FUN - Earnings call transcript Q1 2018 | Six Flags Entertainment Corporation

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Operator

Good day, everyone and welcome to the Cedar Fair First Quarter 2018 Earnings Conference Call. Today's call is being recorded. And at this time, I'd like to turn the conference over to Stacy Frole. Please go ahead.

Stacy Frole

Thank you, Vicky. to quarter welcome conference and morning our earnings first call. Good Vice Stacy Investor Frole, am President Cedar I Fair's of Relations. Earlier today, release. quarter first we issued our XXXX earnings our the of at Officers contacting at copy that can Relations obtained A release our Investor www.cedarfair.com tab Investors on under XXX-XXX-XXXX. or by be website

President our the President Executive On our and this Officer Executive Chief are morning Chief call Officer. Vice and Zimmerman, Financial Richard and Brian Witherow,

forward-looking need I statements this to remind within comments the that of during statements. include and may uncertainties These begin, you call that actual made Federal will from materially could in we differ those statements risks Laws. such meaning the cause Before Securities to described results involve

and filings with the In to the made has the SEC. the and call For available the Regulation being SEC's as Because with content by risks, more of a considered webcast general will discussion notification prior to investors. of and the company compliance be open analysts detailed fully this is and to been disseminated, constituents all these disclosed. well made as unselectively public, webcast FD, media is widely refer you can all

call Richard over turn Richard? Zimmerman. Now, will I the to

Richard Zimmerman

you joining all Stacy Thanks, thank and us this for morning.

first in our park expect, operations. Southern parks to prepare California for the our main our quarter would you around first is As park seasonal our Farm, opening. during focus quarter meaningful with year is Knott's only Berry

of seen caution XXXX, the than results for our of year of but the full we that quarter such, our As keep to drivers in business less would start to well maintain not remainder rate we quarter growth remarks fast season are increase our numbers outlook our the like we'd and back early yet in revenues. With morning our but a for moment, our year deliver will remain much X% in our today forward. model our We we a and too returns, a for have for indicative specific first strong net advance At first we purchase year, trajectory to key this are of a some performance prepared time always operations represent three in we've trends let season brief XXXX to support because believe sales at optimistic into finish focus. to annual would positive going continue the commitments this is our and to and top message comment that in of for results X% stepping in and trends speak supports several current we're steady the I'll to XXXX. another Brian on. that expected confident cautious line we of our the primary areas past about ability be early years, the produced to positioned the We we expect performance in looking distribution what highlight outstanding XXXX. commitment reading year, which like XXXX,

Vengeance, successful last to Steel of Knott's perceptions. second Farm enhance year in XXXX. Hang coaster be should and the Berry are park and year, Cedar record hyper-hybrid at significant in XXXX also that introduced drivers West be a to Point appeal and parks contributors Both attendance will expansions that continue audience, water XXXX the the investments in beyond. have we major our expected and first improve attractions benefits very from new proved expand repeatability First, at coaster Coast’s breaking dive value roller Time,

platform entertainment over Second, where parks scale at experiences to immersive the offerings and a by multi-week not to provide advance more WinterFest, offer continue provide live includes encourage offer spending. our can experiences replicated better guest This Knott’s our easily special Boysenberry operators. Halloween such possessions differentiated as events a entertainment other which product regional and sales rides we a we entertainer of Annual and incremental experience. Haunt Consumers our our culinary and all and new and attractions, Festival, and prioritize

effectiveness allow us messages guests through an marketing programs to create the noise emotional that with and our speak of sales our connection action. Third, drives and the break to that

marketing marketing brand unique results will of I programming and become some history each in on of efforts parks. work In on and detail. become true to now the our strategic our and analytical. more update has this, Our analyze of point We and an first, our parts. determine taste aspects for more audience have that are the a the to specific the best for initiatives. attractions And position market and data each unique discuss a of term developing to embrace the rallying local plans with that provide additional to color minutes, our our But quarter's longer historical to want have of turn I over Brian call campaigns the few Brian? XXXX

Brian Witherow

Richard. Thanks,

As less ended very so, Richard the are revenues. pleased three XX, XXXX million March touched were earlier, or briefly million. first represents we X% year net our $XX that of quarter net Even XX% months to full up on for $X than revenues

majority is XXX-day our the the second peak quarter. vacation to revenue the Given months in of a beginning concentrated nature our seasonal our during and the fourth events has timeframe our of revenues and of July from recently in been popular with XXX realized in stemming of a Most August our our recent season business, quarter and surrounding celebrations. growing of activities revenue supplemented more that WinterFest and are Halloween amount with years

Our early leader to Farm, It by the park’s first chef Knott’s operations. Berry park only amusement park overall team. the outstanding immersive and beverage food of quarter expertise comes history unique its culinary when industry it season that experiences was embrace and delivers our events. revenue in the and features multi-week is driven with Knott’s the of regional a meaningful primarily increase performance the quarter for executive

led pass the a this season debut these celebration making increases festival. Boysenberry in The price led per the surrounding During park future inaugural excitement made it's of annual success first market. advanced not only their at strong competitive this Hang in portion Time, of we've and sales the world of with year, a strong roller sold unit. first nicely has other both the quarter, as purchase quarter as in strength year-over-year in included the month's also up our well of sales highly number units and class and setting to events but The combined this for peanut a coaster, their to continue is investments commitments

expenses Cedar decrease compared with the park by primarily is the wage period. period, The higher revenues first prior three quarter labor in other with quarter’s of market include inaugural interruption disassembling claim success year due the quarter at expenses the holiday rate the our administrative at operating attributable our the we to and WinterFest operating Point. cost offset over during small to of and and result water Castaway minimum proceeds expenses Knott’s were seasonal Operating and They costs Knott’s year higher costs was increase higher business parks. during which operations slightly first spending expenses Berry increases year is amusement maintenance daily and $X and expectations. and million year the up to in first million, events attendance as parks anticipated a last received in at in XXX guest a and due and of from a normal This Bay. at is to line the or at Farm The X% offseason,

in to the with and with moment, with the Fair compared another is our season for group indicators we're These significant a put at all purchase deliver trends and $X period quarter pleased season cash when to first year. beverage dining a advanced positive early start of lead in outstanding us free such and million all, in of to Looking in compared sale All year on all and season million commitments. increase XXX last positive advance longer yet same XXXX. to all flow a This sales, Cedar pass commitments hotel generate year including when for of strong the the nice up amount pace were our season bookings, XXXX. X% revenues, products, up our which reservations as deferred momentum reflected purchase are season event or

Our focus to an use on will short the both in X.X%. This value advantage long of holder been tax distribution, of attractive approximately unit at currently maximize be continuing includes has investments optimizing which and the long term. has distribution parks to term free always grow our and strategic cash and yield flow making our

quarter and ends fiscal month, the last the call I that Finally, be to over fiscal case Sunday was the before typically group for XX. quarter, I back the highlight which this quarters want this case June with past to the second as our on the end turn of for will Richard,

This September our third for XXXX, our fiscal in However, XX. weeks quarter comparable both are will Sunday, quarter ensure end fiscal XXXX. that the XXXX interim with will in XX year-over-year third results and on

call Now, I’ll turn to over Richard. the back

Richard Zimmerman

its an two have operation weekend, XXXth is This for with in Brian. as exciting including year of seven Point season. always parks time Thanks, us, now for Cedar we this more full opening

through expands operation in stay. experience. a without quality believe entertainment unique a to length around scale culinary, and is unique accommodations commitment ride flexibility differentiator Cedar we be We in three for train rides at to a We our do the key by with in are high immersive which areas experiences should provide capacity investing Our and guest resort enhanced guest guests experience a to parks of everything Fair. for coasters and the experience, disrupting build by highly between offer to roller the and retail because a elements. for We immersive the is more investing extend little little longer, experience new overnight new offer. allowing ride want the We invest record our transitions invest maintenance we smoother our the breaking track repeatable enhance that for and offerings

distinct from guest and market range. year, us program catering RV geographic new All experience, our to incremental with restaurants these we our overall and introduction a greater capital This the elevate provide and hotel again roller we coasters, already responses across once facilities expansion to allows traditional facilities events aggressively Haunt special celebration refreshed audiences debuted encourage of an all with Kings aggressive peanut waterfront Berry events. also with and Richmond. rooms and investments in expanding more exceptional It In of of products. of celebration to consumer expansion guests both, great Many children's luxury our investment multi-week our us expanded our giving areas, the Dominion, continued sites. demand an popular expanded Kings and upgraded have Island of with park to power. have at Halloween outside Farm the into new holiday four and Knott’s our resort The in creativity winter with throughout immersive us properties, and repeat the visitation pricing of investments In and seasons for includes medium are market culinary scale XXXX, be experience confidence these the This our the year, WinterFest, group business. the overall past five over year season park’s brand drive to ability increased to this, our purchase of our throughout we unique years, times the fun our and that the built visit this levels price our has another over long urgency Cedar Fair. to create Because including the value customer unique incremental years are five more spending all growth of our parks term. engaged guest base to audiences continue parks and throughout pass provide We capturing executive drives believe is fully attendance expect between feature been advance events commitments, with products our chefs. all of sales, growth multiple because special differentiator past guest proposition through each of and very allowing our to this for improves us the improved growth over These regional balanced and spending of season year. turn, events balanced the

clients, families. more aggressively art we and enhancing facilities guest the our experience one just corporations, group and catering of groups youth including to state marketing the way more are New are

and no our premium also facilities food roost, centers. under Wi-Fi are us at to executive with free picnic longer experiences refreshment all catering provide with of outdoor, self-service kitchen high end chefs Our of dining addition offerings. customized but allows rather indoor tables parks The areas and modern facilities,

of term including in our delivering our long investing sales and results. is to executive these facilities and associates high commitment improved quality team Our chefs the group

digits group Over when our in compared up active the past year. to we meaningful bookings few and years, XXXX, in I'm same bookings active generated say time that increases again have to are double last pleased group this

to has purchase As it continue our another upside expect key channel be sales XXXX to and for in group we and we potential impactful beyond. strong category believe advanced commitments,

tell can execution in and of outstanding focused the another our comments you are As on year today, initiatives we from XXXX. our delivering

with continue of Fair. Cedar also have for directors, opportunities board We to regarding growth our ongoing discussions term long

We XXXX provide our to core the are XXXX once excited an about the early future update intend late of strategic season. our plan long and term in XXXX through or in we're on

details, We will including over next course months. provide additional for of event timing an the the few

to fun. questions, up its be to to I place understand Before open it's investors how the Cedar continues the for build for Fair call reputation for on important our as

a challenge and our that people, front Therefore, passing like a Our our respond them first, culture another their puts dedication our associates the every high no gates employees from guest customer to commitment organization. through want throughout that return from We bar our indeed the to Meeting shine each supporting will the to other. all day. of requires and and on the set ask because do. dedication we those they so lines

For thank we like But generates investors. say remarks. said to rewards you. also rewarding is associates who for experience the us, our open I of That it would and only questions. best day up concludes the guests be is providing all done, to prepared not time, all to our our call for want your for At this any listening, may when

Operator

Markets. Andress our [Operator Instructions] today Capital with Brett first And KeyBanc take we question from will

Brett Andress

your season sales to the early past for all were in comments, categories. up commitments back advanced Going

was revenues price I of I increases were plus you kind some buckets. were can I X if of seeing think quarter? digits. deferred of double the last mean, out coming more you're some plus it group strong said into you and bookings those But in recall, provide what blended the pretty insight

Brian Witherow

park Brett, that and meaningful in the What well that prepared And years, other Knott’s, around sort think we've both in operations, like one Brian. specifically been Berry we've only price to to that all it’s in season the for and said of few say X%. as that able to a Yeah. we both be tell been very past digit on to admissions Early similar to then mid-single we our I remarks get channels, what on in us pass. to push the not to I mention is the seeing last Knott’s increase of ticketing increases specifics. the cap those the unit season that for we're going in types the other our is average couple of would is as season in in ticket pass where into last averaged years. you pass you've approach going heard being pricing, going Farm, is, we’re ’XX with channel price X% per

a big So pricing behind depending the more we're year, capital. this new comes in where confident from on clearly, growth

Knott’s the we're are little parks So Dominion more name play confident on the in a a Kings coasters, to that XXXX at that will pricing pricing say where parks years. from so last of leaning big Farm, those like is Berry we've a Cedar but would into and very in few bit Point, been overall similar in approach our end, couple the to number I to

Richard Zimmerman

we're prepared by but that, power. gives to believe seeing. good guest I’d as proposition. the as Brian does our just value -- continues It we we in pretty experience, we Brett, as feel add the on about price it's remarks, to at I market said, what us said the quality Richard. vary pricing truly improve my It experience of look guest

Brett Andress

that park probably buzz to some you would don't ride now I Stacy I'm if allude you think share coasters can you've the had that at I I Steel the at the that, fact getting yell one Vengeance side, any into I me in is guys the anecdotes that of while. any Point a you for is, I in of of And probably in I’m seen as more bookings expectation your to driving did alters great, question, I mean the price terms guess previous insight park. this thought really of have growth I that was that around maybe best how Cedar around specific and are your or And around to it what sales think pass there going for thinking alluded that year or back kind park Vengeance

Richard Zimmerman

a you, tell park team I fabulous instantly I in hear three. it a I just is his did Point to rode do have and job. McClure that it, Vengeance put when my enjoyed Cedar Brett, Jason top you Steel I great and and

accommodations, I and all the one it see to wait park, can't on the guests nearby, not Cedar increase Point think lots about the just sports but is a riding spending. different wallet I there's stay of length and to of resort every it's the talk the the things great Point and guest us a about of complex extend share of tremendous coaster deeper hotels, both for but ways there's Cedar when day, you

having helps Point Cedar for strong XXXX. year and Cedar we see overall certainly about we're Fair very a what So, excited

Brett Andress

can there guess, go last attendance per forward quantify it purposes, we a cap, in have and I way basis And you just right then just on one so is for, quantify modeling the any quarter.

Richard Zimmerman

it's out we've it's of such give and Knott’s just to entirely been X% a for out specific reasons, giving -- don't for at QX, going year overall basically not portion We're small Brett. the competitive Yes, attendance typically because and results.

this at time. it back think but we I that to to not So out there, get when get into numbers quarter we're second detail able essentially you'll be give it going

Operator

Stifel. And Steve to next Wieczynski with

Brad Boyer

in This for is Brad Steve. actually

is picture of question. sort big I you a guys have of just question industry for First more

bit late opportunities talked of regional out constructively the ride there Some some in of there little in your about see a hard peers more parks. that they have space out M&A the

increase curious marketed shopped perspective being on your and or interactive that, on Just your M&A stuff you've seen radar any this that's if that's at something point. in is

Richard Zimmerman

on is publicly take What a comes always look I and said if we've something we’ll market, interested. would certainly say that be the

Our inXXXX, market. attention focus but be is the on up. I interested we results to we’d now if said, can shaped that all right best we’re Certainly, the as on we came stuff, pay think something we producing

Brad Boyer

part question a And then side, out development kind secondarily just the park on of here. two of

a technical First of Carowinds of more on all, question hotel. the

is partner is involved sheet be California then that heard the and since third-party there to thoughts project? or there a curious, America on going there haven't ton left. a Great balance Just really updated around We Matt

So just thoughts curious current there?

Richard Zimmerman

down We're First, suites we're just that. which and going on should that broke ground we on excited about online Spring to XXXX. Hill that own there in Carowinds, we're going our operate late and to project, come

So be that so our the will Carowinds operation, that's question.

our it year. property plan we to master have the to America, relates we’re just Great a us a year push redeveloping As to out were gave bit plan at, than with very little pleased more about gotten that for singular along we farther continue a to runway that rezoning ago

So made getting of the that a in about future for ready lot we effort that are investments that really see expansion. the XXXX in park you

in is infrastructure excited for around a and a a lot F&B. coaster the So which of XXXX, market. enhancements expect from about we're reaction There good going new

are So with that. pushing forward we

develop continues more hear and can you to plan continue that to a to into as multi-year think expect market. lean we I

Brian Witherow

build we we to took that at we’re we the we at those of embedding approach as before, and at the look additional from at to our Great we've look Carowinds Northern success of out build Carowinds learnings lessons a that of this America thing in in lot One we that out America. learned said Great the had Brad, back California,

Operator

with Tim is Fargo. Wells next And Conder

Unidentified Analyst

Easter Conder. perhaps this guys [indiscernible] from there year, for to I’m through last at with color just another provided going calling provide take see trends shift us and believe because had I could shift Tim you any if commentary a was and that first meaningful on there a in this stab year. quarter was April. you or

like could comment trends you want just those through could to maybe see if what as April to I like So, be. for

Brian Witherow

Brian. It’s

that into out cetera, sales, high advanced numbers of through Last with mind, The pass results in year, pleased first not season. of so color. the bit give in specific played ’XX, core important you the level or can the we calendar very this provide We're we more in that more very shift really Easter that tell did in I bookings, QX break sample the there attendance full a doesn’t of we're comparable month April tell to year, a season of call, issues would point timings a at the is in because you the of said timing April. and spring same sit perspective, the correct. impacted to per of comparability related month trends first the size from going keep so definitely issue those this it's of I of and lot we around quarter You’re little where April still present time, small to capita group quarter color year. the continued quarter during out going to and was a saw and the purchase itself. ’XX on April. just and again so first lack we commitments, like comparability But comparability, et

momentum build we up it's it. maintain and on and not So rest important that this

Unidentified Analyst

season third Second those better or a bit to question that kind fourth past second, beverage the little tend signing, the you in just packages, pass programs in around is of commented had quarters, traction. gain

see to trending those so as want on if can comment read far, any those trending? so but early, X% programs on the how to deferred you are how revenue So are

Richard Zimmerman

year. penetration this our across all seeing sites. seeing we're levels what with pleased We're really We're Richard. is This increased

our for one is reinforces the we continue average so we and season to like indicator all continue beverage a interest package we and tend see visitation, dining pass key rate, renewals. those reasons would, think really renew in to who is of we we that really what holders we increased see, drive as which thought the to season we So particular higher at purchase a

Unidentified Analyst

you then to I to quarter And or the just a quarter. called first if was question the quick WinterFest out last quantify this in suppose was provide see could stab that related cost

Brian Witherow

It’s it. would I to given have when have between would mention we been scheme $X very the or second million out, least this even more grand with small $X impactful a probably attractions overall it's it fairly those the It's disassembling to you're was the full million, interesting by natural meaningful QX tell been is number EBITDA give for if -- little quarter, but would QX it looking definitely we and and or in themselves. takedown at it so but immaterial, wouldn't of a cost it's you felt with year, have loss, called not third associated and because a decorations at bit a it results important things quarter the

Operator

And we’ll FBR. go to Bart Crockett with B. Riley

Bart Crockett

minimum for of and I was the that and impacting quarter just guess balance kind out the curious called you had wage year. see meant on also what you minimum the costs, I wage the how guys of

Richard Zimmerman

we see XXXX. pressure, our is for pressure, Barton, what similar pressure increased saw we're and labor kind we but overall I look as backwards, of it's what do tell expense, will XX% seeing in now about you planned operating labor is of wage the we to we

Bart Crockett

the much millions wage digit or you wage like single the for pressure the is give year. I minimum should think look can mean, of that for year how us a you that sense over

Brian Witherow

that, basis XX, rates impact of on mean labor probably -- X% look of seasonal hundred that been had I to in on X.X% in range. in labor the Brian. another ahead to that XXXX our of when overall back couple range, while you that around X.X% it’s points that was labor might have out and X% trending sort Barton,

well the say, availability now, similar the Richard into of or market a because the both the we terms something last of said, I we parts other the that what increases you combination we markets as right could make in Toronto markets more think as to saw I on two expect, need that in as year wage workforce. and going the California minimum to what of would of like in of that’s adjustments year pressure mandated based know,

Richard Zimmerman

more and the seeing Barton, as the historically we've power. but one thing our us, us we're it now bit go little believe more is provides pricing of the four a around pressures, areas seasonal typically we – also really the on seen wages up those one things in labor associates for

the as longer reinforce to see belief does back we ability that term, price. continue I over look So it, we at take our to it think an

Bart Crockett

your that's spend or their more that on, have if that activity. then stepping just sense see happening federal right, and they a And Do stimulating from have back cuts, reservation this big more that picture, guys people you be through from bit in tax little money that consumer might gone bigger pocket. any cuts is more to you we've just something seem a are tax business spending what would can you

Richard Zimmerman

question you early season to couple really parks reinforce very some year Knott’s, been pleased relates the Knott’s, seasonal more really can by terms We've as it's Brian's to day at comments, I to the parks Knott’s the off most got got I’ll strong which Barton, of we’ve because maybe our a it left. a visibility. in is in early. spending of The admissions earlier lot a results, give We've day start. we're meaningful little really and really driving both what and your of a with specifically at relates weekends insight of from

positive. has seen what say I would we've So been

Bart Crockett

nearly little just Six earlier. in reported basic a a because point final description a bit of Flags They was -- thing, attendance impact, your a lift tied And Easter just Easter. which -- to were of third then it is your peer, one is calling XX XX% percentage out very one than different

so you? of that really thoughts Any can are Easter You that. about the two be guys saying How different no impact. there's between meaningful

Richard Zimmerman

when the look that's spring very by we at state. Barton, calendar, break different state

the look operating fact when we But differently. I'm Brian? see in little our over at look overall bit the back to may Knott’s quarter. to number take a looked we you regions calendars, days such to anything the is first we So the operate, the and going when contributor of we operation. Again, significant at a didn't meaningful we operating that

Brian Witherow

may think I by to terms differences daily, well, the end a calendar the with timing based in Knott’s factor Berry in along see quarter the Easter we be fact if Farm being of a on with seasonal be open quarter to may Knott's of that some being didn't our that really out other thing spring year. is operations, parts shift versus parts only the call operation, a had and weekend the or Barton meaningful there fiscal -- more this break otherwise benefit as we the impact created

Operator

We’ll Prykull Goldman Chris now to go Sachs. with

Chris Prykull

margin to year. were we that flow given incremental mid-single one you XQ year XQ growth, the number margins your priority, or expect we expansion achieve rebound say mute how digit one do last head Just over costs I think margins revenue and other see but if to aren’t wages about should through EBITDA into you or the summer. contraction on know, year's as to during do

Richard Zimmerman

which telling year, margin range. kind that great up it’s XX% question. in Chris, are of end historical be -- at XX% most When usually part We've where we growth. seeing look of the we we'd is any individual said to that the parks

And really good significant see think be We parks feel we when and we what our getting Knott’s, XXXX typically is nice through. Cedar Point two product. what contributors. flow that largest So outstanding happens, they'll about in

Brian. So

Brian Witherow

Clearly, Berry I with operation, guess we don't should in the margin mix a I will our little through rates definitely drive for hit of QX. on to in saw lack is play much park said, to would the Richard So like think parks, pressure margin, I ‘XX in And us part ’XX. ’XX I results and Knott’s bit too read only come pressure we margin. flow than largest have some into puts one labor of of some the as out that going benefit be in what calendar our With in there's in lastly, final that programs Chris, and better the mean, in and expectations Farm. much place say we a saw performance large on, year where but you a of full with terms

The other the the itself, give QX the to benefit through the see saw other down and pull specifics, tell Knott’s same through flow looking the to those with we thing parts Berry to but qualitatively, I'm and year part margin parks would ten pleased one, I’m I you offseason that that parks flow Farm very the in in I'll at going QX. associated cost going Knott we and and we in out by margin tends in forward. just tell the Knott’s you saw and sorry, lift with of kind of in expected not were

Chris Prykull

in a get cost, attendance that you but And interest nice Knott’s does for as candidates sort event parks then with WinterFest. of a peanut how specifically, that well parks, as fuel the potential the lower would type be celebration Is which bump. you the say to that expanding is about of still and success attendance in on similar versus expenses think it the event or meaningful other it associated do

Richard Zimmerman

I our kick early to the saw put remarks, celebration held out mostly And that and and off what year. year. Knott’s rolling we prepared great it, really January, was said Really way in we're was Knott’s good during it was Kings February Island peanut at a the questions. as this to

expense think on. to drove the level not some So either celebrations, when peanuts about really perspective of the but you capital perspective, early nice a or an from WinterFest operating interest

about more little think of a feels some it broadly Seems as we springtime as anchored our the events. about good it like fun. our think we of really So seasons

where we're impacts. could meaningful and evaluating now, throughout resonate really some right have portfolio that the So

XXXX, on this. do really we about think we really Peanuts the invest more immersive as events again that us like more celebration and the start thinking arrangement but have long allows scale, really with we’ll larger Peanuts to our behind So -- like term

Chris Prykull

of on And potential one you in the partnership we front. cadence could Canada? just CapEx last the Can should if hotel about Charlotte. how I hotel in the then one And on secondarily, an update it in, just maybe then hotel squeeze provide think from development

Brian Witherow

Chris. Sure,

and pushing said a XXXX the Richard for with ground is, hotel opening. late along on broken initial as So the earlier we've on outlook it in Charlotte call, is

in the evenly ’XX that you, think we've of associated working can the cost between little maybe as would work that those now, probably than spread I that So we heavily we a and honest planning that would the through project with flag slowed longer of just be to but negotiations ’XX is imagine going and sometimes have more be bit with as that down ’XX, desired. XX-XX, spread completely that through cost, the terms the by architectural of The the the hoping to a behind that. move in and it's learned I Toronto legal That but to XX-XX, should hasn’t to take XX, us XX on been was some I along be or whether XX-XX other say, to channels those should bit announce continues hotel well, little scenes. really able

ground just quickly pretty bit behind be much. estimate little we'll that So a the hopefully a I would not maybe and on debut too but hitting that's Charlotte,

addition and very good The I more XXX Hotel more as be more And see the be and weekend complex. add to as strong, to the look Vengeance of excitement market we've room those not markets where the there on to ’XX, opportunity This resort about properties about we we market. here call, new Sandusky here are both early of would I to continue very all at we second continue Steel the So in is our Cedar got well feel will remiss mention rooms reflecting in Sandusky then a of lift the still bookings like heading accommodations into last Point as debut for into year and Breakers that. the the the excited inventory. we're to that did value very the sports think at

So look two about continue aggressively the market and are to other excited we'll markets. that at

Operator

will We Hardiman James go Wedbush to Instructions] Securities. with [Operator now

Unidentified Analyst

whether weeks for openings on impacting if the past for any Matt park James. I’m coming few it wondering to it's comment if is you on This can up. Hi. or if expect you

Richard Zimmerman

good Matt, morning.

which seems and to momentum urgency seasonal in the reaction some we're our through there to will to always pleased we the put ideal that, than long lead of XXXX. year, drives the got we the the see is parks a were we're say the course some average to we're will want we we've I April, noise less that get to market pleased strong with in come a with over but earlier indicators, As new conditions, through to our product, out. expect What move and looks as said, -- weather like

Unidentified Analyst

wondering going costs you forward. Suites, of out can just on expect you then new SpringHill kind of see kind if And quantify, and ultimately benefits build to the from the hotel

Brian Witherow

Matt. Sure, Yes.

cost of haven't out that this intend to a in We specific point time. don't at and hotel, given

benefit a really into I earlier to park traditional be right. to further think stay. Richard little extend same as and beyond we think the the the fold, market what alluded reach ability the markets is the bit about at time, would two to core out

obviously loyalty little is an reasons the the of SpringHill plugged that park operation, advanced it’s as So When see fit one Marriott what we’ve season. we we quite honestly ideal for is market. program core the the a Suites see the system bit going provide market us commitment our little -- the why and and the and out the core that in for extend then not revenue system brand value into our for off res both in in in park, ability farther purchase call the and would to bit more a to

Operator

SunTrust. we’ll with go to And now Swartz Michael

Michael Swartz

year, ask waterpark attractions new question some coasters openings. of I Hey. year. terms had obviously It I you wanted a more in this is as and of last the just skewed recall some big to towards

more does maybe influence this XQ Should this year think benefit So I a coasters shape just to foot is, last or year, traffic we am XQ of a the stuff, late guess on -- the of benefit it parks from little change the question that I from parks. was year? which I focus in more how some of the expect early given that relative XQ, I water mean,

Richard Zimmerman

And Michael, we as feel I scale attractions such large urgency. say, great would drive coasters always question. what

just and -- there in to bit like we when but not out clutter earlier HangTime, that our reactions we've see get seen tremendous little attractions, and including plan comes America, earlier and little at from reaction all awareness, debut down bit we So and market Vengeance through coasters, do a on that. of in new a clearly Great market camps tend the our and see Steel we Charlotte, tremendous from expansion the we something the interest

Brian Witherow

wouldn't lot attractions Camp memorial out push Labor throughout shorter from than for QX comments, season tends most how family purpose, the kinds impact course the we skew different park to doubt things, heavily is water think just looked shortcut Day, a coaster Richard’s of attendance of as Those season. Snoopy like tends Michael, drive the the part, of can water at and the to the Carowinds. of attraction to the which modeled a we park, the add be I and a the a calendar potential Yeah. a attractions modeling at expansion I to into to and these without and

that, call bring is out the ad -- out the value is something lane. park of in thing one guess, can should that That’s I are. fast to -- -- benefits other the spend really that I real family things clearly, coasters that that as it say such we on attractions, coaster got a the not that's but coasters The I of of a a aren't driver

be So should extra comes very revenue we drive. should year stream traction it when coasters benefit four this charge, to the positioned the that well Fastlane our with new

Michael Swartz

end sales questions, I did the but missed then just quick were you, season up quarter? have may more two pass at it, you what quantify of did the And

Brian Witherow

that not doing the and is that Season million. a Season and pass sales business, the can't outstanding in dining did teams channel we itself deferred that Pass as revenue the we've push continuing growth by pass as job of beverage are strength group programs to to ignore in of parks well. in or X% seen an $X the provide and at our are that then number a on Season number embedded I We piece season that specific the up big Pass being spoke

specific a provide not did Pass. on number Season we So

Michael Swartz

out just quarter. first revenue then And the park in the on of

it think for case, the insurance I us? one a time kind can last you quantify benefit you that claim and that's year, if you said maybe had of was insurance,

Brian Witherow

Point in QX, role. digits Cedar range, the what You're on a a quarter business in low of it bit scheme of in number $X grand but of it the the kind not a benefited claim collected of to that single XXXX, clearly $X right. interruption bigger Michael, that’s million us meaningful things, in million little plays a was. first

Operator

question-and-answer our for any Frole conclude does session. closing I'd that it And remarks. back turn Stacy additional or like to to

Richard Zimmerman

the in screams and support the nothing amazing from commitment what I guests and Even after much all time this you of to Thank smiles experience. people appreciate There's forward the we guests our them we truly than and on very Fair. our of know better Cedar midways your decades hearing still look and industry, our of this seeing associates. We year. an do ongoing our interest our enjoy to coasters and for walking giving

strategy working. tell, can you is hope I As our

We have plans. in our and confidence execute term our our great of the ability to long business quality model

turn with parks offerings. I our in that, holders. from And Fair Stacy? summer of visit this you to what our best other Cedar our unit to do guests to and serve our differentiates experience will serve all firsthand entertainment We encourage continue parks and

Stacy Frole

us you forward on discuss at have to contact you questions, We to with three XXX-XXX-XXXX. quarter free look Relations Should months follow-up our our Department feel joining for everyone speaking about you call again to second please results. Investor any the Thank today. in

Operator

very you and I'd disconnect. everyone for our like for much. conclude participation thank today. And may That conference your to thank you does now

Six Flags Entertainment (FUN) 2 May 182018 Q1 Earnings call transcript