Knott’s Berry Farm could see an attendance drop of nearly 700,000 visitors and a $33 million revenue loss from the two-month coronavirus closure of the Buena Park theme park, based on data from its parent company and industry analysts.
The Knott’s theme park, hotel and outdoor shopping mall remain closed for two months due to the COVID-19 pandemic. Cedar Fair, the parent company of Knott’s, has shuttered all 11 of its North American theme parks through mid-May.
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Data analysis based on Cedar Fair’s 2018 annual report and 2018 attendance figures from Burbank-based Themed Entertainment Association offer a glimpse of the potential impact on attendance and revenue at Knott’s and its parent company’s other theme parks during the coronavirus closure.
The closure of every Cedar Fair amusement park in North America could cost the company more than $100 million in lost revenue as its attendance takes a 2 million-plus visitor hit due to the coronavirus outbreak, according to the Cedar Fair and TEA annual reports. The losses assume Cedar Fair parks remain closed through May 15.
SEE ALSO: Knott’s Berry Farm off to ‘outstanding’ start in 2020 as Cedar Fair reports record 2019 attendance
In Buena Park, Knott’s could lose more than $500,000 a day while the park is closed from March 14 through mid-May. A two-month closure of Knott’s could cost the park $33.3 million in lost revenue, based on data from the Cedar Fair and TEA annual reports.
To put the potential loss in perspective, that’s roughly equal to what Knott’s is estimated to have spent on the new Hang Time dive coaster, the park’s marquee Silver Bullet coaster and the former Voyage to the Iron Reef dark ride combined.
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Knott’s is the only year-round theme park in the Cedar Fair chain, which includes Cedar Point and Kings Island in Ohio, Kings Dominion in Virginia and Canada’s Wonderland outside Toronto.
Cedar Fair’s 11 theme parks drew a combined 25.9 million visitors in 2018, according to the Themed Entertainment Association annual report. A majority of Cedar Fair’s 2018 attendance was drawn by the chain’s four biggest parks: Knott’s (4.1 million visitors), Canada’s …read more
Source:: Dailynews – News