Jim Shull, retired executive director of Walt Disney Imagineering, commented on Twitter after the bid emerged, calling SeaWorld’s offer a “low ball” given the growth potential of the entertainment and theme park industry post-pandemic.
SANDUSKY, Ohio - Cedar Fair, owner of Kings Island and Cedar Point, has officially turned down SeaWorld Entertainment’s purchase bid.“In response to inquiries from various stakeholders, we confirm that our offer to acquire Cedar Fair was rejected. Unfortunately, we do not see a path to a transaction,” a company statement reads.Cedar Fair is scheduled to announce its 2021 fourth-quarter and full-year financial results in pre-market hours Wednesday.
The move would have consolidated two of the theme park industry’s largest players—the others being Six Flags, Disney Park and Universal Parks and Resorts—amid renewed optimism about a return to normal attendance levels in 2022. Kings Island, for example, attracted just 1.62 million visitors in 2020, down 54 percent from 2019′s count of 3.59 million, per aEvery major amusement park experienced the same. Magic Kingdom at Walt Disney World went from 20.9 million attendees to just shy of 7 million. Disneyland lost 80 percent of its traffic. SeaWorld lost 65 percent.
The company’s 2021 third-quarter guidance noted strong demand, record in-park per capita spending and a bright outlook in 2022.
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