Cedar Fair Completes Sale of Canadian Land
Date:8/22/2009 12:27:00 AM
SANDUSKY, Ohio, Aug. 21 /-FirstCall/ -- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today reported that it has completed the sale of its 87 acres of surplus land adjacent to Canada's Wonderland near Toronto to the Vaughan Health Campus of Care.
"I am pleased to announce that yesterday we completed the sale of our surplus land near Toronto," said Dick Kinzel, Cedar Fair's chairman, president and chief executive officer. "The completion of this transaction is another step towards our goal of reducing debt and improving our capital structure for the long term."
Mr. Kinzel concluded by noting that the net proceeds of approximately $54 million from this asset sale will be used entirely to pay down the Company's term debt.
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. Amusement parks in the Company's northern region include two in Ohio: Cedar Point, consistently voted "Best Amusement Park in the World" in Amusement Today polls and Kings Island; as well as Canada's Wonderland, near Toronto; Dorney Park, PA; Valleyfair, MN; and Michigan's Adventure, MI. In the southern region are Kings Dominion, VA; Carowinds, NC; and Worlds of Fun, MO. Western parks in California include: Knott's Berry Farm; California's Great America; and Gilroy Gardens, which is managed under contract.
This news release and prior news releases are available online at www.cedarfair.com.
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