Cedar Fair Entertainment Company (NYSE: FUN) today announced that Lehigh County has accepted its $2.75 million bid to purchase 6.75 acres of land adjacent to Dorney Park & Wildwater Kingdom in Allentown, Pennsylvania.
Related: Cedar Fair to Nominate Gina France for Board of Directors / Cedar Fair Reports Record Results for 2010
Pending approval from the Lehigh County Commissioners, this land acquisition will enable the Company to continue enhancing the guest experience at the park through the introduction of new rides and attractions, future park development and the expansion of parking facilities. The transaction is expected to close 30 to 60 days following approval by the County Commissioners.
"We are excited about the expansion and development opportunities this additional space will provide to Dorney Park, as well as the increased economic impact it will have for the county," said Dick Kinzel, president and chief executive officer of Cedar Fair. "In addition, we appreciate the opportunity provided by the Lehigh County Commissioners to bid on this property and would like to thank them for their ongoing strong support of regional economic development and tourism. We look forward to expanding our ability to provide unique, family entertainment at a great value in the region."
Recognized as one of the most visited amusement parks and water parks in the United States, Dorney Park & Wildwater Kingdom is home to more than 100 rides and attractions, including eight roller coasters, dozens of state-of-the-art thrill machines and one of the country's best-ranked water parks. New for 2011 is Planet Snoopy, a kid's theme-park offering the largest collection of kid's rides in the region.
About Cedar Fair
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.
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