Cedar Fair Entertainment (FUN) - Get Cedar Fair, L.P. Report said Thursday it plans to spend $175 million to $200 million on improvements at the company's amusement parks, spurred by positive trends and renewed confidence in a business recovery.
Shares of the Sandusky, Ohio company were down 1.4% to $44.03 at last check.
Cedar Fair said its plans include a new themed area at Kings Dominion in Virginia, the reopening of two newly refurbished resort properties at Cedar Point in Sandusky and the 50th anniversary celebration at Kings Island in Mason, Ohio.
The company is also looking to introduce new and upgraded dining venues and to expand its festival and event calendars.
"Based on positive recent trends and our renewed confidence in the recovery of the business, we now plan to invest between $175-$200 million for the 2022 season to improve the guest experience at our parks," Cedar Fair President and CEO Richard Zimmerman said in a statement.
The investments investments include ongoing renovations at the Castaway Bay and Sawmill Creek resort properties at Cedar Point, as well as the addition of new rides, attractions and guest amenities at parks in the U.S. and Canada, Zimmerman said.
Cedar Fair said it is investing aggressively in food and beverage for the 2022 season. The company is upgrading and expanding food and beverage facilities across its portfolio, with new chef-inspired restaurants opening at several parks.
The company said that this year it has added about 20 chefs to its park teams to accommodate the continued growth in its culinary program.
The continued spread of the delta variant of COVID-19 is hanging over so-called "reopening stocks."
Cedar Fair reported second-quarter earnings last week. The company said an $87 million an increase in adjusted EBITDA reflected severe impact of COVID-19-related park closures in 2020 and the related improvement on 2021 second-quarter attendance and revenues with parks reopening beginning in early May.