Also some more news about the current state and future of Carowinds.
I would strongly encourage you all to read the Conference Call transcript. Lots of good topics about Cedar Fairs future as well as Carowinds. Here are a few of quotes-
http://seekingalpha.com/article/3117556-cedar-fairs-fun-ceo-matt-ouimet-on-q1-2015-results-earnings-call-transcript?page=7&p=qanda&l=last Cedar Fair is always been good at delivering great rides and attractions. And this year’s most notable entry Fury 325 at Carowinds is just laid it in a long history of record breaking coasters.]
On the retail front, the addition of Harmony Hall of 550 seat dining and entertainment facility at Carowinds has meaningfully improved the parks F&B per cap while reducing labor costs.
Based on the increasing importance of mobile app, we’ve established a new partnership with technology company that has developed a robust mobile platform for use within our parks. This new mobile app solution will allow to enhance the in park experience for our guests by providing them the conveniences and information they value, such as ride way time, way finding and show times. The app will also allow us to create a two way conversation with our guests which can drive increase in park spending and ensure the capture of valuable guest data for our CRM application.
We are introducing this platform in two of our parks this year, Kings Island and Carowinds with the intention of a broader rollout in the near future. In park photo captures and other opportunity in the digital technology front, the popular of digital entering has grown rapidly and capturing and sharing memories and has always been central to the park experience. With the expiration of our previous photo imaging contracts in 2015, beginning next year, we will launch a new technologically advanced in park photo solution and pricing models that will feel to all of our guests with the accessory benefit of amplifying our social media marketing efforts.
Lastly, we’ve begun the process of rolling out Wi-Fi capacity to our parks. In 2015, these efforts will be concentrated just a few parks where we will pilot our Wi-Fi solution. It will take us a couple of years to install this capability in all of our but beside begin a fundamental guest expectation, it will provide an infrastructure for many of our system including the ones I just mentioned.]
Theme number four is maximizing our parks market potential to discipline capital and operating initiative. Having seen the early results from our expanded commitment to Carowinds, we are proud of our decision to make a major investment in this park. I encourage you to start at the entrance bridge and listen to guest’s appellatives as Fury 325 applies both over your head and under your feet. Shakopee [ph] is a vibrant market and we are moving forward aggressively to implement our plan to multiyear investment in Carowinds.
At Carowinds, we have identified two sites where we have the opportunity to expand overnight accommodations for our guests and the growing Charlotte market. This synergistic use of the property would help drive incremental attendance and create a consistent revenue stream. We are currently evaluation several options some of which would require little to know capital investment from Cedar Fair. We also believe there may be similar opportunities at our other properties.
On the capital investment front, we continue to believe investing new rides and attractions at our parks is critical to driving long term growth. For 2015, our capital program is at a peak level a $170 million driven in large part by the hotel breakers renovation project at Cedar Point, as well as aggressive investment projects at Carowinds as we look to transform this park into our big park.
Given our confidence in the Charlotte market, we plan to continue to be aggressive in our capital investments at this park going forward. Our capital plans will also continue to place and emphasis on building to scale in all of our projects as we believe it differentiates our parks and helps to protect the integrity of our business model for years to come.
More about their New Branding-
As we look forward, it was satisfying to reflect on how far we come since we started putting in new management team together in June of 2011, but we are not sad about the past, let’s talk about the future. Beginning of this new chapter, we launched the first generation of our new corporate website today http://www.cedarfair.com. This site will play an important role in communicating the new Cedar Fair to potential partners, investors, vendors and future employees. To be clear, Cedar Fair’s guest are loyal to their parks and while many of them may appreciated the collective Cedar Fair story, the individual park websites will still be the primary online to for our guests. But as we operate under a house of brand approach with each part owning a unique brand build over many years, our new corporate website will allow us to combine all that is happening into one cohesive story.
The site reflects our corporate values and internal brand positioning as summarizing the brand positioning, we take upon seriously. The site will evolve dynamically as we determine how best to meet the various needs of this particular audience. I encourage all of you to visit the new corporate side over the next few days and monitor as our story moves forward.
