up the rides..

Carowinds can take back the WaveSwinger and add the Top Spin and Calypso.
Kings Dominion can have that awful Chance Frisbee and the Enterprise.
Kings Island can have those unsnappable Flyers.
Worlds of Fun can have the Mouse
Michigan's Adventure can have the Drop Tower and Looping Starship
Valleyfair can get the Disko Coaster

The kids rides can be distributed to whoever needs them.

[TrojanCamMan]

-I want to be kinda greedy.
-Give us their drop tower, MA can have ours.
-I want the Double Decker Carousel. Put in right by where Gr8 Sk8 is. That is the location of the original double decker we used to have.
-Store the skyride on site so we can have means of transportation for when we expand (hopefully)
-The Top Spin would look great back by cobra.

My $0.02

[Picklesthedrummer]

Well it looks like it has already been sold, so no rides to be moved around by Cedar Fair. The company that purchased it owns ski resorts but this will be their first theme park to ever run.
http://www.jmaventuresllc.com/

I wonder how Cedar Fair will use the $70 million. Hopefully we get a good amount sent our way.

[Picklesthedrummer]

Well it looks like it has already been sold, so no rides to be moved around by Cedar Fair. The company that purchased it owns ski resorts but this will be their first theme park to ever run.
http://www.jmaventuresllc.com/

I wonder how Cedar Fair will use the $70 million. Hopefully we get a good amount sent our way.

[KenB]

Kinda surprised anyone bought it, actually, with all the inherent issues with the city owning the land and the San Fran 49ers wanting to build a stadium next door. Oh, and the place is landlocked with a bunch of business neighbors who raise a stink every time they try to build something interesting near the edge of the park.

This is probably a win-win though, except for parks looking for hand-me-down rides. The park stays open for awhile anyway, and CF gets out of an iffy property. This allows them to concentrate on other parks with more growth potential. Oh, and the $70 million doesn't hurt, either.

Now what the new owner is able to do with it is anyone's guess.

[Edwardo]

Pickles, they said the money will be used to pay down on their debt.

This is a good thing, as long as the new owners don't mind a stadium in their parking lot, and want to continue to run the park.

[RiDeWaRrIoR]

I was really amazed how fast this sold, well how long was it for sale anyway? So one less park in the CF chain... that sucks, but it will be good that they can pay off some debt, which will be really good for the parks and hopefully get us a nice coaster in 2013, which I do believe might just happen...

[arby]

According to mercury news, the 49ers are part of the deal. This sale makes a lot more sense, now.

http://www.mercurynews.com/breaking-news/ci_18928013

[Jay]

No part of me believes that the park will remain open for even another 1-2 years. It didn't work for Astroworld I don't see it working here.

[Picklesthedrummer]

This is a good thing, as long as the new owners don't mind a stadium in their parking lot, and want to continue to run the park.

Last time that happened was when Relient Stadium was put in right next to Six Flags Astro World. That didnt turn out so good though...paying off the debt will be great for Cedar Fair. That way there is less holding them back on improving their parks.

[cwgator]

The park is staying in the Cedar Fair chain after all. The company buying it backed out. They also reached an agreement with the 49'rs in regards to parking and construction. This may be god news for the parks future.

CEDAR FAIR TO RETAIN OWNERSHIP OF ITS CALIFORNIA'S GREAT AMERICA PARK

CEDAR FAIR TO RETAIN OWNERSHIP OF ITS CALIFORNIA'S GREAT AMERICA PARK

• Valuable property expected to remain strong performer for Cedar Fair going forward
• Company reaches agreement with the San Francisco 49ers on parking and construction issues
• Expects to achieve high end of its annual distribution target of $1.35 to $1.65 per unit in 2012, and $2.00 or more in 2013

SANDUSKY, OHIO, December 6, 2011 –Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment announced today that JMA Ventures, LLC (“JMA”) has elected to not move forward with their purchase of California’s Great America amusement park in Santa Clara, California. As a result of JMA’s actions, the definitive purchase agreement governing this transaction, originally agreed on September 16, 2011, has been terminated.

“We respect JMA’s decision and are pleased to return to the long-term ownership of this exceptional property,” said Matt Ouimet, Cedar Fair’s president. “As we stated at the time the agreement was made, this is a quality park that has terrific employees and serves a strong market. We look forward to continuing to take advantage of the synergies which are uniquely available to us as a result of operating this park as part of our larger portfolio of properties.”

According to Ouimet, the termination of this sale does not alter the Company’s expectations of achieving record adjusted EBITDA between $365 million and $375 million in 2011. “In fact, we expect to be at the higher end of our original distribution guidance of $1.35 to $1.65 per limited partner unit in 2012,” he said. “With continued growth in our annual distribution rates and additional debt reduction through our improved operating performance, we believe Cedar Fair will maintain its position as one of the most attractive growth and yield stories in the leisure and hospitality industry.”

The Company also announced that it has reached a long-term agreement with the San Francisco 49ers related to the construction of the stadium and parking for NFL and other stadium-related events for the life of the new stadium. The agreement is still subject to the execution of a definitive agreement and the approval of the Stadium Authority and related approvals from the City of Santa Clara.

“The combination of an NFL stadium and a premier amusement park in one location offers tremendous and exciting opportunities for family entertainment. We are excited to reach an agreement on construction issues and parking that are important to the stadium project,” said Jed York, president and chief executive officer of the San Francisco 49ers.
“This arrangement leads the way to a mutually beneficial relationship between Cedar Fair, the 49ers and the City of Santa Clara,” added Ouimet. “California’s Great America was a strong performer in 2011 and we are confident this will continue into the future as we build the park’s customer base through new marketing initiatives and capital investments.”
About Cedar Fair “Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio, and one of the largest regional amusement-resort operators in the world. The Company owns and operates 11 amusement parks, six outdoor water parks, one indoor water park and five hotels. Its parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, and Toronto, Ontario. Cedar Fair also operates the Gilroy Gardens Family Theme Park in California under a management contract. Cedar Fair’s flagship park, Cedar Point, has been consistently voted the “Best Amusement Park in the World” in a prestigious annual poll conducted by Amusement Today newspaper.

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 and strategies regarding the future. These statements may involve risk 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. Important factors, including general economic conditions, adverse weather conditions, competition for consumer leisure time and spending, unanticipated construction delays 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 our parks and cause actual results to differ materially from the Company's expectations. 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.