Cedar Fair Entertainment Company has announced it is to make a series of cost-cutting measures in response to the coronavirus crisis.
In March 2020, Cedar Fair closed all its parks. In a drive the cut costs, the company eliminated nearly all seasonal and part-time labour costs.
Part of the cost-cutting measures included the suspension of all advertising and marketing expenses. Cedar Fair also reduced its CEO’s salary by 40 per cent. Other company executives have also received 25 per cent cuts to their basic salary. All full-time members of staff at Cedar Point parks have also had their hours reduced by 25 per cent.
Capital spending of the parks has been delayed by at least $75 million on non-essential projects as part of the company’s bid to make savings to costs during these challenging and unprecedented times.
In a press statement, Richard Zimmerman, president and CEO of Cedar Fair, commented: “As we work to ensure the safety and well-being of our employees, guests and business partners from the effects of COVID-19, it’s important we also embrace measures that will ensure our financial flexibility through this difficult period.
“After social distancing recommendations by the authorities are lifted, we look forward to opening our parks as soon as reasonably possible. The actions we are announcing today help put us in a better position to do so as we navigate the unknown environment ahead,” Zimmerman added.