9 million to $20.

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P.
Cedar Fair's other first quarter revenues have historically been minimal.
SUMMARY STATEMENTS OF OPERATIONS
FIRST QUARTER
(unaudited)

Three Months Ended Twelve Months Ended
(In thousands except per unit) 3/27/05 3/28/04 3/27/05 3 /28/04
(As restated)

Net revenues $24,801 $23,210 $543,563 $511,687

Cash operating costs and
expenses 47,837 42,515 374,276 335,421

Adjusted EBITDA (a) (23,036) (19,305) 169,287 176,266

Depreciation and amortization 3,454 3,443 50,701 44,918

Non-cash unit option expense 955 1,337 4,116 5,959

Operating income (loss) (27,445) (24,085) 114,470 125,389

Interest expense 6,501 5,792 25,972 23,925

Other (income) (459) (863) (4,059) (3,775)

Income (loss ) before taxes (33,487) (29,014) 92,557 105,239

Provision (credit) for taxes (8,923) (8,479) 18,271 17,702

Net income (loss) $(24,564) $(20,535) $74,286 $87,537

Weighted average units
outstanding - diluted 53,487 50,679 53,968 51,569

Per limited partner unit:

Net income (loss) - diluted $(0.

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With approximately 90% of
the annual attendance at our seasonal parks still to come over the next three
months, we remain confident that our 2005 attendance and revenue goals are
still well within reach.

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40 per unit, a year ago.0 million, or $0.81 $1.com .

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In the first quarter of 2005, the Partnership recognized a non-cash credit
of $459,000 for the change in fair value of two interest rate swap agreements
that expired during the period, compared with a credit of $863,000 in the same
period a year ago.77

Balance Sheet Data:

Total assets $1,020,757 $850,007

Total long-term debt 536,261 435,632

Total partners' equity 323,035 266,866

(a ) Adjusted EBITDA represents earnings before interest, taxes,
depreciation, and other non -cash items. The Partnership believes
adjusted EBITDA is a meaningful measure of park-level operating
profitability.

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These statements may involve risks and uncertainties that
could cause actual results to differ materially from those described in such
statements.

Cedar Fair, L.cedarfair.

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SANDUSKY, Ohio, Cedar Fair, L. Excluding depreciation and other non-cash charges, total
operating costs and expenses for the period increased 13% to $47 .5 million in 2004, due primarily to the costs and expenses of Geauga
Lake, which was acquired in April 2004, and Castaway Bay.
"Although Knott's Berry Farm got off to a slow start due to poor weather , we
remain optimistic that we can generate revenue growth of 6-8% over last year's
$542 million level, as well as full-year adjusted EBITDA in the $185-195
million range. ET, Friday, May 6,
2005 , until midnight ET, Friday, May 20, 2005. Adjusted EBITDA is not a measurement of operating
performance computed in accordance with generally accepted accounting
principles and is not intended to be a substitute for operating
income, net income or cash flow from operating activities as defined
under generally accepted accounting principles. Cedar Fair also owns
and operates the Castaway Bay Indoor Waterpark Resort in Sandusky, Ohio.

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After depreciation
and a $1.9 million to $52. At that level, we should be positioned to achieve our goal of
continued growth in cash distributions to our unitholders in 2005," he
concluded.

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There was no
effect on the provision for taxes or net income in the Partnership's 2004
annual financial statements; however, the impact on a quarterly basis was
material due the seasonality of its operations. Paul; Worlds of Fun, located in Kansas City, Missouri;
and Michigan's Adventure near Muskegon, Michigan.38 $1. In addition ,
Adjusted EBITDA may not be comparable to similarly titled measures
of other companies .

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8 million
from $42. Excluding the impact of Geauga Lake, the net
loss for the period would have been $20.46) $(0.45 $1.

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Cedar Fair L.P. Reports Early-Season Attendance and Revenues

P. In
addition, we are pleased with the early-season trends in in-park guest
spending, as well as the results at our resort properties, where revenues are
up approximately $6 million through the end of May.

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The current year increase was due
entirely to the first-quarter contribution of Castaway Bay, which opened in
November 2004.5 million,
or $0. In order to access the replay
of the earnings call, please dial 877-519-4471 followed by the access code
#6029850.

This increase was the result of a 6% increase in average in-
park guest per capita spending, a 31% increase in out-of-park revenues,
including resort hotels, and an 8% decrease in combined early-season park
attendance .

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2 million from $47.39 per unit.
The Partnership will host a conference call with analysts at 2:00 p."
Kinzel noted that virtually all of Cedar Fair's revenues from its seasonal
amusement parks, as well as its outdoor water parks and other seasonal resort
facilities, are realized during a 130-day operating period beginning in early
May, with the major portion concentrated in the peak vacation months of July
and August.

sunway dobwalls

The strong performance of Castaway Bay helped offset a $2.
Operating results for the first quarter include normal off-season
operating, maintenance and administrative expenses at the Partnership's
seasonal amusement and water parks, and daily operations at Knott's Berry Farm
and Castaway Bay. For the first quarter of
2004, a tax credit of $9.4 million was recorded, compared to a tax credit of
$9. The Partnership's water
parks are located near San Diego and in Palm Springs, California, and adjacent
to Cedar Point, Knott's Berry Farm and Worlds of Fun. Important factors,
including general economic conditions, competition for consumer spending ,
adverse weather conditions, unanticipated construction delays, the absence of
historical operating experience for Geauga Lake, and other factors could
affect attendance at our parks and cause actual results to differ materially
from the Partnership's expectations.40) $1.

This press release and prior releases are available on the Cedar Fair,
L.
(NYSE: FUN), a publicly traded partnership which owns and operates seven
amusement parks and five water parks, today reported that combined revenues at
its parks through the first five months of the year were up approximately 5%
from last year.

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2 million in 2004.0 million non-cash charge for unit options, operating costs and
expenses increased $4.
Cedar Fair's seven amusement parks are Cedar Point, located on Lake Erie
between Cleveland and Toledo; Knott's Berry Farm near Los Angeles in Buena
Park, California; Dorney Park + Wildwater Kingdom near Allentown,
Pennsylvania; Geauga Lake + Wildwater Kingdom near Cleveland, Ohio; Valleyfair
near Minneapolis/St.70

Cash distributions declared $0.cedarfair. SANDUSKY, Ohio, Cedar Fair, L.

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8 million in the first quarter of 2005, which had the impact of reducing
the net loss for last year's first quarter from $29.

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Only Castaway
Bay and Knott's Berry Farm are open year-round, with Knott's Berry Farm
operating at its lowest level of attendance in the first quarter of the year.3 million in 2004. After this credit, and interest expense and provision for
taxes, the Partnership's net loss for the period was $24.46
per diluted limited partner unit, compared with a net loss of $20.
The Partnership noted that it filed a Form 8-K earlier today to restate
its provision for taxes in the interim periods of 2004 in order to properly
account for the tax attributes of its corporate subsidiaries.
"While the first quarter is not a meaningful part of our full-year
financial performance, we are pleased with the level of public interest in our
new attractions and accommodation facilities thus far," he continued. Although some of our seasonal properties are also a bit behind last
year, we are pleased with the initial response from guests to the new rides,
attractions and resort facilities we added at our parks this year.

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5
million.com ).P. Knott's Berry Farm is open year-round but also operates at its
highest level of attendance in the third quarter of the year. Paul; Worlds of Fun, located in Kansas City, Missouri;
and Michigan's Adventure near Muskegon, Michigan.

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Commenting on the upcoming season, Kinzel said, "With our 2005 summer
season about to begin, we are confident that the $80 million in capital we
have invested in our parks, along with the continued momentum of Castaway Bay,
will position the Partnership for another successful year. It will be
available for replay starting at approximately 4:00 p.m.com .

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6 million, or $0.cedarfair.46 $0.
Commenting on operations through the first five months of the year, Dick
Kinzel, chairman, president and chief executive officer, said, "Through May,
combined attendance at our twelve parks was down approximately 145,000 visits,
with the majority of that shortfall occurring at Knott's Berry Farm, where
record rainfall negatively impacted operations throughout much of the first
quarter.
Cedar Fair's seven amusement parks are Cedar Point, located on Lake Erie
between Cleveland and Toledo; Knott's Berry Farm near Los Angeles in Buena
Park , California; Dorney Park + Wildwater Kingdom near Allentown,
Pennsylvania; Geauga Lake + Wildwater Kingdom near Cleveland, Ohio; Valleyfair
near Minneapolis/St.

sunway playland

Eastern Time on Friday, May 6, 2005 , which will be web cast live in "listen
only" mode via the Cedar Fair web site ( http://www.
Some of the statements contained in this news release constitute forward-
looking statements.

Although the Partnership believes that the expectations reflected
in such forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct.

This press release and prior press releases are available online at
http://www.

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(NYSE: FUN), a publicly traded partnership which owns and operates seven
amusement parks and five water parks, today announced results for the first
quarter of 2005.
Net revenues for the quarter ended March 27, 2005, increased 7% to $24.0
million revenue shortfall at Knott's Berry Farm, which was the result of
losing approximately 100,000 guest visits during the period compared to 2004
due to record rainfall in Southern California. We also expect that the addition of the maXair thrill ride at
Cedar Point and the new Wildwater Kingdom water park at Geauga Lake, which is
scheduled to open in mid-June, will contribute to strong seasons at those
parks."
Kinzel also noted that the other attractions being added for the 2005
season, including a major new water attraction at Michigan's Adventure and a
luxury camping complex at Worlds of Fun, are expected to be ready for the peak
summer season. website at http://www.

Includes official sites and fan sites for theme and amusement parks.

dollywood animatronic

Cedar Fair also owns
and operates the Castaway Bay Indoor Waterpark Resort in Sandusky , Ohio. The Partnership's water
parks are located near San Diego and in Palm Springs, California , and adjacent
to Cedar Point, Knott's Berry Farm and Worlds of Fun.

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8
million from $23.

vacationland santuary

Cedar Fair L.P. Announces 2005 First Quarter Results

Dick Kinzel, chairman, president and chief executive officer, explained
that virtually all of Cedar Fair's revenues from its seasonal amusement parks,
water parks, and other seasonal resort facilities are realized during a 130-
day operating period beginning in early May, with the major portion
concentrated in the peak vacation months of July and August. Knott's Berry
Farm's new inverted coaster, Silver Bullet, and Dorney Park's new floorless
coaster, Hydra - The Revenge, are both receiving a tremendous response in
their markets, and the coasters are every bit as exciting to ride as we hoped
they would be.m.