SANDUSKY, Ohio — Cedar Point’s parent company is expanding its amusement empire.
Cedar Fair announced Thursday they have “signed a definitive agreement to acquire two iconic water parks and one resort in Texas.”
The $261 million deal, which is expected to close in the second quarter of 2019, includes the purchase of Schlitterbahn Waterpark and Resort New Braunfels along with Schlitterbahn Waterpark Galveston.
In addition to the two Texas properties, Cedar Fair has the right to acquire a third site, located on approximately 40 acres in Kansas City, Kansas, which previously operated as a Schlitterbahn water park, for a cash purchase price of $6 million.
Following this transaction, Cedar Fair’s portfolio will consist of 15 parks, resort accommodations totaling more than 2,000 rooms across six parks, more than 600 luxury RV sites across four parks, and two marinas.
This marks the company’s largest acquisition since 2006 when Cedar Fair purchased the Paramount Parks – including Cincinnati’s Kings Island.
“We are very excited about the opportunity to bring these two award-winning Texas water parks into the Cedar Fair family,” said Richard Zimmerman, Cedar Fair’s president and CEO in a press release. “These properties represent new markets for us with attractive demographics in the growing Central Texas region, and they align with our strategy to identify compelling opportunities to accelerate our growth and profitability.”
Schlitterbahn has become known throughout the amusement industry for its innovative water park attractions.
“Because of their work, the water park located in New Braunfels has been recognized as the ‘Best Water Park in the World’ for 21 straight years, and Galveston has received recognition as the ‘Best Indoor Water Park in the World’ for a decade,” Zimmerman said. “We look forward to adding these parks to Cedar Fair’s industry-leading portfolio of regional entertainment resorts.”
The Schlitterbahn location in New Braunfels is home to many award-winning rides and innovations, including the world’s first inland surfing ride, the first wave river and the six-story Master Blaster Uphill Water Coaster, voted the “Best Water Park Ride in the World” repeatedly.
Schlitterbahn in Galveston features more than 30 attractions, including the award-winning World’s Tallest Water Coaster, MASSIV, and the next generation, award-winning Transportainment river system that combines three unique rivers into one endless floating adventure. The Wasserfest area of Schlitterbahn Galveston Waterpark, voted the “World’s Best Indoor Water Park” for years, creates an indoor water park retreat for guests year-round.
In case you're wondering, "Schlitterbahn" is German for "slippery road."
The two Texas water parks and the resort entertained 1.2 million guests in 2018 and generated annual revenues of approximately $68 million.