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CEDAR FAIR, L.P. COMPLETES ACQUISITION OF DORNEY PARK AND WILDWATER KINGDOM

 CEDAR FAIR, L.P. COMPLETES ACQUISITION
 OF DORNEY PARK AND WILDWATER KINGDOM
 SANDUSKY, Ohio, July 21 /PRNewswire/ -- Cedar Fair, L.P. (NYSE: FUN), announced today that it has completed the acquisition of Dorney Park and Wildwater Kingdom near Allentown, Pa. for approximately $48 million.
 Dorney Park is a traditional, family oriented amusement park and Wildwater Kingdom is one of the world's largest water parks. Together, they serve more than one million guests per year, principally from the eastern Pennsylvania, New Jersey and New York markets. For the 1991 operating season, Dorney Park and Wildwater Kingdom together had revenues of approximately $30 million and earnings before interest, taxes and depreciation of $8.7 million.
 The purchase price consists of approximately $21 million of limited partnership units valued at today's NYSE closing price of $19.625 per unit, and the assumption of approximately $27 million of long-term debt. The transaction provides for the owners of Dorney Park and Wildwater Kingdom to receive approximately 1.1 million unregistered limited partnership units, of which 950,000 were issued today. The remaining units will be issued within 90 days upon the final determination of the balance sheet as of the purchase date. Cedar Fair will assume the complete operations and management of the park July 22.
 As part of the transaction, William E. Near has been appointed vice president and general manager of Dorney Park and Wildwater Kingdom. Near, previously the senior vice president of marketing, has been with Cedar Fair since 1971.
 Additionally, Craig J. Cope, vice president of Dorney Park and Wildwater Kingdom, will become an officer of the partnership. Cope has been with Dorney Park since 1977.
 Commenting on the transaction, Richard L. Kinzel, Cedar Fair's president and chief executive officer said, "With this acquisition, Cedar Fair has more than doubled its market area from 30 to 70 million people, which we believe will provide us with an important new source of earnings and future distributions for our unitholders. Cedar Fair now owns three of the largest seasonal amusement parks in the country. Our management group is strong and diverse with successful experience in resort management and waterparks, in addition to amusement parks. This synergy will result in a stronger Cedar Fair."
 Cedar Fair, L.P. is a publicly traded limited partnership which also owns and operates Cedar Point, located on Lake Erie between Cleveland and Toledo, and Valleyfair near Minneapolis-St. Paul. Together, the two parks reported attendance of approximately 4.1 million for their 1991 operating seasons.
 -0- 7/21/92 R
 /CONTACT: Juris Pagrabs of Cedar Fair, L.P., 419-627-2293/
 (FUN) CO: Cedar Fair, L.P.; Dorney Park and Wildwater Kingdom ST: Ohio; Pennsylvania IN: LEI SU: TNM


BM -- CL027 -- 1700 07/22/92 09:00 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
Words:457
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