Goldman cuts Cedar Fair EBITDA estimate on weak attendance

Investing.com -- Goldman Sachs lowered its 2026 adjusted EBITDA estimate for Cedar Fair (NYSE: FUN) to $836 million due to weaker-than-expected second quarter and third quarter-to-date attendance trends.

The investment bank noted that attendance declined 9% in the second quarter of 2025, with adjusted EBITDA falling approximately 30% during the same period. Goldman had anticipated that easier comparisons and new company initiatives would help recover lost visitation from last year.

June showed some improvement, though attendance remained down on a two-year basis. The company has since reversed these gains in the third quarter to date, with attendance tracking down 4.8% in the first three weeks of the quarter.

Goldman lowered its third quarter estimates for Cedar Fair and sees potential downside to consensus estimates.

For United Parks & Resorts (NYSE: PRKS), Goldman expects solid second quarter results with adjusted EBITDA of $200 million. The firm anticipates a more cautious update on third quarter trends, as foot traffic for the company is tracking down approximately 5.6% quarter-to-date.

Comcast (NASDAQ: CMCSA) recently highlighted weakness in the Orlando market during its earnings report. Goldman noted that United Parks has strategic opportunities including land sales and international licensing deals that could provide upside and may explain recent stock movement.

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