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Cedar Fair Completes Purchase of Six Flags Worlds of Adventure
SANDUSKY, Ohio -- Cedar Fair LP. today announced that it has completed the acquisition of Six Flags Worlds of Adventure, located near Cleveland, from Six Flags Inc. in a cash transaction valued at approximately $145 million.The park, which opened as Six Flags Ohio in 2000 after Six Flags Inc. purchased the former Geagua Lake, will have its original name restored for its projected May 1 opening. It was named Six Flags Worlds of Adventure when the company purchased the adjacent Sea World animal park in 2001. The park featured rides and attractions based on the Looney Tunes stable of characters and DC Comics characters such as Superman and Batman.The former Six Flags, located in Aurora, is a family-oriented theme park situated on 690 acres, including a 50-acre spring-fed lake. The park has 10 roller coasters, several children's areas, a water park and live shows, and entertains more than 1.5 million guests each year, principally from the Cleveland/Akron, Youngstown and Pittsburgh markets.The transaction involves the acquisition of substantially all of the assets of the park, including the adjacent hotel and campground, but excludes all animals currently located at the park, which are being retained by Six Flags. Cedar Fair assumed the complete operations and management of the park as of today. Cedar Fair also operates the Cedar Point amusement park in Sandusky."With this acquisition we have added another successful operation to the Cedar Fair family of parks in a market we already know very well," says Dick Kinzel, Cedar Fair chairman, president and chief executive officer. "The park offers many marketing and operational synergies, and provides us with a new source of earnings and future cash flow to grow distributions for our unit holders."Further details on Geauga Lake's 2004 operating schedule, admission prices and more, are available on the park's new web site, www.geaugalake.com "