 Righty. So we had some interesting news come out today about Cedar Fair Parks. And the news is both really comforting and really alarming too, depending on what your home park is. But what I'm gonna go through is a press statement that came from Business Wire and I'm gonna discuss what all of this could mean. As I say that, I have to pull up the article myself. But nonetheless, there's a lot of information in here about how Cedar Fair is handling the current crisis going on in the world. And it's packed with a lot of information on what the company is going to be doing moving forward. So basically what I'll do is I'll go over the notes and I'm gonna discuss what this could possibly mean and what this could mean for certain parks and what it might not mean for certain parks as well. So basically, I'm trying to look at, so basically since closing its parks in March 2020 in response to what's going on in the world right now, the company has taken the following proactive measures to reduce operating expenses and cash overflow or outflows, eliminated nearly all of its seasonal and part-time labor costs until its parks prepare to reopen, suspended all advertising and marketing expenses and reduced general and administrative expenses and other park-level operating expenses to better align with disruption in operations while still remaining in readiness position to reopen the parks. Reduced the CEO's base salary by 40% and the base salaries of all other executives by 25% effective April 27, 2020. Deferred base salaries for all other salaried employees by 25% subject to minimum thresholds or other statutory limitations. Reduced scheduled hours for full-time hourly employees by 25% to 30 hours per week and suspended cash retainer fees for its board of directors until business conditions improve. To provide incremental liquidate and enhanced financial flexibility, the company has taken proactive steps to reduce its capital spending for calendar year 2020, including the suspension of at least 75 to $100 million of non-essential capital projects planned for the 2020 and 2021 operating seasons. The company now anticipates spending about 85 to $100 million on capital improvements in the calendar year 2020. So what they mean by spending $85 to $100 million on capital improvements in the calendar year 2020, it's a very confusing wording of that sentence. So the projects that they are already building for the 2020 season were purchased back in 2019. Those were a part of the capital improvements and the capital spending. If you actually listen to the stockholders call, they discuss that a lot, especially in Q3 and Q4. So what they mean by this is 2021 additions. So the 2021 additions have been nearly cut in half. To give you a better idea of that, they spend about $190 million on investments and they're now saying they're only gonna be spending anywhere between 85 to $100 million on investments for that year. So it's been nearly cut in half essentially. So my honest prediction about what's going on with these investments, cause that's let's be honest, talking business with you guys, most of you here for the investments and what's gonna happen with the investments. So I'll talk about that first before I dive into anything else. So the investments, what I'm gonna guess is anything that was being built for 2020 is now gonna become a 2021 addition. So for example, at Canada's Wonderland, our cliff diving experience and our Beagles Brigade family flat ride or kids flat ride is now gonna be a 2021 addition that cuts the 2021 addition that was supposed to be planned for Canada's Wonderland. And that'll probably be pushed back till 2022 and then all the attractions get pushed back in that sense. I can definitely pretty much confirm that Canada's Wonderland is gonna be one of those parks that it's gonna be affected. So their additions for 2020 are most likely gonna be a 2021 addition. Again, I do wanna stress anything presented in this video is just speculation and taking any information that I have personally read or am learning and turning it into what I honestly predict from the Cedar Fair chain. And again, I do have a pretty good understanding of business and I like to definitely think that I have a good understanding of how Cedar Fair operates. So anything I say right now is just a speculation again until the company states otherwise or states for themselves, what's exactly is happening. We definitely know that Dornie Park's Woolworth Coaster was removed from the city permits meeting that was supposed to be coming up. So we can assume that Dornie Park's 2021 coaster is most likely gonna be a 2022 coaster now. That is definitely gonna be my prediction and they removed the cost of building that coaster. And with that is the permits meeting and all that. Everything costs money and everything costs labor. So they're probably pushing that back to 2022. That is my guess and that explains why it was removed from the city permits. That being said, I do think Cedar Point is still gonna get its roller coaster in 2021. So major parks like Cedar Point are still gonna see that major investment. And I'm not quite sure about King's Dominion. I don't know if King's Dominion will keep its coaster but we do have $85 to $100 million to account for. So that does leave a few other projects up in the air that can still happen. I'm gonna assume Cedar Point is gonna take about $40 to $50 million of that $85 to $100 million investment. So whatever other parks didn't get major additions are gonna see maybe a flat ride here and there or maybe that 40 freesman will still go to King's Dominion. I think Michigan's Adventure's Planet Snoopy edition for 2020 is going to be a 2021 edition now. And when I say, so I didn't discuss this at the beginning of the video. So a lot of you are going, well, if it's opening in 2020, why is it a 2021 edition now? Ultimately, I don't want to be the bearer of bad news but parks are not opening in the 2020 season. The evidence is pointing towards all, basically there's no way a park's gonna open up until a vaccine or the herd mentality has happened and that's not gonna happen during the 2020 season. Johnson and Johnson has already come out and said that they're gonna be producing the vaccine for America and Canada and they're gonna get around 600 to 800 million vaccines made. So that's gonna be obviously more than just North America and they're not gonna be ready until early 2021. So unfortunately, theme parks are not gonna be open. Most likely in the 2020 season there's just no way around it. Maybe Disney will figure something out to ensure your safety but for these regional parks cost-wise there's just no way they're gonna open up. And they're gonna have to be making major cuts and taking definitely some big moves to keep themselves in business. So Cedar Fair and Six Flags and SeaWorld Parks, uh-oh. You're gonna see some major cuts to investments. You're gonna see some major cuts to a lot of things for these three companies in honesty, SeaWorld. I'm very worried about what's gonna happen with them but I'm very confident in what Cedar Fair has announced today, I definitely think you're gonna see their stocks drop just like you have Six Flags. You're gonna see the stock markets drop for a lot of these theme park operating companies as head doctors and governments are admitting that regardless of opening up the economy, because yeah, the economy is gonna be open in the next two weeks for a lot of places. Two weeks to four weeks, the economies are gonna start to open up in North America and around the world and you're still gonna see large group outings banned or not being able to happen. You've already seen the headlines, you've seen the doctors coming forward. These social distancing practices are gonna be, are gonna need to be in place until there's a vaccine and that just means no theme parks. But yes, I think I covered all the important things about Cedar Fair and the investments. If you guys have any questions, drop them down below and I'll try to answer them as best as possible. In terms of everything that's announced, it's very similar to Six Flags. So Six Flags and Cedar Fair have definitely taken the same approaches. The only thing is Cedar Fair hasn't gone out yet and taken alone. So let me see if I can find the specific statement. They did say they, how much cash on hand they have available. Do-do. So it was something around $190 million in cash on hand. Okay, so here it is, exactly that. At the end of the first quarter, the company had cash on hand of $26 million and $190 million available under its revolving credit facility, net of $15 million of outstanding letters of credit. So they actually don't have too many expenses in terms of loans and credit that they have to pay back. Based on the cost cutting and cash savings measures taken to date under a scenario where its parks remain in a state of readiness to reopen for the 2020 season, the company anticipates its average cash burn rate, including operating expenses, capital expenditures and debt facility costs will be approximately $25 to $35 million per month. Should the park closure extend later into the year, the company is repaired to activate additional cost cutting and cash savings measures out of an abundance of caution. At this time, the company is also taking steps to secure additional liquidity that and address any potential debt convenient issues, covenant issues in the event that COVID-19 crisis continues. So I do wanna touch on the fact that things are definitely gonna get better. I definitely don't think Cedar Fair and Six Flags are gonna go bankrupt or anything major is gonna happen immediately. You're gonna see that stuff long-term. SeaWorld's the one in danger. But anyways, hope you enjoyed this video. Don't forget to hit that like button, subscribe if you haven't, and share this video for others to enjoy. Thanks so much for watching guys. Bye.