Save $50 on an 82-Degree Winter Break at Castaway Bay

SANDUSKY, Ohio, – In the face of higher gas prices, Cedar Point’s Castaway Bay year-round indoor waterpark resort is offering $50 savings and extra perks on special packages geared toward young families who are looking to save money on a warm and close-to-home vacation.

With 237 rooms and suites, Castaway Bay has a variety of options for fun and affordable family getaways.  Reduced rates on overnight stays and two-night packages offering savings of $50 or more are now available.  These special deals will include free breakfasts or pizza meal, a family picture with a PEANUTS character or complimentary T-shirt or backpack.  All of the packages include complimentary all-day admission to the waterpark from your day of arrival to your day of departure.  (Please visit castawaybay.com for all of the details.)

Plus, Castaway Bay’s survival kit includes everything needed for that memorable family getaway.  For children, the indoor waterpark is filled with a variety of attractions and warmed to a cozy 82 degrees; a private spa with a pool and aromatherapy whirlpool gives Mom some quiet time while Dad can catch the latest scores on one of 30 TVs in the sports-themed bar at T.G.I. Friday’s.

And everyone looks forward to the daily visits by Snoopy and his friends.

“These money-saving packages make it a great time to visit Castaway Bay,” said Tyler Adams, general manager at Castaway Bay.   “It is warm, conveniently located and everyone has lots of fun.”

Inside Castaway Bay’s 38,000-square-foot indoor waterpark, the Rendezvous Run water coaster and three body slides provide non-stop curves and dips, while everyone can splash and body surf in the Castaway Bay Wave Pool, one of Ohio’s largest.  With four slippery slides and dozens of soaking gadgets, the Lookout Lagoon Family Funhouse and the 80,000-gallon Creature Cove activity pool create their own brand of excitement.  When it is time to relax, the indoor/outdoor whirlpool spa is a perfect place to rest and re-energize.  In Toddler’s Tide Pool, the little ones can splash and slide all day long.

Besides the waterpark, Castaway Bay also has activity centers that will provide an assortment of fun things to do.  Younger children can color, play games or read a book at Camp Castaway.  At night, Club Castaway has music, dancing and visits by Snoopy and his friends.  A huge arcade is located just outside the waterpark.

Special activities for St. Patrick’s Day include coloring contests, Lucky Clover Hunt and themed crafts for young guests.

Castaway Bay also has plenty of activities for adults including a fitness center and The Spa at Castaway Bay offers massages, body wraps, facials, waxings, manicures, pedicures and Botox and Juvederm services.

Castaway Bay can accommodate families of all sizes.  Near the resort’s lobby are two different gift shops and three eateries, while a fourth, T.G.I. Friday’s, is just down the hall.

For more information about Castaway Bay, please visit castawaybay.com or call 419.627.2106.

Spring break in Sandusky for the whole family

Sandusky — Call it the great spring break debate: The kids want to spend the week at an indoor water park; mom and dad are hoping for some family togetherness that doesn’t involve hanging out all day in a soaking swimsuit.

Consider this compromise: The kids get a day at the park, the grown-ups get a few hours of touring in closed-toe shoes.

Please read the complete article here: http://www.cleveland.com/travel/index.ssf/2011/03/spring_break_in_sandusky_for_t.html

Marathon Petroleum Company LP to Sponsor New Nighttime Show at Cedar Point

American Portrait at Cedar Point
American Portrait NEW at Cedar Point for 2011!

SANDUSKY, Ohio, March 1, 2011 /PRNewswire/ — Marathon Petroleum Company LP (Marathon) will add even more dazzle to Cedar Point when it sponsors a spectacular new nighttime music and light show this summer at the Sandusky, Ohio, amusement park resort.

Called American Portrait, the new attraction will feature exciting music, high-def digitized video, advanced lighting system and an extensive display of colorful pyrotechnics that will illuminate the evening sky.

“American Portrait is dedicated to the Spirit of America,” said John Hildebrandt, vice president and general manager of Cedar Point.  “It will combine patriotic and contemporary music with unique images of American life.  The program will be fast-paced, uplifting and will be enjoyed by everyone in the family.”

The 15-minute program will be presented nightly beginning Friday, June 3 through Sunday, Aug. 21.  American Portrait will be shown on the park’s huge 3,600-square-foot projection screen located on the Iron Dragon Midway.  On most nights, American Portrait is scheduled to be shown at 10 p.m.

The park’s first nighttime sound and light show, The Summer Spectacular, began in 1995 as part of Cedar Point’s 125th anniversary celebration.

“We are proud to join Cedar Point in bringing this patriotic salute to the park,” said Tom Kelley, Marathon’s Senior Vice President Marketing.  “The brilliance and high energy of the new American Portrait nighttime show will be the perfect ending to a visit to Cedar Point.”

In addition to American Portrait, Cedar Point will also have a new show in the Jack Aldrich Theatre plus live music in two other theaters, an ice skating show featuring the PEANUTS characters, a thrilling stunt show with inline skaters and skateboarders and sing-a-longs with Snoopy and his friends.

Marathon is an integrated international energy company engaged in exploration and production; oil sands mining; integrated gas; and refining, marketing and transportation operations. Marathon, which is based in Houston, has principal operations in the United States, Angola, Canada, Equatorial Guinea, Indonesia, Iraqi Kurdistan Region, Libya, Norway, Poland and the United Kingdom. Marathon is the fourth largest United States-based integrated oil company and the nation’s fifth largest refiner.

For more information, please visit http://www.marathon.com or cedarpoint.com.

CEDAR FAIR CREATES ADDITIONAL FINANCIAL FLEXIBILITY BY AMENDING ITS SENIOR SECURED TERM DEBT FACILITY

— Amended Facility Expected to Deliver Annualized Interest Savings of  Approximately $18 Million

SANDUSKY, OHIO, February 25, 2011 –  Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced that it has amended its senior secured term debt facility dated July 29, 2010, on terms reflective of the recently improving conditions in the credit market, as well as the Company’s strong performance and favorable outlook for 2011 and beyond.
“This amendment is the latest step in the ongoing management of our capital structure to provide financial flexibility along with sustained and growing value for our unitholders,” said Dick Kinzel, Cedar Fair’s President and Chief Executive Officer.  “The rate reduction alone offers us an annualized cash interest savings of approximately $18 million at today’s interest rate levels.”
Kinzel noted that the refinancing also is a testament of the Company’s relationship with its lenders, who continue to be strong supporters of Cedar Fair.
Under the new lending arrangements, interest rates have been reduced, certain covenants modified and the maturity extended one year to December 2017.  Interest rates on the senior secured term debt facility decreased to LIBOR plus 300 basis points with a LIBOR floor of 1%.  This represents a 1.5% improvement over the previous rates of LIBOR plus 400 basis points with a LIBOR floor of 1.5%.  The amendment also improved the Company’s flexibility surrounding distribution payments.  In 2011 the general distribution basket has been increased to $60 million from $20 million.  This basket will revert back to $20 million beginning in 2012, while the parameters surrounding the excess cash flow sweep have been widened for 2012 and beyond.  The customary affirmative and financial covenants remain unchanged.

“We continue to follow our balanced approach which consists of capital investment in our world class parks, along with the prudent management of our cash flow for sustainable and growing distributions and debt reduction.  It is our goal to distribute $1.00 per unit in distributions in 2011, provided we achieve our 2011 free cash flow expectations,” concluded Kinzel.
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.  For more information on Cedar Fair, visit the Company’s website at:  www.cedarfair.com.
Forward-Looking Statements
Some of the statements contained in this news release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements as to the Company’s expectations, beliefs and strategies regarding the future.  These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements.  Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct.  Important factors, including general economic conditions, competition for consumer leisure time and spending, adverse weather conditions, unanticipated construction delays and other factors discussed from time to time by the Company in reports filed with the Securities and Exchange Commission (the “SEC”) could affect attendance at our parks and cause actual results to differ materially from the Company’s expectations. Additional information on risk factors that may affect the business and financial results of the Company can be found in the Company’s Annual Report on Form 10-K and in the filings of the Company made from time to time with the SEC. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

CEDAR FAIR REPORTS RECORD RESULTS FOR 2010

— Generates Record $359 Million in Adjusted EBITDA, a 13.5% Increase Over 2009

— Entertains a Record 22.8 Million Guests in 2010, a 7.8% Increase Over 2009

— Demonstrates Ongoing Commitment to Distribution by Announcing Quarterly Payment of $0.08 to be Paid on March 15, 2011

— Company Optimistic About 2011; Has Begun Initial Discussions with Lenders on Further Lowering Interest Spreads and Increasing Distribution Capacity in 2011 and Beyond
SANDUSKY, Ohio, Feb. 15, 2011 /PRNewswire/ — Cedar Fair (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced record results for its fourth quarter and year ended December 31, 2010.

Cedar Fair’s operations generated full-year net revenues of $977.6 million and a net loss of $31.6 million, or $0.57 per diluted limited partner (LP) unit.  In 2009, the Company achieved net revenues of $916.1 million and reported net income of $35.4 million, or $0.63 per diluted LP unit.  Included in the 2010 results are non-cash charges of $62.8 million for the impairment/retirement of fixed assets and $35.3 million for the early extinguishment of debt.  The 2009 results include a $23.1 million gain on sale related to the sales of surplus land.

Adjusted EBITDA, which management believes is a meaningful measure of the Company’s park-level operating results, increased 13.5% to a record $359.2 million from $316.5 million a year ago.  At the end of the third quarter of 2010, the Company had anticipated Adjusted EBITDA for the full year to be in the range of $345 million to $355 million.

The Adjusted EBITDA margin increased 210 basis points to 36.7% from 34.6% in 2009.  The increase in margin in 2010 was largely due to increased attendance which led to strong operating results during the peak summer months of July and August, as well as the ever-growing fall season, and continued disciplined cost containment throughout the year.  See the attached table for a reconciliation of net income (loss) to Adjusted EBITDA.

The improvement in revenues and Adjusted EBITDA resulted from the record attendance of 22.8 million guests in 2010, an increase of 1.7 million, or 7.8%, from 2009.

“The attendance improvement was largely due to our aggressive marketing efforts to increase the number of season passes sold which, in turn, increased the number of season-pass visits, particularly at our parks in the southern and western regions.  In addition, attendance in 2010 benefited from our marketing efforts to raise group sales business, and many of our parks saw the return of a number of group bookings that were lost during the economic downturn in 2009.  Favorable weather conditions also helped boost attendance throughout much of the operating season,” said Dick Kinzel, president and chief executive officer.  “During this same period, we were pleased that average in-park guest per capita spending decreased less than 1%, or $0.35, despite the fact that season-pass visitors typically spend less per visit.  Meanwhile, out-of-park revenues increased 6.1%, or $6.2 million, due primarily to an increase in occupancy and average daily room rates at most of our hotel properties.”

Kinzel added, “While the economic recovery continues to be slow, we demonstrated the inherent competitive strength of our properties and attractions with record attendance in 2010, exceeding our previous record in 2008.  Our ability to continue to deliver the highest standards of customer service, our ongoing strategic investments to improve our parks, and our employees, who are the best in the industry, have been collectively responsible for our success and will continue to make us a strong company for many years to come.”

Operating costs increased $15.9 million, or 2.6%, to $632.0 million versus $616.1 million in the prior year.  The increase reflects $10.4 million of costs incurred in connection with the terminated merger, an increase in scheduled maintenance expense across the parks of approximately $9.5 million, increases in operating supplies and seasonal wages of approximately $3.2 million and $2.9 million, respectively, and the negative impact of exchange rates on the Company’s Canadian operating expenses of approximately $4.5 million during the year.  Offsetting these additional costs in 2010 was a reduction of $11.5 million of litigation costs expensed in 2009 for the settlement of a California class-action lawsuit and a license dispute with Paramount Pictures, as well as $5.6 million of costs in 2009 for the terminated merger.

In 2010, depreciation and amortization decreased $5.9 million to $126.8 million from $132.7 million in 2009.  This decrease is due primarily to lower amortization expense in 2010 resulting from the accelerated amortization in 2009 of the intangible asset related to the Nickelodeon licensing agreement, which was not renewed at the end of 2009.  Additionally in the fourth quarter of 2010, the Company recognized a $62.4 million non-cash charge for impairment/retirement of fixed assets.  Although the acquisition of the Paramount Parks in 2006 continues to  meet the Company’s collective operating and profitability goals, the performance of Great America fell below its original expectation and resulted in this impairment charge.  After depreciation, amortization, a loss on impairment of goodwill and other intangibles, and a loss on impairment/retirement of fixed assets, operating income for the period decreased $31.8 million to $153.7 million in 2010 compared with $185.5 million in 2009.  Operating income in 2009 was affected by the sale of 87 acres of surplus land at Canada’s Wonderland, which resulted in the recognition of a $23.1 million gain during 2009.

In July 2010, the Company refinanced its outstanding debt by issuing $405 million of 9.125% senior unsecured notes and entering into a new $1,435 million credit agreement, resulting in the recognition of a $35.3 million loss during the year on the early extinguishment of the Company’s previous debt. As a result of the 2010 financing, as well as the August 2009 amendment that extended $900 million of term debt, interest-rate spreads were higher during 2010 than a year ago.  Based on the higher interest-rate spreads, interest expense for 2010 increased $25.6 million to $150.3 million from $124.7 million in 2009. Among other things, the refinancing allowed the Company to greatly improve the financial flexibility needed to fund its growth strategy and create steadily increasing value for its unitholders through a more sustainable distribution.

During 2010, the net effect of the Company’s swaps increased $9.0 million due to a non-cash charge to earnings of $18.2 million, reflecting the regularly scheduled amortization of amounts in “Accumulated other comprehensive income” related to the swaps, offset somewhat by gains from marking the ineffective and de-designated swaps to market and foreign currency gains related to the U.S.-dollar denominated Canadian term loan in the current period.  During the year, the Company also recognized a $20.6 million benefit to earnings for unrealized/realized foreign currency gains, $17.5 million of which represents an unrealized foreign currency gain on the U.S.-dollar denominated notes issued in July and held at our Canadian property.

For the year, a provision for taxes of $3.2 million was recorded to account for the tax attributes of the Company’s corporate subsidiaries and publicly traded partnership taxes, compared with a provision for taxes of $15.0 million in 2009.

Fourth Quarter Results

For the fourth quarter, net revenues increased $24.1 million to $129.7 million from $105.6 million a year ago.  The 23% increase in net revenues is a result of a more than 20% increase, or 635,000 visits, in attendance.  Operating loss for the quarter was $58.1 million compared with an operating loss of $19.8 million in the fourth quarter a year ago.  The increase in operating loss is primarily attributable to the $62.4 million non-cash charge for the impairment/retirement of fixed assets, offset somewhat by the Company’s continued focus on controlling costs combined with record attendance in October.

After interest expense, which increased $12.7 million from the fourth quarter of 2009 due to the increase in interest rates on the debt refinancing in July, a $5.3 million non-cash charge for the net change in fair value of swaps, a $12.4 million benefit to earnings for unrealized/realized foreign currency gains, and a $34.1 million benefit for taxes in the period, the net loss for the quarter was $63.2 million, or $1.14 per diluted LP unit, compared with a net loss of $26.3 million, or $0.48 per diluted LP unit, last year.

Balance Sheet

At year end, the Company had $1.16 billion of variable-rate term debt, of which all has been converted to fixed rate through several swap agreements, $399.4 million of fixed-rate debt, $23.2 million of borrowings under its revolving credit facilities, and cash on hand of $9.8 million.  Of the total term debt outstanding at the end of the year, none was scheduled to mature within the next 12 months.  The Company’s credit facilities and cash flow from operations are expected to be sufficient to meet working capital needs, debt service, planned capital expenditures and distributions for the foreseeable future.

Peter Crage, executive vice president and chief financial officer, said, “In terms of both liquidity and cash flow, we are pleased with where we ended 2010.  Through the past year we have improved our debt portfolio with longer tenor and widened covenants, reduced debt by approximately $47 million and have significantly improved our leverage ratio, as defined in our credit agreement, to 4.3x debt to Adjusted EBITDA as of December 31, 2010, versus 4.9x as of December 31, 2009, an important factor in ensuring the distribution is sustainable over time.

“In light of our strong performance in 2010, the strengthening of our capital structure and continued improvement in the capital markets, we are currently working with our lenders to amend our Term Loan B agreement to align with current market conditions.  This potentially includes lower interest spreads and more flexible distribution payment provisions, however, negotiations are ongoing and the terms are not final.  We will make an announcement as new information becomes available, which we hope to be in the very near future.”

Distribution Declaration

The Company’s Board of Directors also today announced the declaration of a regular quarterly cash distribution of $0.08 per limited-partner unit.  The distribution will be paid on March 15, 2011 to holders of record March 3, 2011.  “This represents our 25th consecutive year of paying a distribution to investors and is in line with the Board’s previously announced intent to raise the 2011 annual distribution to $0.35 per limited partner unit, the maximum allowed under our current debt terms,” said non-executive chairman C. Thomas Harvie.  “This reflects the improving performance and financial strength of the Company, as well as the Board’s commitment to keep the distribution amongst the highest priority and a key component of long-term value creation for unitholders.”

2011 Outlook

For the 2011 season, Kinzel reported that the Company will be investing approximately $75 million in capital improvements across its properties, highlighted by the addition of four 300-foot-tall swing rides at its four largest properties:  Cedar Point in Sandusky, OH; Knott’s Berry Farm in Buena Park, CA; Kings Island near Cincinnati, OH; and Canada’s Wonderland near Toronto, Canada.  In addition, family attractions will be introduced at Dorney Park, PA, Worlds of Fun, MO and Valleyfair, MN.

“We remain committed to investing in new rides and attractions at our parks on an annual basis,” said Kinzel.  “These strategic investments are one of the reasons we have been able to navigate through the challenges of 2009 and return to record results in 2010.

“We continue to believe a 2% to 3% annual growth rate for revenues and adjusted EBITDA over the next three to five years is achievable with our capital plan as currently configured,” continued Kinzel.  “We also expect the Company will continue to generate a significant amount of free cash flow during this same period.  We remain committed to allocating this free cash flow towards paying an increasing quarterly distribution to our unitholders, strategically investing additional capital into our properties to support growth in our business, and optimizing the capital structure.  We are optimistic about the future and expect the positive trends we created in 2010 to continue in our 2011 operating season and beyond.”

Management will host a conference call with analysts today, February 15, 2011, at 10:00 a.m. Eastern Time, which will be web cast live in “listen only” mode via the Cedar Fair web site (www.cedarfair.com).  It will also be available for replay starting at approximately 1:00 p.m. ET, Tuesday, February 15, 2011, until 11:59 p.m. ET, Tuesday, March 1, 2011.  In order to access the replay of the earnings call, please dial 1-877-870-5176 followed by the access code 4401157.

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 Partnership 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.

Forward Looking Statements

Some of the statements contained in this news release (including information included or incorporated by reference herein) may  constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements as to the Company’s expectations, beliefs and strategies regarding the future.  These forward-looking statements may involve risks and uncertainties that are difficult to predict, may be beyond the Company’s control and could cause actual results to differ materially from those described in such statements.  Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.  Important factors, including general economic conditions, competition for consumer leisure time and spending, adverse weather conditions, unanticipated construction delays and the risk factors discussed from time to time by the Company in reports filed with the Securities and Exchange Commission (the “SEC”) could affect attendance at our parks and cause actual results to differ materially from the Company’s expectations.  Additional information on risk factors that may affect the business and financial results of the Company can be found in the Company’s Annual Report on Form 10-K and in the filings of the Company made from time to time with the SEC.  The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

Hollywood Landmark Pink’s to Open at Cedar Point This Summer

SANDUSKY, Ohio, Feb. 10, 2011 /PRNewswire/ — Labeled as the “Hot Dog To The Stars,” Pink’s, a Hollywood legend for more than 71 years, will serve its special brand of hot dogs and chili dogs this summer at Cedar Point amusement park/resort in Sandusky, Ohio.

This will be the first Pink’s franchise east of Las Vegas. Last summer, Knott’s Berry Farm, Buena Park, Calif., was the first Cedar Fair Entertainment Company park to operate a Pink’s on its property.

World renown for its premium gourmet hot dogs, chili dogs, onion rings and fresh toppings, Pink’s has an impressive Who’s Who list of famous Hollywood stars and dignitaries who have frequented the original Pink’s in Hollywood. Among its customers are Betty White, Ryan Seacrest, Adam Sandler, Bill Cosby, Martha Stewart, Jay Leno and Bobby Flay.

In 2010, the Obama girls:  First Lady Michelle Obama, daughters Malia and Sasha, Mrs. Obama’s mother, Marian Robinson, and an entourage of 14 other people stopped in for lunch.

It has also been featured on The View, The Martha Stewart Show, The Throw Down with Bobby Flay, The Travel Channel, the Food Network and the Discovery Channel.

“This is a wonderful opportunity to introduce Pink’s to a new area of the country,” said Richard Pink, son of Paul and Betty Pink, who first opened Pink’s in 1939. “Our premium hot dogs and chili dogs prepared with fresh toppings will become an instant favorite of park guests.”

In addition to its world-famous hot dogs, chili dogs and onion rings, Pink’s at Cedar Point will also serve mild or spicy Polish dogs, Brooklyn Pastrami swiss cheese dogs, Coleslaw dogs, plus hamburgers, cheeseburgers and French fries.

“Pink’s will be a very popular addition to the food offerings at Cedar Point,” said Gary Gochenour, Cedar Point’s Director of Food Services. “Its gourmet hot dogs, chili dogs and onion rings made fresh will have a huge appeal to all of our guests.”

Pink’s at Cedar Point will be located just off the main midway right next to Toft’s Ice Cream Parlor.  Guests will order inside and be able to watch as their food is prepared in front of them just the way they want it. Seating will be available inside or on the outdoor patio.

The original Pink’s, opened 71 years ago at the corner of North Le Brea and Melrose avenues in Los Angeles, was no more than a pushcart with a very long extension cord that was plugged into a hardware store a block away. In 1946, the operation expanded into its current building at the same location.

For additional information about Pink’s, please visit pinkshollywood.com, Cedar Point’s web site at www.cedarpoint.com or call the park’s General Information Line at 419.627.2350.

Q Investments Threatens Second Meeting

Q Investments said Thursday that it may call for another special meeting of Cedar Fair unitholders if a resolution to making paying cash distributions a higher priority fails to pass.

The Texas investment firm forced a special meeting on Tuesday to consider two proposals.

One proposal, to appoint a new chairman of the board with no prior ties to Cedar Fair, received so many votes that the current chairman, Dick Kinzel, announced that it appears to have passed.

The proposal on cash distributions is too close to call until all of the votes have been counted, Kinzel said. It may be several days until results are final.

In a letter sent Thursday to members of Cedar Fair’s board by Federal Express, Q Investments said that most of the people who voted clearly favor higher cash distributions. The voting is close only because people who did not vote are being counted as “no” votes, the letter says.

For the complete article and to join the discussion, go here: Q Investments Threatens Second Meeting

Cedar Point’s carpenters busy all year long

Cedar Point in the winter can seem like an odd sight. Snow is on the ground, and it’s empty and quiet.

The picnic shelter near the park’s entrance is boarded up from view.

Inside the temporary makeshift shelter, equipped with heaters and work tables, the seeds of Cedar Point’s spring renewal are being sown.

Bellevue resident Jim Sumser, 38, one of two carpenter foremen working for Cedar Fair, is doing his part to make sure the park will be ready to open on May 14.

The various areas in the park seem to compile lists of what’s broken and what needs to be refurbished.

During the summer, the carpenters have to concentrate on keeping things running, so the winter shutdown lets them play catch up on other tasks.

For more, visit Cedar Point’s carpenters busy all year long.

DQ set for Cedar Point Causeway

Dairy Queen fans who live in Sandusky currently face a cruel reality.

When they hunger for the food and ice cream chain’s chicken strip basket or its nutty banana blizzard, they have to drive to Huron.

The Huron store, in fact, is the only one around.

The local Dairy Queen drought will end this year, however, when Cedar Fair replaces its East of Chicago pizza parlor at 2015 Fifth St. with a Dairy Queen Grill and Chill Restaurant.

Please read the complete article at Sandusky Register.

CEDAR FAIR BOARD SPLITS CHAIRMAN AND CEO ROLES IN RESPONSE TO UNITHOLDERS’ VOTE AT SPECIAL MEETING HELD JANUARY 11,2011

SANDUSKY, OHIO, January 24, 2011 – Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced the appointment of C. Thomas (“Tom”) Harvie as non-executive, independent chairman of the Board of Directors, effective immediately.

Harvie succeeds Dick Kinzel as the Company’s chairman.  Kinzel voluntarily relinquished his chairman position in response to unitholders’ support of the proposal regarding the separation of the chairman and chief executive roles.  Kinzel will remain as president and chief executive officer of Cedar Fair through the end of his contract on January 3, 2012.  The proposal passed with approximately 54 percent of the vote at the Special Meeting of Unitholders, held on January 11, 2011, to consider two amendments to the partnership agreement as proposed by Q Funding III, L.P. and Q4 Funding, L.P. (“Q Investments”). Given the complexity of voting tabulation caused by the two distinct sets of proxy materials used in such special meetings, the results required a verification and reconciliation process by an independent inspector of elections.

Harvie, who has served as an independent director of Cedar Fair since 2008, chairs the corporate governance committee and the CEO succession planning committee.  Most recently, Harvie served as senior vice president, general counsel and secretary for The Goodyear Tire & Rubber Company.

Harvie’s appointment is in line with the Board’s newly adopted policy, which requires the separation of the chairman and chief executive officer roles and states that the chairman of the Board will be independent of the Company.

Harvie commented, “We believe today’s actions will help ensure a smooth and seamless leadership transition for Cedar Fair as it enters a new era of growth and sustained value creation for its unitholders.  The Board recognizes the valuable leadership that Dick Kinzel has provided the Company during his years of service as Chairman and CEO, and appreciates his continued commitment to the Company.  I look forward to serving in this strategic leadership and governance role as we complete the CEO succession planning transition process and continue to build on the Company’s strong 2010 performance.”  The appointment of the non-executive, independent chairman will be reviewed by the Board on a periodic basis.

As announced on December 6, 2010, the Board has retained Korn/Ferry International, one of the world’s leading executive recruiting firms, to assist in its ongoing CEO succession planning process, which is expected to be completed by the end of the second quarter of this year.

The Company also announced that Proposal #2, which called for the amendment to the partnership agreement to require the payment of cash distributions to unitholders as a higher priority than reducing leverage and strengthening the Company’s balance sheet for the future, failed to receive the requisite number of votes required for approval by unitholders.  Three of the four leading proxy advisory firms recommended that unitholders vote against the proposal.

“The Board recognizes that unitholders have a vested and continuing interest in the payment of a sustainable and growing distribution,” said Kinzel.  “The Company is – and always has been –  deeply committed to the payment of a distribution to our unitholders.   Consistent with that commitment, the Board has agreed to review the distribution strategy during the 2011 first quarter in combination with our 2010 full-year results.  As part of that process, we will consider all options available under our current capital structure with respect to the payment of future distributions.  As evidenced by the past 24 years the payment of a distribution is among the Board’s highest priorities.”

The Company today filed an 8K with the Securities and Exchange Commission which sets forth the detail of the final voting results, as certified by the independent inspector of elections.  The filing can be accessed via the  SEC website at www.sec.gov.

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.