10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended: December 31, 2012

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             .

Commission file number 1-9444

CEDAR FAIR, L.P.

(Exact name of registrant as specified in its charter)

DELAWARE	34-1560655
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

One Cedar Point Drive
Sandusky, Ohio	44870-5259
(Address of principal executive office)	(Zip Code)

Registrant's telephone number, including area code: (419) 626-0830

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Depositary Units (Representing Limited Partner Interests)	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes x No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o (Do not check if a smaller reporting company)	Smaller reporting company	o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o    No x

The aggregate market value of Depositary Units held by non-affiliates of the Registrant based on the closing price of such units on June 29, 2012 of $29.97 per unit was approximately $1,610,275,543.

Number of Depositary Units representing limited partner interests outstanding as of February 15, 2013: 55,621,713

DOCUMENTS INCORPORATED BY REFERENCE

Part III of this Form 10-K incorporates by reference certain information from the Registrant's definitive proxy statement to be used in connection with its annual meeting of unitholders to be held in June 2013.

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The Exhibit Index is located on page 69

Page 1 of 76 pages

CEDAR FAIR, L.P.

INDEX

PART I		PAGE
Item 1.	Business	3
Item 1A.	Risk Factors	7
Item 1B.	Unresolved Staff Comments	11
Item 2.	Properties	12
Item 3.	Legal Proceedings	12
Item 4.	Mine Safety Disclosures	13
Part II
Item 5.	Market for Registrant's Depositary Units, Related Unitholder Matters and Issuer Purchases of Depositary Units	13
Item 6.	Selected Financial Data	15
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	16
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 8.	Financial Statements and Supplementary Data	27
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	60
Item 9A.	Controls and Procedures	60
Item 9B.	Other Information	62
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	62
Item 11.	Executive Compensation	62
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters	62
Item 13.	Certain Relationships and Related Transactions, and Director Independence	63
Item 14.	Principal Accountant Fees and Services	63
PART IV
Item 15.	Exhibits and Financial Statement Schedules	64
Signatures		68
Exhibit Index		69
Consent		73
Certifications		74

PART I

ITEM 1. BUSINESS.

Introduction

Cedar Fair, L.P. (together with its affiliated companies, the "Partnership") is a publicly traded Delaware limited partnership formed in 1987 and managed by Cedar Fair Management, Inc., an Ohio corporation (the "General Partner") whose shares are held by an Ohio trust. The Partnership is one of the largest regional amusement park operators in the world and owns eleven amusement parks, four outdoor water parks, one indoor water park and five hotels.

In 2012, the Partnership entertained more than 23 million visitors. All of the Partnership's parks are family-oriented, with recreational facilities for people of all ages, and provide clean and attractive environments with exciting rides and entertainment. The amusement parks include: Cedar Point, located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Kings Island near Cincinnati, Ohio; Canada's Wonderland near Toronto, Canada; Dorney Park & Wildwater Kingdom (“Dorney Park”), located near Allentown in South Whitehall Township, Pennsylvania; Valleyfair, located near Minneapolis/St. Paul in Shakopee, Minnesota; Michigan's Adventure located near Muskegon, Michigan; Kings Dominion near Richmond, Virginia; Carowinds in Charlotte, North Carolina; Worlds of Fun located in Kansas City, Missouri; Knott's Berry Farm, located near Los Angeles in Buena Park, California; and California's Great America (“Great America”) located in Santa Clara, California. Additionally, the Partnership has a contract to manage and operate Gilroy Gardens Family Theme Park in Gilroy, California.

The Partnership also owns and operates the Castaway Bay Indoor Waterpark Resort in Sandusky, Ohio, and four separately gated outdoor water parks. Two of the outdoor water parks are located adjacent to Cedar Point and Knott's Berry Farm, the third is in Palm Springs, California, and the fourth is Wildwater Kingdom (formerly known as Geauga Lake) located near Cleveland in Aurora, Ohio. All rides and attractions at the amusement and water parks are owned and operated by the Partnership.

The Partnership's seasonal amusement parks are generally open during weekends beginning in April or May, and then daily from Memorial Day until Labor Day, after which they are open during weekends in September and, in most cases, October. The four outdoor water parks also operate seasonally, generally from Memorial Day to Labor Day, plus some additional weekends before and after this period. As a result, virtually all of the operating revenues of these parks are generated during an approximately 130- to 140-day operating season. Knott's Berry Farm is open daily on a year-round basis. Castaway Bay is generally open daily from Memorial Day to Labor Day, plus a limited daily schedule for the balance of the year. Each park charges a basic daily admission price, which allows unlimited use of most rides and attractions.

The demographic groups that are most important to the parks are young people ages 12 through 24 and families. Families are believed to be attracted by a combination of rides, live entertainment and the clean, wholesome atmosphere. Young people are believed to be attracted by the action-packed rides. During their operating season, the parks conduct active television, radio, newspaper and internet advertising campaigns in their major market areas geared toward these two groups.

Description of Parks

Cedar Point

Cedar Fair's flagship park, Cedar Point, was first developed as a recreational area in 1870. Located on a peninsula in Sandusky, Ohio bordered by Lake Erie and Sandusky Bay, it's approximately 60 miles west of Cleveland and 100 miles southeast of Detroit. Cedar Point is believed to be the largest seasonal amusement park in the United States, measured by the number of rides and attractions and the hourly ride capacity. For 15 consecutive years Cedar Point has been voted the "Best Amusement Park in the World" in Amusement Today's international survey. Attractive to both families and thrill-seekers, the park features 15 world-class roller coasters, including many record-breakers, and four children's areas.  Cedar Point serves a six-state region which includes nearly all of Ohio and Michigan, western Pennsylvania and New York, northern West Virginia and Indiana, as well as southwestern Ontario, Canada. The park's total market area includes approximately 26 million people, and the major areas of dominant influence (Cleveland, Detroit, Toledo, Akron, Columbus, Grand Rapids, Flint and Lansing) include approximately 15 million people.

Located adjacent to the park is Soak City, a separately gated water park that features more than 20 water rides and attractions, as well as Challenge Park, which features several extra-charge attractions including a 18-hole themed miniature golf course and two go-kart tracks.

Wildwater Kingdom, located near Cleveland, Ohio, is a seasonal water-park that is operated as a division of Cedar Point. The park offers many water rides and attractions, including numerous water slides, a giant wave pool, a lazy river inner tube ride and two children's areas, as well as various food and merchandise shops.

Cedar Point also owns and operates four hotels. The park's only year-round hotel is Castaway Bay Indoor Waterpark Resort, which is located at the Causeway entrance to the park. Castaway Bay features a tropical Caribbean theme with 237 hotel rooms centered around a 38,000-square-foot indoor water park. The park's largest hotel, the historic Hotel Breakers, has more than 600 guest rooms. Hotel Breakers has various dining and lounge facilities, a private beach, lake swimming, a conference/meeting center, an indoor pool and two outdoor pools. Located near the Causeway entrance to the park, Breakers Express is a 350-room, limited-service seasonal hotel. In addition to Hotel Breakers and Breakers

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Express, Cedar Point offers the lake-front Sandcastle Suites Hotel, which features 187 suites, a courtyard pool, tennis courts and a contemporary waterfront restaurant.

Cedar Point also owns and operates the Cedar Point Marina, Castaway Bay Marina and Camper Village. Cedar Point Marina is one of the largest full-service marinas on the Great Lakes and provides dock facilities for more than 740 boats, including floating docks and full guest amenities. In addition, Cedar Point Marina features two restaurants accessible by the general public. Castaway Bay Marina is a full-service marina featuring 180 slips. Camper Village includes more than 100 RV campsites and Lighthouse Point, which offers lake-front cottages, cabins and full-service RV campsites.

The Partnership, through a wholly owned subsidiary, owns and operates the Cedar Point Causeway across Sandusky Bay. This Causeway is a major access route to Cedar Point. The Partnership also owns dormitory facilities located near the park that house approximately 3,500 of the park's approximately 4,100 seasonal and part-time employees.

Knott's Berry Farm

Knott's Berry Farm, located near Los Angeles in Buena Park, California, first opened in 1920 and was acquired by the Partnership in late 1997. The park is one of several year-round theme parks in Southern California and serves a total market area of approximately 20 million people centered in Orange County and a large national and international tourism population.

The park is renowned for its seasonal events, including a special Christmas promotion, “Knott's Merry Farm,” and a Halloween event called “Knott's Scary Farm,” which has been held for more than 40 years and is annually rated one of the best Halloween events in the industry by Amusement Today's international survey.

The Partnership also owns and operates two water parks in California. Adjacent to Knott's Berry Farm is “Knott's Soak City-Orange County,” a separately gated seasonal water park that features more than 20 water rides and attractions. “Knott's Soak City-Palm Springs” is a 17-acre seasonal water park, located in Palm Springs, California, that offers 20 separate water rides and attractions, including 13 water slides, a giant wave pool, a lazy river inner tube ride and a children's activity area, as well as various food and merchandise shops.

The Partnership also owns and operates the Knott's Berry Farm Hotel, a 320-room, full-service hotel located adjacent to Knott's Berry Farm, which features a pool, tennis courts and meeting/banquet facilities.

Canada's Wonderland

Canada's Wonderland, a combination amusement and water park located near Toronto in Vaughan, Ontario, first opened in 1981 and was acquired by the Partnership in June of 2006. It contains more than 200 attractions, including 16 roller coasters, and is one of the most attended regional amusement parks in North America. Canada's Wonderland is in a culturally diverse metropolitan market with large populations of different ethnicities and national origins. Each year, numerous cultural festivals featuring renowned music artists from across the world perform in the Kingswood Music Theatre located within the park. The park's total market area includes approximately 9 million people.

Kings Island

Kings Island, a combination amusement and water park located near Cincinnati, Ohio, first opened in 1972 and was acquired by the Partnership in June of 2006. Kings Island is one of the largest seasonal amusement parks in the United States, measured by the number of rides and attractions and the hourly ride capacity. The park features a children's area that has been named the "Best Kids' Area in the World" for 12 consecutive years by Amusement Today.

The park's total market area includes approximately 15 million people, and the major areas of dominant influence in this market area, which are Cincinnati, Dayton and Columbus, Ohio, Louisville and Lexington, Kentucky, and Indianapolis, Indiana, include approximately 8 million people.

Dorney Park

Dorney Park, a combination amusement and water park located near Allentown in South Whitehall Township, Pennsylvania, was first developed as a summer resort area in 1884 and was acquired by the Partnership in 1992. Dorney Park is one of the largest amusement parks in the Northeastern United States and serves a total market area of approximately 35 million people. The park's major markets include Philadelphia, New Jersey, New York City, Lancaster, Harrisburg, York, Scranton, Wilkes-Barre, Hazleton and the Lehigh Valley.

Kings Dominion

Kings Dominion, a combination amusement and water park located near Richmond, Virginia, first opened in 1975 and was acquired by the Partnership in June of 2006. The park's total market area includes approximately 19 million people and the major areas of dominant influence in this market area, which are Richmond and Norfolk, Virginia, Raleigh, North Carolina, Baltimore, Maryland and Washington, D.C, include approximately 12 million people.

Additionally, the park offers Kings Dominion Campground, a camping area featuring a swimming pool, playground, volleyball courts, miniature golf, and laundry facilities. The campground also offers a free shuttle service between the campground and amusement park.

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The Partnership also owns a dormitory facility located adjacent to Kings Dominion that houses up to 440 of the park's approximately 3,100 seasonal employees.

Carowinds

Carowinds, a combination amusement and water park located in Charlotte, North Carolina, first opened in 1973 and was acquired by the Partnership in June of 2006. Carowinds' major markets include Charlotte, Greensboro, and Raleigh, North Carolina as well as Greenville and Columbia, South Carolina. The park's total market area includes approximately 14 million people.

The park also offers Camp Wilderness Resort, a camping area that features a convenience and merchandise store, laundry facilities, and a swimming pool. The campground has more than 140 RV sites, 56 spacious tent and pop-up sites, and 15 luxury cabins. The campground also offers a free shuttle service between the campground and amusement park.

Great America

Great America, a combination amusement and water park located in Santa Clara, California, first opened in 1976 and was acquired by the Partnership in June of 2006. The park's total market area includes approximately 13 million people and draws its visitors primarily from San Jose, San Francisco, Sacramento, Modesto and Monterey, among other cities in northern California.

Valleyfair

Valleyfair, which opened in 1976 and was acquired by the Partnership's predecessor in 1978, is a combination amusement and water park located near Minneapolis-St. Paul in Shakopee, Minnesota. It is the largest amusement park in Minnesota. Valleyfair's market area is centered in Minneapolis-St. Paul, which has a population of approximately 3 million, but the park also draws visitors from other areas in Minnesota and surrounding states with a combined population base of 9 million people.

The Partnership also owns a dormitory facility located adjacent to Valleyfair that houses up to 420 of the park's approximately 1,750 seasonal employees.

Worlds of Fun

Worlds of Fun, which opened in 1973, and Oceans of Fun, which opened in 1982, were acquired by the Partnership in 1995. Located in Kansas City, Missouri, Worlds of Fun serves a total market area of approximately 7 million people centered in Kansas City, as well as most of Missouri and portions of Kansas and Nebraska.

Oceans of Fun is located adjacent to Worlds of Fun, and beginning in the 2013 season is included in the park's admission fee. Oceans of Fun features a wide variety of water attractions, including numerous water slides, a giant wave pool, a lazy river inner tube ride and children's areas, as well as various food and merchandise shops.

Worlds of Fun also features Worlds of Fun Village, an upscale camping area that offers overnight guest accommodations next to the park in 20 wood-side cottages, 22 log cabins and 80 deluxe RV sites. Also, included within the Village is a clubhouse with a swimming pool and arcade games.

Michigan's Adventure

Michigan's Adventure, which was acquired by the Partnership in 2001, is the largest amusement park in Michigan. The combination amusement and water park located near Muskegon, Michigan serves a total market area of approximately 5 million people, principally from central and western Michigan and eastern Indiana.

CAPITAL EXPENDITURES AND WORKING CAPITAL

The Partnership believes that annual park attendance is influenced by the investment in new attractions from year to year. Capital expenditures are planned on a seasonal basis with the majority of such capital expenditures made in the period from October through May, prior to the beginning of the peak operating season. Capital expenditures made in a calendar year may differ materially from amounts identified with a particular operating season because of timing considerations such as weather conditions, site preparation requirements and availability of ride components, which may result in accelerated or delayed expenditures around calendar year-end.

During the operating season, the Partnership carries significant receivables and inventories of food and merchandise, as well as payables and payroll-related accruals. Amounts are substantially reduced in non-operating periods. Seasonal working capital needs are funded with revolving credit facilities, which are established at levels sufficient to accommodate the Partnership's peak borrowing requirements in April and May as the seasonal parks complete preparations for opening. Revolving credit borrowings are reduced daily with the Partnership's positive cash flow during the seasonal operating period.

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COMPETITION

In general, the Partnership competes for discretionary spending with all aspects of the recreation industry within its primary market areas, including several destination and regional amusement parks. The Partnership also competes with other forms of entertainment and recreational activities, including movies, sports events, restaurants and vacation travel.

The principal competitive factors in the amusement park industry include the uniqueness and perceived quality of the rides and attractions in a particular park, its proximity to metropolitan areas, the atmosphere and cleanliness of the park, and the quality and variety of the food and entertainment available. The Partnership believes that its amusement parks feature a sufficient quality and variety of rides and attractions, restaurants, gift shops and family atmosphere to make them highly competitive with other parks and forms of entertainment.

GOVERNMENT REGULATION

The Partnership's properties and operations are subject to a variety of federal, state and local environmental, health and safety laws and regulations. Currently, the Partnership believes it is in substantial compliance with applicable requirements under these laws and regulations. However, such requirements have generally become more strict over time, and there can be no assurance that new requirements, changes in enforcement policies or newly discovered conditions relating to its properties or operations will not require significant expenditures in the future.

All rides are run and inspected daily by both the Partnership's maintenance and ride operations personnel before being put into operation. The parks are also periodically inspected by the Partnership's insurance carrier and, at all parks except Valleyfair, Worlds of Fun, and Carowinds' South Carolina rides, by state or county ride-safety inspectors. Valleyfair, Worlds of Fun and Carowinds each contract with a third party to inspect its rides per Minnesota, Missouri, and South Carolina law, respectively, and submit the third-party report to the respective state agency.

EMPLOYEES

The Partnership has approximately 1,700 full-time employees. During the operating season, the Partnership employs in aggregate approximately 41,000 seasonal and part-time employees, many of whom are high school and college students. Approximately 3,500 of Cedar Point's seasonal employees, 400 of Valleyfair's seasonal employees, and 440 of Kings Dominion's seasonal employees live in dormitories owned by the Partnership. The Partnership maintains training programs for all new employees and believes that its relations with its employees are good.

AVAILABLE INFORMATION

Copies of the Partnership's annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K and all amendments to those reports as filed or furnished with the SEC are available without charge upon written request to the Partnership's Investor Relations Office or through its website (www.cedarfair.com).

You may read and copy any materials filed with the SEC at the SEC's Public Reference Room at Headquarters Office, 100 F Street, N.E., Room 1580, Washington, DC 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site at http://www.sec.gov that contains the Partnership's reports, proxy statements and other information.

See Item 6 for Selected Financial Data, including net revenues, net income (loss) and total assets.

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SUPPLEMENTAL ITEM. Executive Officers of Cedar Fair

Name	Age	Position(s)
Matthew A. Ouimet	54	Matt Ouimet has served as Chief Executive Officer since January 2012. Prior to that, he served as President of Cedar Fair since June 2011. Before joining Cedar Fair, Matt served as President and Chief Operating Officer for Corinthian Colleges from July 2009 to October 2010 and as Executive Vice President – Operations from January 2009 to June 2009. Prior to joining Corinthian Colleges, he served as President, Hotel Group for Starwood Hotels and Resorts Worldwide from August 2006 to September 2008.
Richard A. Zimmerman	52	Richard Zimmerman has served as Chief Operating Officer since October of 2011. Prior to that, he served as Executive Vice President since November 2010, previously serving as Regional Vice President since June 2007. Before serving as Executive Vice President, he served as Vice President and General Manager of Kings Dominion since 1998.
Brian C. Witherow	46	Brian Witherow has served as Executive Vice President and Chief Financial Officer since January 2012. Prior to that, he served as Vice President and Corporate Controller beginning in July 2005. He served as Corporate Treasurer from May 2004 to June 2005 and as Corporate Director of Investor Relations from 1995 through 2004.
H. Philip Bender	57	Phil Bender has served as Executive Vice President, Operations, since November 2010, previously serving as Regional Vice President beginning in June 2006. Prior to that, he served as Vice President & General Manager of Worlds of Fun / Oceans of Fun since the end of 2000.
Robert A. Decker	52	Rob Decker has served as Corporate Vice President of Planning & Design since the end of 2002. Prior to that, he served as Corporate Director of Planning and Design since 1999.
Craig J. Freeman	59	Craig Freeman has served as Corporate Vice President of Administration since September 2005. Prior to that, he served as Vice President and General Manager of Knott's Camp Snoopy at the Mall of America from 1996 through 2005.
Duffield E. Milkie	47	Duff Milkie has served as Corporate Vice President and General Counsel since February 2008 and Corporate Secretary since February 2012. Prior to that, he was a partner in the law firm of Wickens, Herzer, Panza, Cook, & Batista since 1998.
David R. Hoffman	44	Dave Hoffman has served as Senior Vice President and Chief Accounting Officer since January 2012. Prior to that, he served as Vice President of Finance and Corporate Tax since November 2010. He served as Vice President of Corporate Tax from October 2006 until November 2010. Before joining Cedar Fair in 2006, he served as a tax consultant with Ernst & Young.
Kelley Semmelroth	48	Kelley Semmelroth has served as Executive Vice President and Chief Marketing Officer since February 2012. Prior to joining Cedar Fair, Kelley served as Senior Vice President, Marketing Planning Director for TD Bank beginning in 2010. From 2005 to 2010, Kelley served as Senior Vice President of Brand Strategy and Management at Bank of America.

ITEM 1A. RISK FACTORS.

We compete for discretionary spending and discretionary free-time with many other entertainment alternatives and are subject to factors that generally affect the recreation and leisure industry, including general economic conditions.

Our parks compete for discretionary spending and discretionary free-time with other amusement, water and theme parks and with other types of recreational activities and forms of entertainment, including movies, sporting events, restaurants and vacation travel. Our business is also subject to factors that generally affect the recreation and leisure industries and are not within our control. Such factors include, but are not limited to, general economic conditions, including relative fuel prices, and changes in consumer tastes and spending habits. The continued uncertainty regarding regional economic conditions and any deterioration in the economy generally may adversely impact attendance figures and guest spending patterns at our parks, and disproportionately affect different demographics of our target customers within our core markets. For example, group sales and season-pass sales, which represent a significant portion of our revenues, are disproportionately affected by general economic conditions. Both attendance and guest per capita spending at our parks are key drivers of our revenues and profitability, and reductions in either can directly and negatively affect revenues and profitability.

The uncertain economic conditions, such as high unemployment rates, have affected our guests' levels of discretionary spending. A continued decrease in discretionary spending due to decreases in consumer confidence in the economy, a continued economic slowdown or further deterioration in the economy could adversely affect the frequency with which our guests choose to attend our amusement parks and the amount

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that our guests spend on our products when they visit. The continued materialization of these risks could lead to a decrease in our revenues, operating income and cash flows.

Bad or extreme weather conditions can adversely impact attendance at our parks, which in turn would reduce our revenues.

Because most of the attractions at our parks are outdoors, attendance at our parks can be adversely affected by continuous bad or extreme weather and by forecasts of bad or mixed weather conditions, which would negatively affect our revenues. We believe that our ownership of many parks in different geographic locations reduces, but does not completely eliminate, the effect that adverse weather can have on our consolidated results.

The operating season at most of our parks is of limited duration, which can magnify the impact of adverse conditions or events occurring within that operating season.

Ten of our amusement parks are seasonal, generally operating during a portion of April or May, then daily from Memorial Day through Labor Day, and during weekends in September and, in most cases, October. Our outdoor water parks also operate seasonally, generally from Memorial Day through Labor Day and during some additional weekends before and after that period. Most of our revenues are generated during this 130- to 140-day annual operating season. As a result, when conditions or events described as risk factors occur during the operating season, particularly during the peak vacation months of July and August or the important fall season, there is only a limited period of time during which the impact of those conditions or events can be mitigated. Accordingly, the timing of such conditions or events may have a disproportionately adverse effect upon our revenues.

Our growth strategy may not achieve the anticipated results.

Our future success will depend on our ability to grow our business, including capital investments to improve our parks through new rides and attractions, as well as in-park product offerings and product offerings outside of our parks. Our growth and innovation strategies require significant commitments of management resources and capital investments and may not grow our revenues at the rate we expect or at all. As a result, we may not be able to recover the costs incurred in developing our new projects and initiatives or to realize their intended or projected benefits, which could have a material adverse effect our business, financial condition or results of operations.

Cyber-security risks and the failure to maintain the integrity of internal or customer data could result in damages to our reputation and/or subject us to costs, fines or lawsuits.

In the normal course of business, we collect and retain large volumes of internal and customer data, including credit card numbers and other personally identifiable information, which is used for target marketing and promotional purposes, and our various information technology systems enter, process, summarize and report such data. We also maintain personally identifiable information about our employees. The integrity and protection of such data is critical to our business, and our guests and employees have a high expectation that we will adequately protect their personal information. The regulatory environment, as well as the requirements imposed on us by the credit card industry, governing information, security and privacy laws is increasingly demanding and continues to evolve. Maintaining compliance with applicable security and privacy regulations may increase our operating costs and/or adversely impact our ability to market our parks, products and services to our guests. Furthermore, if a person is able to circumvent our security measures, he or she could destroy or steal valuable information or disrupt our operations. Although we have not had any cyber-security incidents resulting in a breach, any security breach could expose us to risks of data loss, which could harm our reputation and result in remedial and other costs, fines or lawsuits. Although we carry liability insurance to cover this risk, there can be no assurance that our coverage will be adequate to cover liabilities, or that we will be able to obtain adequate coverage should a catastrophic incident occur.

Our business depends on our ability to meet our workforce needs.

Our success depends on our ability to attract, motivate and retain qualified employees to keep pace with our needs. If we are unable to do so, our results of operations and cash flows may be adversely affected. In addition, we employ a significant seasonal workforce. We recruit year-round to fill thousands of seasonal staffing positions each season and work to manage seasonal wages and the timing of the hiring process to ensure the appropriate workforce is in place. There is no assurance that we will be able to recruit and hire adequate seasonal personnel as the business requires or that we will not experience material increases in the cost of securing our seasonal workforce in the future.

Increased costs of labor and employee health and welfare benefits may impact our results of operations.

Labor is a primary component in the cost of operating our business. We devote significant resources to recruiting and training our managers and employees. Increased labor costs, due to competition, increased minimum wage or employee benefit costs, including health care costs, or otherwise, could adversely impact our operating expenses. The Patient Protection and Affordable Care Act of 2010 and proposed amendments thereto contain provisions which could materially impact our future health-care costs. While the legislation’s ultimate impact is not yet known, it is possible that these changes could significantly increase our labor costs, which would adversely affect our operating results and cash flows.

If we lose key personnel, our business may be adversely affected.

Our success depends in part upon a number of key employees, including our senior management team, whose members have been involved in the leisure and hospitality industries for an average of more than 20 years. The loss of the services of our key employees could have a materially adverse effect on our business.

The high fixed cost structure of amusement park operations can result in significantly lower margins if revenues decline.

A large portion of our expenses is relatively fixed because the costs for full-time employees, maintenance, utilities, advertising and insurance do not vary significantly with attendance. These fixed costs may increase at a greater rate than our revenues and may not be able to be reduced at the same rate as declining revenues. If cost-cutting efforts are insufficient to offset declines in revenues or are impracticable, we could experience a material decline in margins, revenues, profitability and cash flows. Such effects can be especially pronounced during periods of economic contraction or slow economic growth.

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There is a risk of accidents occurring at amusement parks, which may reduce attendance and negatively impact our revenues.

The safety of our guests and employees is one of our top priorities. All of our amusement parks feature thrill rides. There are inherent risks involved with these attractions, and an accident or a serious injury at any of our amusement parks may result in negative publicity and could reduce attendance and result in decreased revenues. In addition, accidents or injuries at parks operated by our competitors could influence the general attitudes of amusement park patrons and adversely affect attendance at our amusement parks.

Unanticipated construction delays in completing capital improvement projects in our parks and resort facilities, or significant ride downtime, can adversely affect our revenues.

A principal competitive factor for an amusement park is the uniqueness and perceived quality of its rides and attractions in a particular market area. Accordingly, the regular addition of new rides and attractions is important, and a key element of our revenue growth is strategic capital spending on new rides and attractions. Any construction delays or ride down-time can adversely affect our attendance and our ability to realize revenue growth.

Instability in general economic conditions throughout the world could impact our profitability and liquidity while increasing our exposure to counter-party risk.

Unfavorable general economic conditions, such as high unemployment rates, a constrained credit market, and higher prices for consumer goods, may hinder the ability of those with which we do business, including vendors, concessionaires and customers, to satisfy their obligations to us. Our exposure to credit losses will depend on the financial condition of our vendors, concessionaires and customers and other factors beyond our control, such as deteriorating conditions in the world economy or in the theme/amusement park industry. Market turmoil, coupled with a reduction of business activity, generally increases our risks related to our status as an unsecured creditor of most of our vendors, concessionaires and customers. Credit losses, if significant, would have a material adverse effect on our business, financial condition and results of operations. Moreover, these issues could also increase the counter-party risk inherent in our business, including with our suppliers, vendors and financial institutions with which we enter into hedging agreements and long-term debt agreements, such as our credit facilities. The soundness of these counter-parties could adversely affect us. In this difficult economic environment, our credit evaluations may be inaccurate and we cannot assure you that credit performance will not be materially worse than anticipated, and, as a result, materially and adversely affect our business, financial position and results of operations.

Our debt agreements contain restrictions that could limit our flexibility in operating our business.

Our credit agreement and the indenture governing our notes contain, and any future indebtedness of ours will likely contain, a number of covenants that could impose significant operating and financial restrictions on us, including restrictions on our and our subsidiaries' ability to, among other things:

• pay distributions on or make distributions in respect of our capital stock or units or make other restricted payments;

• incur additional debt or issue certain preferred equity;

• make certain investments;

• sell certain assets;

• create restrictions on distributions from restricted subsidiaries;

• create liens on certain assets to secure debt;

• consolidate, merge, amalgamate, sell or otherwise dispose of all or substantially all of our assets;

• enter into certain transactions with our affiliates; and

• designate our subsidiaries as unrestricted subsidiaries.

Our credit agreement requires us to meet certain maximum leverage ratios and minimum fixed charge coverage ratios and the failure to do so may constitute an event of default under our credit agreement. As a result of these covenants, we could be limited in the manner in which we conduct our business, and we may be unable to engage in favorable business activities or finance future operations or capital needs. The most critical of these ratios is the Consolidated Leverage Ratio. The maximum allowed ratio, as set forth in our credit agreement, is 6.00x Consolidated Total Debt (excluding revolving debt)-to-Consolidated EBITDA. Based on 2012 results, our Consolidated Total Debt (excluding revolving debt)-to-Consolidated EBITDA ratio at December 31, 2012 was in compliance with the covenant at 3.94x, providing $133.6 million of Consolidated EBITDA cushion on the Consolidated Leverage Ratio. In spite of this sizable cushion, to the extent that our 2013 attendance levels are negatively impacted by deteriorating economic and market conditions, and Consolidated EBITDA falls below approximately $256 million, based on debt levels at December 31, 2012, our ability to satisfy the Consolidated Leverage Ratio would be difficult.

Our credit agreement and the indenture governing our notes also contain liquidity ratios that govern restricted payments, including our ability to declare and pay partnership distributions. Under the terms of the credit agreement, beginning in 2012 our ability to make restricted payments is permitted based on an Excess-Cash-Flow formula, should our pro-forma Consolidated Leverage Ratio be less than or equal to 4.50x Consolidated Total Debt (excluding revolving debt)-to-Consolidated EBITDA (as defined), measured on a quarterly basis. Under the terms of the indenture governing our notes, our ability to make restricted payments in 2012 and beyond is permitted should our trailing-twelve-month Total-Indebtedness-to-Consolidated-Cash-Flow Ratio be less than or equal to 4.75x Consolidated Total Indebtedness (including average revolving debt)-to-Consolidated EBITDA, measured on a quarterly basis. As of December 31, 2012, Total-Indebtedness-to-Consolidated-Cash-Flow Ratio was 4.08x, providing $55.0 million of Consolidated Cash Flow cushion on the ratio.

9

Variable rate indebtedness subjects us to the risk of higher interest rates, which could cause our future debt service obligations to increase.

As of December 31, 2012, after giving consideration to current outstanding interest-rate swap arrangements, we had $331.1 million of indebtedness under our term loan facility that accrues interest at a variable rate and $1,201.1 million that is either fixed or swapped to a fixed rate. After giving consideration to the swap agreements, certain of our borrowings may be at variable rates of interest and expose us to interest rate risk. If interest rates increase, our annual debt service obligations on any variable-rate indebtedness would increase even though the amount borrowed remained the same, and our net income would decrease.

Our substantial indebtedness could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry and prevent us from fulfilling our obligations under our debt agreements.

We had $1,552.5 million of outstanding indebtedness as of December 31, 2012 (after giving effect to $16.4 million of outstanding letters of credit under our revolving credit facility and $3.9 million of unamortized original issue discount on our notes).

Our substantial indebtedness could have important consequences. For example, it could:

• limit our ability to borrow money for our working capital, capital expenditures, debt service requirements, strategic initiatives or other purposes;

• limit our flexibility in planning or reacting to changes in business and future business operations;

• make it more difficult for us to satisfy our obligations with respect to our indebtedness, and any failure to comply with the obligations of any of our debt instruments, including restrictive covenants and borrowing conditions, could result in an event of default under the agreements governing other indebtedness;

• limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;

• make us more highly leveraged than some of our competitors, which may place us at a competitive disadvantage; and

• require us to dedicate a substantial portion of our cash flow from operations to the repayment of our indebtedness thereby reducing funds available to us for other purposes, such as making strategic acquisitions, introducing new rides and attractions and exploiting business opportunities.

In addition, we may not be able to generate sufficient cash flow from operations, or be able to draw under our revolving credit facility or otherwise, in an amount sufficient to fund our liquidity needs, including the payment of principal and interest on our debt obligations. If our cash flows and capital resources are insufficient to service our indebtedness, we may be forced to reduce or delay capital expenditures, sell assets, seek additional capital or restructure or refinance our indebtedness. These alternative measures may not be successful and may not permit us to meet our scheduled debt service obligations. Our ability to restructure or refinance our debt will depend on the condition of the capital markets and our financial condition at such time. Any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business operations. In addition, the terms of our existing or future debt agreements, including our credit agreement and the indenture governing our notes, may restrict us from adopting some of these alternatives. In the absence of such operating results and resources, we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet our debt service and other obligations. We may not be able to consummate those dispositions for fair market value or at all. Furthermore, any proceeds that we could realize from any such dispositions may not be adequate to meet our debt service obligations then due.

Despite our substantial indebtedness, we may be able to incur significant additional amounts of debt, which could further exacerbate the risks associated with our substantial indebtedness.

Turmoil in the credit and capital markets could impede our future ability to refinance our long term debt or prevent us from obtaining additional funds required to effectively operate our business, including funds from our revolving credit facility.

From 2008 through 2010, U.S. and global credit markets experienced significant disruption, making it difficult for many businesses to obtain financing on acceptable or previously customary terms. Additionally, the volatility in equity markets due to rapid and wide fluctuations in value resulted in a reduction of public offerings of equity securities. If these conditions return, our borrowing costs may increase, and it may be more difficult to secure funding for our operations, including capital expenditures for theme park attractions. These risks could also impact our long-term debt ratings which would likely increase our cost of borrowing and/or make it more difficult for us to obtain funding. These factors are particularly important given our substantial long-term debt as of December 31, 2012 of $1,536.1 million (before reduction of $3.9 million of original issue discount on our notes).

Our operations and our ownership of property subject us to environmental regulation, which creates uncertainty regarding future environmental expenditures and liabilities.

We may be required to incur costs to comply with environmental requirements, such as those relating to water resources, discharges to air, water and land; the handling and disposal of solid and hazardous waste; and the cleanup of properties affected by regulated materials. Under these and other environmental requirements we may be required to investigate and clean up hazardous or toxic substances or chemical releases from current or formerly owned or operated facilities. Environmental laws typically impose cleanup responsibility and liability without regard to whether the relevant entity knew of or caused the presence of the contaminants. The costs of investigation, remediation or removal of regulated materials may be substantial, and the presence of those substances, or the failure to remediate a property properly, may impair our ability to use, transfer or obtain financing regarding our property. We may be required to incur costs to remediate potential environmental hazards, mitigate environmental risks in the future, or comply with other environmental requirements.

10

Our insurance coverage may not be adequate to cover all possible losses that we could suffer, and our insurance costs may increase.

Companies engaged in the amusement park business may be sued for substantial damages in the event of an actual or alleged accident. An accident occurring at our parks or at competing parks could reduce attendance, increase insurance premiums, and negatively impact our operating results. Although we carry liability insurance to cover this risk, there can be no assurance that our coverage will be adequate to cover liabilities, or that we will be able to obtain adequate coverage should a catastrophic incident occur.

Our tax treatment is dependent on our status as a partnership for federal income tax purposes. If the tax laws were to treat us as a corporation or we become subject to a material amount of entity-level taxation, it may substantially reduce the amount of cash available for distribution to our unitholders.

We are a limited partnership under Delaware law and are treated as a partnership for federal income tax purposes. A change in current tax law may cause us to be taxed as a corporation for federal income tax purposes or otherwise subject us to taxation as an entity. If we were treated as a corporation for federal income tax purposes, we would pay federal income tax on our entire taxable income at the corporate tax rate, rather than only on the taxable income from our corporate subsidiaries, and may be subject to additional state taxes at varying rates. Further, unitholder distributions would generally be taxed again as corporate distributions or dividends and no income, gains, losses, or deductions would flow through to unitholders. Because additional entity level taxes would be imposed upon us as a corporation, our cash available for distribution could be substantially reduced. Although we are not currently aware of any legislative proposal that would adversely impact our treatment as a partnership, we are unable to predict whether any changes or other proposals will ultimately be enacted.

Other factors, including local events, natural disasters and terrorist activities, can adversely impact park attendance and our revenues.

Lower attendance may result from various local events, natural disasters or terrorist activities, all of which are outside of our control.

ITEM 1B. UNRESOLVED STAFF COMMENTS.

None.

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ITEM 2. PROPERTIES.

Cedar Point and Soak City are located on approximately 365 acres, virtually all of which have been developed, on the Cedar Point peninsula in Sandusky, Ohio. Wildwater Kingdom, located near Cleveland, Ohio, is situated on approximately 670 total acres, of which 65 acres have been developed and are in use at the water park and an additional 65 acres are available for future expansion. The remaining acreage is available for sale or for future development.

The Partnership also owns approximately 100 acres of property on the mainland adjoining the approach to the Cedar Point Causeway. The Breakers Express hotel, the Castaway Bay Indoor Waterpark Resort and adjoining TGI Friday's restaurant, Castaway Bay Marina and two seasonal-employee housing complexes are located on this property.

The Partnership controls, through ownership or an easement, a six-mile public highway and owns approximately 38 acres of vacant land adjacent to this highway, which is a secondary access route to Cedar Point and serves about 250 private residences. The roadway is maintained by the Partnership pursuant to deed provisions. The Cedar Point Causeway, a four-lane roadway across Sandusky Bay, is the principal access road to Cedar Point and is owned by a subsidiary of the Partnership.

Knott's Berry Farm and Knott's Soak City-Orange County, located in California, are situated on approximately 147 acres and 13 acres, respectively, virtually all of which have been developed. Knott's Soak City-Palm Springs is located on 23 acres, of which 17 acres have been developed and 6 acres remain available for future expansion.

Kings Island, located in Ohio, is situated on approximately 677 acres, of which 349 acres have been developed and 328 acres remain available for future expansion.

Canada's Wonderland, located near Toronto in Vaughn, Ontario, is situated on approximately 290 acres, virtually all of which have been developed.

Kings Dominion, located in Virginia, is situated on approximately 738 acres, of which 279 acres have been developed and 459 acres remain available for future expansion.

Dorney Park, located in Pennsylvania, is situated on approximately 208 acres, of which 181 acres have been developed and 27 acres remain available for future expansion.

Carowinds, located in Charlotte, North Carolina, is situated on approximately 398 acres, of which 299 acres have been developed and 99 acres remain available for future expansion.

Valleyfair, located in Minnesota, is situated on approximately 180 acres, of which 113 acres have been developed and approximately 77 additional acres remain available for future expansion.

Worlds of Fun, located in Missouri, is situated on approximately 330 acres, of which 230 acres have been developed and 100 acres remain available for future expansion or other uses.

Great America, located in California, is situated on approximately 165 acres, virtually all of which have been developed.

Michigan's Adventure, located in Michigan, is situated on approximately 250 acres, of which 119 acres have been developed and 131 acres remain available for future expansion.

The Partnership, through its subsidiary Cedar Point of Michigan, Inc., also owns approximately 450 acres of land in southern Michigan. This land is currently under contract to be sold.

All of the Partnership's property is owned in fee simple, with the exception of Great America in Santa Clara, California, and encumbered by the Partnership's credit agreement. The Partnership leases the land at Great America from the City of Santa Clara through a long-term lease agreement that is renewable in 2039 with options to terminate at the Partnership's discretion. The Partnership considers its properties to be well maintained, in good condition and adequate for its present uses and business requirements.

ITEM 3.LEGAL PROCEEDINGS.

Jacob T. Falfas vs. Cedar Fair, L.P.

On July 23, 2010, Jacob T. (Jack) Falfas, the former Chief Operating Officer, filed a demand for private arbitration as provided by his employment agreement. In that demand, Mr. Falfas disputed the Partnership's position that he had resigned in June 2010, alleging instead that his employment with the Partnership was terminated without cause. That dispute went to private arbitration, and on February 28, 2011, an arbitration panel ruled 2-to-1 in favor of Mr. Falfas finding that he did not resign but was terminated without cause. Rather than fashioning a remedy consistent with the employment agreement, the panel ruled that Mr. Falfas should be reinstated. The Partnership believed that the arbitrators exceeded their authority by creating a remedy not legally available to Mr. Falfas under his contract with Cedar Fair. On March 21, 2011, the Partnership filed an action  in Erie County Court of Common Pleas (Case No. 2011 CV 0217) seeking  to have the award modified or vacated. On March 22,

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2011, Mr. Falfas commenced a related action in the Erie County Court of Common Pleas  (Case No. 2011 CV 0218) demanding enforcement of the arbitration ruling.  The two actions were combined into Case No. 2011 CV 0217, before Judge Roger E. Binette. On February 22, 2012 the Erie County Common Pleas Court issued a ruling partially vacating the arbitration award and declaring that Mr. Falfas was not entitled to reinstatement of his employment.  The ruling also provided that in accord with paragraph 2 of the arbitration award Mr. Falfas was entitled to certain back pay and other benefits under his 2007 Amended and Restated Employment Agreement as if the employment relationship had not been severed. In March of 2012 Mr. Falfas and the Partnership both filed appeals of the Court's ruling with the Ohio Sixth District Court of Appeals in Toledo, Ohio. The parties participated in mediation on May 7, 2012 at the direction of the Court of Appeals. The mediation did not result in a settlement. As a result the matter will now proceed through the normal appeal process which typically takes six to nine months to complete. Briefs have been filed, oral arguments were held on December 12, 2012, and the parties are now awaiting a decision from the Court. The Partnership believes the liability recorded as of December 31, 2012 to be adequate and does not expect the arbitration ruling or the court order to materially affect its financial results in future periods.

The Partnership is party to various other legal actions arising in the normal course of business. The Partnership does not expect to incur any material liability by reason of such actions.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

PART II - OTHER INFORMATION

ITEM 5. MARKET FOR REGISTRANT'S DEPOSITARY UNITS, RELATED UNITHOLDER MATTERS AND ISSUER PURCHASES OF DEPOSITARY UNITS.

Cedar Fair, L.P. Depositary Units representing limited partner interests are listed for trading on The New York Stock Exchange under the symbol “FUN.” As of January 31, 2013, there were approximately 6,700 registered holders of Cedar Fair, L.P. Depositary Units, representing limited partner interests. Attention is directed to Item 12 in this Form 10-K for information regarding the Partnership's equity incentive plans, which information is incorporated herein by reference. The cash distributions declared and the high and low prices of the Partnership's units for each quarter of the past two years are shown in the table below:

2012	Distribution		High		Low
4th quarter	$	0.40	$	37.69	$	30.90
3rd quarter	0.40		34.96		30.06
2nd quarter	0.40		31.74		25.24
1st quarter	0.40		29.98		21.75
2011
4th quarter	$	0.70	$	23.73	$	16.86
3rd quarter	0.12		21.96		16.44
2nd quarter	0.10		22.69		18.09
1st quarter	0.08		20.00		15.03

The Partnership's credit agreement, as amended on February 25, 2011, includes provisions that allow the Partnership to make restricted payments up to $20 million at the discretion of the Board of Directors, so long as no default or event of default has occurred and is continuing. These restricted payments are not subject to any specific covenants. Additional restricted payments are allowed to be made based on an Excess-Cash-Flow formula, should the Partnership’s pro-forma Consolidated Leverage Ratio be less than or equal to 4.50x Consolidated Total Debt (excluding the revolving debt)-to-Consolidated EBITDA, measured on a quarterly basis. Per the terms of the indenture governing the Partnership's notes, the ability to make restricted payments is permitted should the Partnership's trailing-twelve-month Total-Indebtedness-to-Consolidated-Cash-Flow Ratio be less than or equal to 4.75x Consolidated Total Indebtedness (including average revolving debt)-to-Consolidated EBITDA, measured on a quarterly basis.

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Unitholder Return Performance Graph

The graph below shows a comparison of the five-year cumulative total return (assuming all distributions/dividends reinvested) on Cedar Fair, L.P. limited partnership units, the S&P 500 Index, the S&P 400 Index and the S&P - Movies and Entertainment Index, assuming investment of $100 on December 31, 2007.

	Base Period		Return
	2007		2008		2009		2010		2011		2012
Cedar Fair, L.P.	$	100.00	$	65.00	$	67.27	$	90.89	$	135.09	$	221.22
S&P 500	100.00		63.00		79.67		91.66		93.59		106.14
S&P 400	100.00		63.77		87.61		110.95		109.03		126.55
S&P Movies and Entertainment	100.00		58.13		30.44		25.34		28.22		37.99

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ITEM 6. SELECTED FINANCIAL DATA.

	2012 (2)		2011			2010 (3)			2009 (4)			2008 (5)
	(In thousands, except per unit and per capita amounts)
Statement of Operations
Net revenues	$	1,068,454	$	1,028,472		$	977,592		$	916,075		$	996,232
Operating income (1)	232,642		236,736			151,669			183,890			134,521
Income (loss) before taxes (1)	132,581		81,963			(30,382		)	48,754			5,369
Net income (loss) (1)	101,216		70,746			(33,052		)	34,184			6,380
Net income (loss) per unit - basic (1)	1.82		1.28			(0.60		)	0.62			0.12
Net income (loss) per unit - diluted (1)	1.81		1.27			(0.60		)	0.61			0.12
Balance Sheet Data
Total assets (1)	$	2,027,622	$	2,055,958		$	2,065,877		$	2,130,932		$	2,173,229
Working capital (deficit)	2,904		(104,928		)	(98,518		)	(70,212		)	(50,705		)
Long-term debt	1,532,180		1,556,379			1,579,703			1,626,346			1,724,075
Partners' equity (1)	159,260		141,800			121,628			113,839			94,008
Distributions
Declared per limited partner unit	$	1.60	$	1.00		$	0.25		$	1.23		$	1.92
Paid per limited partner unit	1.60		1.00			0.25			1.23			1.92
Other Data
Depreciation and amortization (1)	$	127,339	$	125,837		$	128,856		$	134,398		$	125,240
Adjusted EBITDA (6)	390,954		374,576			359,231			316,512			355,890
Capital expenditures	96,232		90,190			71,706			69,136			83,481
Combined attendance (7)	23,300		23,386			22,794			21,136			22,720
Combined in-park guest per capita spending (8)	$	41.95	$	40.03		$	39.21		$	39.56		$	40.13

Notes:

(1) Historical figures have been adjusted to reflect changes due to the immaterial restatement as described in Note 13 to the Consolidated Financial Statements in Item 8.

(2) Operating results for 2012 include a non-cash charge of $25.0 million for the impairment of long-lived assets at Wildwater Kingdom.

(3) Operating results for 2010 include a loss on debt extinguishment of $35.3 million and a non-cash charge of $62.0 million for the impairment of long-lived assets at Great America, the majority of which were originally recorded with the PPI acquisition.

(4) Operating results for 2009 include a gain of $23.1 million for the sale of excess land near Canada's Wonderland and a $4.5 million non-cash charge for the impairment of trade-names originally recorded with the PPI acquisition.

(5) Operating results for 2008 include an $87.0 million non-cash charge for the impairment of goodwill and other indefinite-lived intangibles originally recorded with the PPI acquisition in 2006.

(6) Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in our current credit agreement. Adjusted EBITDA is not a measurement of operating performance computed in accordance with GAAP and should not be considered as a substitute for operating income, net income or cash flows from operating activities computed in accordance with GAAP. We believe that Adjusted EBITDA is a meaningful measure of park-level operating profitability and we use it for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. A reconciliation of net income (loss) to Adjusted EBITDA is provided below.

(7) Combined attendance includes attendance figures from the eleven amusement parks, all separately gated outdoor water parks, and Star Trek: The Experience, which closed in September 2008.

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(8) Combined in-park guest per capita spending ("per capita spending") includes all amusement park, outdoor water park, causeway tolls and parking revenues for the amusement park and water park operating seasons. Revenues from indoor water park, hotel, campground, marina and other out-of-park operations are excluded from per capita statistics.

Reconciliation of Net Income (Loss) to Adjusted EBITDA:

	2012			2011			2010			2009			2008
	(In thousands )
Net income (loss)	$	101,216		$	70,746		$	(33,052	)	$	34,184		$	6,380
Interest expense	110,619			157,185			150,285			124,706			129,561
Interest income	(68		)	(157		)	(1,154		)	(44		)	(970		)
Provision (benefit) for taxes	31,365			11,217			2,670			14,570			(1,011		)
Depreciation and amortization	127,339			125,837			128,856			134,398			125,240
EBITDA	370,471			364,828			247,605			307,814			259,200
Loss on early extinguishment of debt	—			—			35,289			—			—
Other expense, net	—			—			—			—			361
Net effect of swaps	(1,492		)	(13,119		)	18,194			9,170			—
Unrealized foreign currency (gain) loss	(9,181		)	9,830			(17,464		)	—			—
Equity-based compensation	3,265			(239		)	(89		)	(26		)	716
Loss on impairment of goodwill and other intangibles	—			—			2,293			4,500			86,988
Loss on impairment/retirement of fixed assets, net	30,336			2,565			62,752			244			8,425
Gain on sale of other assets	(6,625		)	—			—			(23,098		)	—
Terminated merger costs	—			230			10,375			5,619			—
Refinancing costs	—			955			—			832			200
Licensing dispute settlement costs	—			—			—			1,980			—
Class action settlement costs	—			—			276			9,477			—
Other non-recurring costs (1)	4,180			9,526			—			—			—
Adjusted EBITDA	$	390,954		$	374,576		$	359,231		$	316,512		$	355,890

(1) Other non-recurring costs as defined in the 2010 Amended Credit Agreement, include litigation expenses and costs for SEC compliance matters related to Special Meeting requests, costs associated with the relocation of a future ride, and costs associated with the transition to a new advertising agency.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Business Overview

We generate our revenues primarily from sales of (1) admission to our parks, (2) food, merchandise and games inside our parks, and (3) hotel rooms, food and other attractions outside our parks. Our principal costs and expenses, which include salaries and wages, advertising, maintenance, operating supplies, utilities and insurance, are relatively fixed and do not vary significantly with attendance.

Each of our properties is run by a park general manager and operates autonomously. Management reviews operating results, evaluates performance and makes operating decisions, including the allocation of resources, on a property-by-property basis.

Discrete financial information and operating results are prepared at the individual park level for use by the CEO, who is the Chief Operating Decision Maker (CODM), as well as by the Chief Financial Officer, the Chief Operating Officer, the Executive Vice President, Operations, and the park general managers.

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The following table presents certain financial data expressed as a percent of total net revenues and selective statistical information for the periods indicated.

For the years ended December 31,	2012					2011					2010
	( amounts in millions, except attendance, per capita spending and percentages)
Net revenues:
Admissions	$	612.1		57.3	%	$	596.0		57.9	%	$	568.8		58.2	%
Food, merchandise and games	342.2			32.0	%	349.5			34.0	%	337.3			34.5	%
Accommodations and other	114.1			10.7	%	83.0			8.1	%	71.5			7.3	%
Net revenues	1,068.4			100.0	%	1,028.5			100.0	%	977.6			100.0	%
Operating costs and expenses	684.7			64.1	%	663.3			64.5	%	632.0			64.6	%
Depreciation and amortization	127.3			11.9	%	125.8			12.2	%	128.9			13.2	%
Loss on impairment of goodwill and other intangibles	—			—	%	—			—	%	2.3			0.2	%
Loss on impairment / retirement of fixed assets	30.3			2.8	%	2.6			0.3	%	62.8			6.4	%
Gain on sale of other assets	(6.6		)	(0.6	)%	—			—	%	—			—	%
Operating income	232.7			21.8	%	236.8			23.0	%	151.6			15.5	%
Interest and other expense, net	110.6			10.3	%	158.0			15.4	%	149.2			15.3	%
Net effect of swaps	(1.5		)	(0.1	)%	(13.1		)	(1.3	)%	18.2			1.9	%
Loss on early debt extinguishment	—			—	%	—			—	%	35.3			3.6	%
Unrealized / realized foreign currency (gain) loss	(9.0		)	(0.8	)%	9.9			1.0	%	(20.6		)	(2.1	)%
Provision for taxes	31.4			2.9	%	11.2			1.1	%	2.6			0.3	%
Net income (loss)	$	101.2		9.5	%	$	70.8		6.9	%	$	(33.1	)	(3.4	)%
Other data:
Combined attendance (in thousands)	23,300					23,386					22,794
Combined in-park guest per capita spending	$	41.95				$	40.03				$	39.21

Critical Accounting Policies

Management's Discussion and Analysis of Financial Condition and Results of Operations is based upon our consolidated financial statements, which were prepared in accordance with accounting principles generally accepted in the United States of America. These principles require us to make judgments, estimates and assumptions during the normal course of business that affect the amounts reported in the Consolidated Financial Statements and related notes. The following discussion addresses our critical accounting policies, which are those that are most important to the portrayal of our financial condition and operating results or involve a higher degree of judgment and complexity (see Note 2 to our Consolidated Financial Statements for a complete discussion of our significant accounting policies). Application of the critical accounting policies described below involves the exercise of judgment and the use of assumptions as to future uncertainties, and, as a result, actual results could differ from these estimates and assumptions.

Property and Equipment

Property and equipment are recorded at cost. Expenditures made to maintain such assets in their original operating condition are expensed as incurred, and improvements and upgrades are capitalized. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The composite method is used for the group of assets acquired as a whole in 1983, as well as for the groups of like assets of each subsequent business acquisition. The unit method is used for all individual assets purchased.

Upon the normal retirement of an asset within a composite group, our practice generally had been to extend the depreciable life of that composite group beyond its original estimated useful life. In conjunction with the preparation of our financial statements for the three months ended July 1, 2012, management determined that this methodology was not appropriate. As a result, we revised the useful lives of our composite groups to their original estimated useful life (ascribed upon acquisition) and corrected previously computed depreciation expense (and accumulated depreciation). We evaluated the amount and nature of these adjustments and concluded that they were not material to either our prior annual or quarterly financial statements. Nonetheless, the historical financial statement amounts included in this filing have been updated for this corrected estimate.

As part of a routine review by the Division of Corporation Finance of the SEC of the Partnership's Form 10-K for the year ended December 31, 2011, the Partnership received staff comments on December 20, 2012 and January 30, 2013.  The Partnership is responding to the staff comments received on January 30, 2013 that requests information related to our use of the composite method of depreciation for acquired assets.  The

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Partnership has determined that it is preferable to change from the composite method of depreciation to the unit method of depreciation with the change expected to be effective January 1, 2013.  The Partnership believes that pursuant to generally accepted accounting principles, changing from the composite method of depreciation to the unit method of depreciation is a change in accounting estimate that is effected by a change in accounting principle, which should be accounted for prospectively.   This prospective application will result in the discontinuance of the composite method of depreciation for all prior acquisitions with the existing net book value of each composite pool allocated to the remaining individual assets (units) in that pool with each unit assigned an appropriate remaining useful life on an individual unit basis.  Once under the unit method of depreciation, all gains or losses on prospective asset retirements will result in an adjustment to earnings rather than to accumulated depreciation which is the case for normal retirements under the composite method of depreciation.  We are in the process of determining the impact of this change. Based on our analysis to date, we do not believe such a change will have a material effect on our financial position or liquidity in future periods, but it is possible that future asset retirements could have a material impact on earnings in the periods such items occur.

Impairment of Long-Lived Assets

The carrying values of long-lived assets, including property and equipment, are reviewed whenever events or changes in circumstances indicate that the carrying values of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the assets, including disposition, are less than the carrying value of the assets. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying amounts of the assets. Fair value is generally determined based on a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available.

The determination of both undiscounted and discounted cash flows requires management to make significant estimates and consider an anticipated course of action as of the balance sheet date. Subsequent changes in estimated undiscounted and discounted cash flows arising from changes in anticipated actions could impact the determination of whether impairment exists, the amount of the impairment charge recorded and whether the effects could materially impact the consolidated financial statements.

At the end of the third quarter of 2012, the Partnership concluded based on 2012 operating results through the third quarter and updated forecasts, that a review of the carrying value of operating long-lived assets at Wildwater Kingdom was warranted. After performing its review, the Partnership determined that a portion of the park's fixed assets were impaired. Also, at the end of the third quarter of 2012, the Partnership concluded that market conditions had changed on the adjacent non-operating land of Wildwater Kingdom. After performing its review of the updated market value of the land, the Partnership determined the land was impaired. The Partnership recognized a total of $25.0 million of fixed-asset impairment for operating and non-operating assets during the third quarter of 2012.

There was no impairment of long-lived assets in 2011.

Goodwill and Other Intangible Assets

Goodwill and other indefinite-lived intangible assets, including trade-names, are reviewed for impairment annually, or more frequently if indicators of impairment exist. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in equity price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; the testing for recoverability of a significant asset group within a reporting unit; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on our consolidated financial statements.

An impairment loss may be recognized if the carrying value of the reporting unit is higher than its fair value, which is estimated using both an income (discounted cash flow) and market approach. The amount of impairment is determined by comparing the implied fair value of reporting unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill is less than the recorded goodwill, an impairment charge is recorded for the difference. Goodwill and trade-names have been assigned at the reporting unit, or park level, for purposes of impairment testing.

Until December 2010, goodwill related to parks acquired prior to 2006 was tested annually for impairment as of October 1, while goodwill and other indefinite-lived intangibles, including trade-name intangibles, related to the PPI acquisition in 2006 were tested annually for impairment as of April 1. Effective in December 2010, we changed the date of our annual goodwill impairment tests from April 1 and October 1 to December 31 to more closely align the impairment testing procedures with our long-range planning and forecasting process, which occurs in the fourth quarter each year. We believe the change is preferable since the long-term cash flow projections are a key component in performing our annual impairment tests of goodwill. In addition, we changed the date of our annual impairment test for other indefinite-lived intangibles from April 1 to December 31.

For both 2012 and 2011, we completed the review of goodwill and other indefinite-lived intangibles as of December 31, 2012 and December 31, 2011, respectively, and determined the goodwill was not impaired at either balance sheet date.

The change in accounting principle related to changing the annual goodwill impairment testing date did not delay, accelerate, avoid or cause an impairment charge. As it was impracticable to objectively determine operating and valuation estimates for periods prior to December 31, 2010, we have prospectively applied the change in the annual goodwill impairment testing date from December 31, 2010.

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It is possible that our assumptions about future performance, as well as the economic outlook and related conclusions regarding the valuation of our reporting units (parks), could change adversely, which may result in additional impairment that would have a material effect on our financial position and results of operations in future periods. At December 31, 2012, all reporting units with goodwill had fair values in excess of their carrying values by greater than 10%.

Self-Insurance Reserves

Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (IBNR) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon our own historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims, which are not material to our consolidated financial statements, are based upon our own claims data history, as well as industry averages. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary.

Derivative Financial Instruments

Derivative financial instruments are only used within our overall risk management program to manage certain interest rate and foreign currency risks from time to time. We do not use derivative financial instruments for trading purposes.

Derivative financial instruments used in hedging transactions are assessed both at inception and quarterly thereafter to ensure they are effective in offsetting changes in the cash flows of the related underlying exposures. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of “Other comprehensive income (loss)” and reclassified into earnings in the period during which the hedged transaction affects earnings. Changes in fair value of derivative instruments that do not qualify as effective hedging activities are reported as “Net effect of swaps” in the consolidated statement of operations. Additionally, the “Accumulated other comprehensive income (loss)” related to interest rate swaps that become ineffective is amortized over the remaining life of the interest rate swap, and reported as a component of “Net effect of swaps” in the consolidated statements of operations.

Revenue Recognition

Revenues on multi-day admission tickets are recognized over the estimated number of visits expected for each type of ticket, and are adjusted periodically during the season. All other revenues are recognized on a daily basis based on actual guest spending at our facilities, or over the park operating season in the case of certain marina revenues and certain sponsorship revenues. Revenues on admission tickets for the next operating season, including season passes, are deferred in the year received and recognized as revenue in the following operating season.

Admission revenues include amounts paid to gain admission into our parks, including parking fees. Revenues related to extra-charge attractions, including our premium benefit offerings, are included in Accommodations and other revenue.

Income Taxes

The Partnership's legal structure includes both partnerships and corporate subsidiaries. As a publicly traded partnership, the Partnership is subject to an entity-level tax (the "PTP tax"). Accordingly, the Partnership itself is not subject to corporate income taxes; rather, the Partnership's tax attributes (except those of the corporate subsidiaries) are included in the tax returns of its partners. The Partnership's corporate subsidiaries are subject to entity-level income taxes. The Partnership's "Provision for taxes" includes both the PTP tax and the income taxes from the corporate subsidiaries.

The Partnership's corporate subsidiaries account for income taxes under the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future book and tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are determined using enacted tax rate expected to apply in the year in which those temporary differences are expected to be recovered or settled.

The Partnership records a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. Through December 31, 2011, the Partnership had recorded a $17.3 million valuation allowance related to the deferred tax asset for foreign tax credit carryforwards. The need for this allowance was based on several factors including the accumulated federal net operating loss carryforward, the ten-year carryforward period allowed for excess foreign tax credits, experience to date of foreign tax credit limitations, and management's long term estimates of domestic and foreign source income.

During 2012, we claimed and received refunds of $10.4 million for foreign taxes paid in previous years. The recovery of prior year taxes resulted in a redetermination of the foreign tax credit carryforwards and a $6.1 million reduction in the valuation allowance related to these carryforwards. Also during 2012, we continued to utilize the federal tax net operating loss carryforward and updated our long term estimates of domestic and foreign source income. Based on these updated estimates, we believe no additional adjustments to the valuation allowance was warranted. The total valuation allowance reduction results in a $6.0 million tax benefit in 2012. As of December 31, 2012, we had $31.2 million of deferred tax assets associated with the foreign tax credit carryforwards and an $11.3 million related valuation allowance.

There is inherent uncertainty in the estimates used to project the amount of foreign tax credit carryforwards that are more likely than not to be realized. It is possible that our future income projections, as well as the economic outlook and related conclusions regarding the valuation

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allowance could change, which may result in additional valuation allowance being recorded or may result in additional valuation allowance reductions, which may have a material negative or positive effect on our reported financial position and results of operations in future periods.

Results of Operations

2012 vs. 2011

The following table presents key operating and financial information for the years ended December 31, 2012 and 2011 (amounts in thousands, except per capita spending and percentages):

							Increase (Decrease)
	12/31/12			12/31/11			$			%
Net revenues	$	1,068,454		$	1,028,472		$	39,982		3.9	%
Operating costs and expenses	684,762			663,334			21,428			3.2	%
Depreciation and amortization	127,339			125,837			1,502			1.2	%
Loss on impairment/retirement of fixed assets	30,336			2,565			27,771			N/M
Gain on sale of other assets	(6,625		)	—			(6,625		)	N/M
Operating income	$	232,642		$	236,736		$	(4,094	)	(1.7	)%
Other Data:
Adjusted EBITDA (1)	$	390,954		$	374,576		$	16,378		4.4	%
Adjusted EBITDA margin	36.6		%	36.4		%	—			0.2	%
Attendance	23,300			23,386			(86		)	(0.4	)%
Per capita spending	$	41.95		$	40.03		$	1.92		4.8	%
Out-of-park revenues	$	116,767		$	117,556		$	(789	)	(0.7	)%
N/M - Not meaningful
(1) for additional information regarding Adjusted EBITDA, including how we define and use Adjusted EBITDA, as well as a reconciliation from net income, see Item 6, "Selected Financial Data," on pages 15-16.

Consolidated net revenues totaled $1,068.5 million in 2012, increasing $40.0 million, from $1,028.5 million in 2011. The 4% increase in revenues reflects a 5%, or $1.92, increase in average in-park guest per capita spending compared with a year ago and a less than 1%, or 0.1 million-visit, decrease in attendance. In-park guest per capita spending represents the amount spent per attendee to gain admission to a park, plus all amounts spent while inside the park gates. The increase in per capita spending was primarily due to new premium benefit offerings and the positive impact of new customer messaging and dynamic pricing. The slight decrease in attendance for 2012 compared to 2011 was largely due to less than favorable weather that the parks experienced during the fourth quarter of 2012. Despite the slight decrease in overall attendance, the parks experienced growth in the number of season passes sold, as well as season pass visits, which was a focus of management heading into the 2012 season. The growth in season-pass visits was the result of an increased marketing focus toward season passes at several of our parks, resulting in a record number of season passes sold in 2012.

The increase in 2012 revenues was somewhat offset by a decrease of less than 1%, or approximately $0.8 million, in out-of-park revenues, which represents the sale of hotel rooms, food, merchandise and other complementary activities located outside of the park gates. The decrease in out-of-park revenues was primarily driven by softness in our overall hotel properties performance in 2012. The increase in revenues for the fiscal year also reflects the negative impact of currency exchange rates and the weakening U.S. dollar on our Canadian operations (approximately $4.0 million) during 2012.

Operating costs and expenses increased $21.4 million, or 3%, to $684.7 million versus $663.3 million for 2011 and were in line with expectations. The increase in costs and expenses was the result of a $3.0 million increase in cost of goods sold, a $20.5 million increase in operating expenses, offset somewhat by a $2.1 decrease in selling, general and administrative costs. The 3% increase in cost of goods sold is consistent with anticipated cost increases associated with our efforts to improve the quality of food and other product offerings at the parks in 2012. Operating expenses increased due to several factors, including higher employment-related costs, higher operating supply costs, and higher self-insurance expenses. Employment-related costs increased approximately $11.0 million due to normal merit increases, increases in health-related benefit costs, additional staffing levels associated with new premium benefit offerings and other initiatives aimed at improving the overall guest experience, and non-recurring severance payments. Operating supplies and expenses increased approximately $4.6 million due primarily to initiatives to expand or enhance live entertainment at the parks, as well as incremental costs associated with our new e-commerce platform. During the year, public liability and workers compensation expense increased $3.3 million due to claim settlements and an increase in our reserves based on management's estimates of future claims. The decrease in selling, general and administrative costs was due to a decrease in employment-related costs ($1.5 million) and professional and administrative costs ($7.6 million), offset by an increase in operating supplies ($4.8 million) and advertising fees ($2.4 million). The decrease in employment costs was primarily due to a decrease in costs associated with a legal accrual made

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in 2011, offset somewhat by higher wages and benefits due to normal merit increases and additional staffing. Professional and administrative fees decreased primarily due to a reduction in litigation expenses and costs for SEC compliance matters related to Special Meeting requests in 2011. The operating supplies and advertising increases were due to incremental costs to support 2012 operating initiatives including general infrastructure improvements. The overall increase in costs and expenses also reflects the positive impact of exchange rates on our Canadian operations ($1.3 million) during 2012.

The loss on impairment/retirement of fixed assets, net, during 2012 totaled $30.3 million, reflects a non-cash charge of $25.0 million for the partial impairment of operating and non-operating assets at Wildwater Kingdom along with losses on other retirements in the normal course of business. During 2012, two non-core assets were sold at gains totaling $6.6 million. In 2011, a charge of $2.6 million for the retirement of fixed assets in the normal course of business was recorded.

Depreciation and amortization expense for 2012 increased $1.5 million compared with 2011 due to the increase in capital spending in 2012 when compared with the prior year. After depreciation and amortization, as well as impairment charges and all other non-cash costs, operating income for 2012 decreased $4.1 million to $232.7 million from $236.8 million in 2011.

Interest expense for the year decreased $46.6 million to $110.6 million from $157.2 million in 2011. The reduction in interest expense was primarily attributable to an approximate 300 basis point (bps) decline in our effective interest rate, the result of lower fixed rates on London InterBank Offered Rate (LIBOR) within our interest-rate swap contracts. The average fixed LIBOR rate in our swap agreements declined from 5.62% in 2011 to 2.48% in 2012. Additionally during 2012, $25.0 million of term debt principal payments were made, reducing our average debt outstanding.

During 2012, the net effect of our swaps was recorded as a benefit to earnings of $1.5 million compared to a benefit to earnings of $13.1 million in 2011. The difference reflects the regularly scheduled amortization of amounts in Accumulated Other Comprehensive Income ("AOCI") related to the swaps, which were offset by gains from marking the ineffective and de-designated swaps to market and foreign currency gains related to the U.S.-dollar denominated Canadian term loan in the current period. During 2012, we also recognized a $9.0 million net benefit to earnings for unrealized/realized foreign currency gains, which included a $9.2 million unrealized foreign currency gain on the U.S.-dollar denominated debt held at our Canadian property.

A provision for taxes of $31.3 million was recorded in 2012, consisting of a provision for the tax attributes of our corporate subsidiaries of $22.6 million and a provision for publicly traded partnership (PTP) taxes of $8.7 million. This compares with a provision for taxes of $11.2 million in 2011, consisting of a provision for the tax attributes of our corporate subsidiaries of $2.9 million and a provision for PTP taxes of $8.3 million.

After interest expense and provision for taxes, net income for the period totaled $101.2 million, or $1.81 per diluted limited partner unit, compared with net income of $70.7 million, or $1.27 per unit, a year ago.

We believe Adjusted EBITDA is a meaningful measure of our operating results (for additional information regarding Adjusted EBITDA, including how we define and use Adjusted EBITDA, as well as a reconciliation from net income, see Note 6 in Item 6, “Selected Financial Data,” on pages 15-16). In 2012, Adjusted EBITDA increased $16.4 million, or 4%, to $391.0 million, with our Adjusted EBITDA margin (Adjusted EBITDA divided by net revenues) increasing 20 bps to 36.6% from 36.4% in 2011. The increase in Adjusted EBITDA was due to the increase in revenues resulting from the successful introduction of our new premium benefit offerings and dynamic pricing initiatives, as well as the successful expansion of our season pass base.

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Results of Operations

2011 vs. 2010

The following table presents key operating and financial information for the years ended December 31, 2011 and 2010 (amounts in thousands, except per capita spending and percentages):

							Increase (Decrease)
	12/31/11			12/31/10			$			%
Net revenues	$	1,028,472		$	977,592		$	50,880		5.2	%
Operating costs and expenses	663,334			632,022			31,312			5.0	%
Depreciation and amortization	125,837			128,856			(3,019		)	(2.3	)%
Loss on impairment of goodwill and other intangibles	—			2,293			(2,293		)	N/M
Loss on impairment/retirement of fixed assets	2,565			62,752			(60,187		)	N/M
Operating income	$	236,736		$	151,669		$	85,067		56.1	%
Other Data:
Adjusted EBITDA (1)	$	374,576		$	359,231		$	15,345		4.3	%
Adjusted EBITDA margin	36.4		%	36.7		%	—			(0.3	)%
Attendance	23,386			22,794			592			2.6	%
Per capita spending	$	40.03		$	39.21		$	0.82		2.1	%
Out-of-park revenues	$	117,556		$	108,761		$	8,795		8.1	%
N/M - Not meaningful
(1) for additional information regarding Adjusted EBITDA, including how we define and use Adjusted EBITDA, as well as a reconciliation from net income, see Item 6, "Selected Financial Data," on pages 15-16.

Consolidated net revenues totaled $1,028.5 million in 2011, increasing $50.9 million, from $977.6 million in 2010. The 5% increase in revenues reflects a 3%, or 0.6 million-visit, increase in attendance from a year ago and a 2%, or $0.82, increase in average in-park guest per capita spending for the year. In-park guest per capita spending represents the amount spent per attendee to gain admission to a park, plus all amounts spent while inside the park gates. The improved attendance for 2011 compared to 2010 was largely due to increases in season passes sold and season-pass visits. The growth in season-pass visits was the result of an increased marketing focus toward season passes at several of our parks, resulting in a significant increase in the number of season passes sold.

The increase in 2011 revenues also reflects an increase of 8%, or approximately $8.8 million, in out-of-park revenues, which represents the sale of hotel rooms, food, merchandise and other complementary activities located outside of the park gates. The increase in out-of-park revenues was primarily driven by an increase in occupancy and average-daily-room rates at most of our hotel properties. The increase in revenues for the fiscal year also reflects the impact of currency exchange rates and the weakening U.S. dollar on our Canadian operations (approximately $7.5 million) during 2011.

Operating costs and expenses increased $31.3 million, or 5%, to $663.3 million versus $632.0 million for 2010 and were in line with expectations. The increase in costs and expenses was the result of a $5.4 million increase in cost of goods sold, a $19.4 million increase in operating expenses, and a $6.4 increase in selling, general and administrative costs. The increase in operating expenses was primarily attributable to higher wages of $11.5 million, $4.8 million of higher maintenance costs and $2.6 million of higher operating supply costs. The cost of operating supplies trended up primarily as a result of higher attendance. The increase in wages was largely due to increased seasonal labor hours as a result of expanded operating hours at several parks, additional attractions and guest services, and the overall effect of increased attendance. The increase in selling, general and administrative costs reflects the impact of $9.7 million of non-recurring costs incurred in 2011, including litigation expenses and costs for SEC compliance matters related to Special Meeting requests, as well as costs associated with the relocation of a future ride and costs associated with the transition to a new advertising agency. Additionally, selling, general and administrative costs increased due to an increase in costs associated with our long-term executive compensation plans resulting in large part from the increase in the market price of our units during the period. The 2011-to-2010 comparison was impacted by approximately $10.4 million of expense recorded in 2010 for the terminated merger and a $2.5 million non-recurring payroll tax credit received in 2010. The overall increase in costs and expenses also reflects the negative impact of exchange rates on our Canadian operations ($2.9 million) during 2011.

During 2011, we recognized $2.6 million in non-cash charges for the retirement of assets in the normal course of business. This compares to a non-cash charge of $62.0 million at Great America for the partial impairment of its fixed assets and a $0.8 million charge for asset retirements across all properties. Additionally, non-cash charges of $1.4 million and $0.9 million were recorded during the second and fourth quarters of 2010, respectively, for the partial impairment of trade-names originally recorded at the time of the PPI acquisition. Although the acquisition of the PPI parks continues to meet our collective operating and profitability goals, the performance of certain acquired parks fell below our original expectations in 2010, which when coupled with a higher cost of capital, resulted in the impairment charges recorded in 2010. It is important to

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note that each of the acquired PPI parks produces positive cash flow, and that trade-name write-downs and fixed asset impairment losses do not affect cash, Adjusted EBITDA or liquidity.

Depreciation and amortization expense for 2011 decreased $3.0 million resulting primarily from the impairment charge taken on the fixed assets of California's Great America at the end of 2010. After depreciation and amortization, as well as impairment charges and all other operating costs, operating income for 2011 increased $85.0 million to $236.7 million from $151.7 million in 2010.

Interest expense for the 2011 increased $6.9 million to $157.2 million from $150.3 million in 2010, primarily due to an increase in the amortization of loan fees of $4.3 million, which were incurred as a result of the July 2010 debt refinancing, as well as the February 2011 amendment to the credit agreement. Additionally, interest expense increased due to higher average interest-rates as a result of refinancing a portion of term debt with the bond indenture in July 2010. This increase in rates was slightly offset by a decline in rates on our derivative portfolio during the fourth quarter of 2011, as $1.0 billion of derivatives matured and were replaced by derivatives with lower effective interest rates. Also, as the result of the July 2010 refinancing, a $35.3 million loss on the early extinguishment of debt was recognized and recorded in the statement of operations for 2010.

During 2011, the net effect of our swaps increased $31.3 million to a non-cash benefit to earnings of $13.1 million, reflecting gains from marking the ineffective and de-designated swaps to market, offset somewhat by the regularly scheduled amortization of amounts in "Accumulated Other Comprehensive Income" ("AOCI") related to the swaps and foreign currency losses related to the U.S.-dollar denominated Canadian term loan in the current period. During the year, we also recognized a $9.9 million charge to earnings for unrealized/realized foreign currency losses, $8.8 million of which represents unrealized foreign currency losses on the U.S.-dollar denominated notes issued in July 2010 and held by our Canadian subsidiary.

A provision for taxes of $11.2 million was recorded in 2011, consisting of a provision for the tax attributes of our corporate subsidiaries of $2.9 million and a provision for publicly traded partnership (PTP) taxes of $8.3 million. This compares with a provision for taxes of $2.7 million in 2010, consisting of a benefit of $5.2 million for corporate subsidiaries and a provision of $7.9 million for PTP taxes.

After interest expense and provision for taxes, net income for 2011 totaled $70.7 million, or $1.27 per diluted limited partner unit, compared with net loss of $33.1 million, or $0.60 per unit, in 2010.

In 2011, Adjusted EBITDA (for additional information regarding Adjusted EBITDA, including how we define and use Adjusted EBITDA, as well as a reconciliation from net income, see Note 6 in Item 6, “Selected Financial Data,” on pages 15-16) increased $15.4 million, or 4%, to $374.6 million, with our Adjusted EBITDA margin (Adjusted EBITDA divided by net revenues) decreasing 30 bps to 36.4% from 36.7% in 2010. The margin compression was primarily the result of a shift in the mix of operating profit in 2011 toward our lower margin parks.

Financial Condition

With respect to both liquidity and cash flow, we ended 2012 in sound condition. The working capital ratio (current assets divided by current liabilities) of 1.0 at December 31, 2012 was the result of our highly seasonal business. Receivables and inventories are at normally low seasonal levels and credit facilities are in place to fund current liabilities, capital expenditures, partnership distributions, and pre-opening expenses as required.

Operating Activities

Net cash from operating activities in 2012 increased $67.7 million to $285.9 million from $218.2 million in 2011. The increase in operating cash flows between years was primarily attributable to the increase in the operating results of our parks in 2012 over 2011 and deferred taxes, somewhat offset by a negative change in working capital.

Net cash from operating activities in 2011 increased $36.1 million to $218.2 million from $182.1 million in 2010. The increase in operating cash flows between years was primarily attributable to the increase in the operating results of our parks in 2011 and the positive change in working capital.

Investing Activities

Investing activities consist principally of capital investments we make in our parks and resort properties. During 2012, we sold two non-core assets and received net proceeds of $16.0 million. Total cash spent on capital expenditures was $96.2 million in 2012. Including the effect of the two asset sales, net cash used for investing activities in 2012 totaled $80.2 million, compared to $90.2 million in 2011 and $71.7 million in 2010. The 2012 capital expenditures plan was larger than the prior year. The change between 2011 and 2010 was due to the timing of capital expenditures for rides being placed into service for the 2012 season.

Historically, we have been able to improve our revenues and profitability by continuing to make substantial capital investments in our park and resort facilities. This has enabled us to maintain or increase attendance levels, as well as to generate increases in guest per capita spending and revenues from guest accommodations. For the 2013 operating season, we will be investing approximately 9% of net revenues in marketable capital investments across our properties, with the highlight of the 2013 program being the addition of GateKeeper, a 164-foot-tall winged-steel coaster, at Cedar Point. In addition to GateKeeper, the tallest and fastest wooden coaster in Northern California, called Gold Stryker, will be making its debut at California's Great America.

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In addition to these new thrill rides, we are also investing in other capital improvements across our parks, including the introduction of new dinosaur attractions at Carowinds, Valleyfair and Worlds of Fun. Additionally, we will be combining Worlds of Fun and Oceans of Fun into a single admission ticket, while significantly upgrading the water park attractions at Oceans of Fun. Finally, we will also be enhancing entertainment offerings and continuing our infrastructure upgrades across our properties.

Financing Activities

Net cash utilized for financing activities in 2012 totaled $163.0 million, compared with $100.7 million in 2011 and $112.7 in 2010. An increase in distribution payments in 2012 ($88.8 million vs. $55.3 million in 2011) and the settlement of a Canadian cross-currency derivative contract in the first quarter of 2012 ($50.5 million) were somewhat offset by an increase in cash from operating activities. Net cash utilized for financing activities in 2011, which reflected the February 2011 refinancing of our debt, decreased $12.0 million compared with 2010. An increase in distribution payments in 2011 ($55.3 million vs. $13.8 million in 2010) was somewhat offset by an increase in cash from operating activities.

Liquidity and Capital Resources

In July 2010, we issued $405 million of 9.125% senior unsecured notes (the "notes") in a private placement, including $5.6 million of original issue discount to yield 9.375%. The notes mature in 2018. Concurrently with this offering, we entered into a new $1,435 million credit agreement (the "2010 Credit Agreement"), which includes a $1,175 million senior secured term loan facility and a $260 million senior secured revolving credit facility. The net proceeds from the offering of the notes, along with borrowings under the 2010 Credit Agreement, were used to repay in full all amounts outstanding under our previous credit facilities. On February 25, 2011, we amended the 2010 Credit Agreement (as so amended, the "Amended 2010 Credit Agreement") and extended the maturity date of the U.S. term loan portion of the credit facilities by one year. Certain terms of the amendment are described below.

Terms of the 2010 Credit Agreement include a $260 million revolving credit facility. Under the agreement, the Canadian portion of the revolving credit facility has a limit of $15 million. U.S. denominated loans made under the revolving credit facility bear interest at a rate of LIBOR plus 400 bps (with no LIBOR floor). Canadian denominated loans made under the Canadian portion of the facility also bear interest at a rate of LIBOR plus 400 bps (with no LIBOR floor). The revolving credit facility, which matures in July 2015, also provides for the issuance of documentary and standby letters of credit.

The extended U.S. term loan, as amended on February 25, 2011, amortizes at $11.8 million per year and matures in December 2017. In May 2012, the Partnership prepaid $16 million of long-term debt to meet its obligation under the Excess Cash Flow ("ECF") provision of the Credit Agreement. As a result of this prepayment, as well as additional optional long-term debt prepayments made in August 2011 and September 2012 of $18 million and $9 million, respectively, the Partnership has no scheduled term-debt principal payments until the first quarter of 2015. The extended U.S. term loan bears interest at a rate of LIBOR plus 300 bps, with a LIBOR floor of 100 bps. Until our amendment to the 2010 Credit Agreement, the U.S. term loan bore interest at a rate of LIBOR plus 400 bps, with a LIBOR floor of 150 bps.

At December 31, 2012, we had $1,131.1 million of variable-rate term debt, $401.1 million of the fixed-rate notes, and no borrowings outstanding under our revolving credit facility. After letters of credit, which totaled $16.4 million at December 31, 2012, we had $243.6 million of available borrowings under our revolving credit facility. Of our total term debt outstanding at the end of the year, none is scheduled to mature within the next twelve months.

Our $405 million face value of notes require semi-annual interest payments in February and August, with the principal due in full on August 1, 2018. The notes may be redeemed, in whole or in part, at any time prior to August 1, 2014 at a price equal to 100% of the principal amount of the notes redeemed plus a “make-whole” premium together with accrued and unpaid interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. Prior to August 1, 2013, up to 35% of the notes may be redeemed with the net cash proceeds of certain equity offerings at 109.125%.

In 2006, we entered into several fixed-rate interest rate swap agreements totaling $1.0 billion. The weighted average fixed-LIBOR rate on those interest rate swaps, which matured in October 2011, was 5.6%. Based upon our scheduled quarterly regression analysis testing for the effectiveness of the accounting treatment of these swaps, as well as changes in the forward interest rate yield curves used in that testing, the swaps were deemed to be ineffective beginning in October 2009 and continued through their maturity. This resulted in the swaps not qualifying for hedge accounting during the fourth quarter of 2009 through October of 2011.

In 2007, we entered into two cross-currency swap agreements, which matured in February 2012 and effectively converted $268.7 million of term debt at the time, and the associated interest payments, from U.S. dollar denominated debt at a rate of LIBOR plus 200 bps to 6.3% fixed-rate Canadian dollar denominated debt. As a result of paying down the underlying Canadian term debt with net proceeds from the sale of surplus land near Canada’s Wonderland in August 2009, the notional amounts of the underlying debt and the cross-currency swaps no longer matched. Because of the mismatch of the notional amounts, we determined the swaps would no longer be highly effective going forward, resulting in the de-designation of the swaps as of the end of August 2009. Based on the change in currency exchange rates from the time we originally entered into the cross-currency swap agreements in 2007, the termination liability of the swaps has increased steadily over time. In order to minimize further downside risk to the swaps' termination value, in May 2011 we entered into several foreign currency swap agreements to fix the exchange rate on 50% of the liability. In July 2011, we fixed the exchange rate on another 25% of the swap liability, leaving only 25% exposed to further fluctuations in currency exchange rates. Based on currency exchange rates in place at the termination date and the exchange rates contracted in the foreign currency swap agreements, the cash termination costs of the cross-currency swaps totaled $50.5 million on February 17, 2012.

24

In addition to the above mentioned covenants and provisions, the Amended 2010 Credit Agreement contains an initial three-year requirement that at least 50% of our aggregate term debt and senior notes be subject to either a fixed interest rate or interest rate protection. As of December 31, 2012, we were in compliance with this requirement as discussed below.

In order to maintain fixed interest costs on a portion of our domestic term debt beyond the expiration of the swaps that matured in October 2011, in September 2010 we entered into several forward-starting swap agreements that effectively convert a total of $600 million of LIBOR based variable-rate debt to fixed rates beginning in October 2011. The weighted average fixed rate on these LIBOR based interest rate swaps, which mature in December 2015, is 2.57%.

In order to monetize the difference in the LIBOR floors, in March 2011 we entered into several additional forward-starting basis-rate swap agreements ("March 2011 swaps") that, when combined with the September 2010 swaps, effectively convert $600 million of variable-rate debt to fixed rates beginning in October 2011. The September 2010 swaps and the March 2011 swaps, which have been jointly designated as cash flow hedges, mature in December 2015 and fix LIBOR at a weighted average rate of 2.46%.

On May 2, 2011, we entered into four additional forward-starting interest-rate swap agreements ("May 2011 forward-starting swaps") that effectively convert another $200 million of variable-rate debt to fixed rates beginning in October 2011. These swaps, which have been designated as cash flow hedges, mature in December 2015 and fix LIBOR at a weighted average rate of 2.54%. The fair market value of all $800 million of forward-starting swap agreements at December 31, 2012 was a liability of $32.3 million, which was recorded in "Derivative Liability" on the consolidated balance sheet.

The following table presents our September 2010 swaps, March 2011 swaps, and May 2011 forward-starting swaps, which became effective October 1, 2011 and mature December 15, 2015, along with their notional amounts and their effective fixed interest rates.

($'s in thousands)	Forward-Starting Interest Rate Swaps
	Notional Amounts		LIBOR Rate
	$	200,000	2.40	%
	75,000		2.43	%
	50,000		2.42	%
	150,000		2.55	%
	50,000		2.42	%
	50,000		2.55	%
	25,000		2.43	%
	50,000		2.54	%
	30,000		2.54	%
	70,000		2.54	%
	50,000		2.54	%
Total $'s / Average Rate	$	800,000	2.48	%

The Amended 2010 Credit Agreement requires us to maintain specified financial ratios, which if breached for any reason, including a decline in operating results due to economic or weather conditions, could result in an event of default under the agreement. The most critical of these ratios is the Consolidated Leverage Ratio. At the end of 2012, this ratio was set at 6.00x Consolidated Total Debt (excluding the revolving debt)-to-Consolidated EBITDA. As of December 31, 2012, our Consolidated Total Debt (excluding revolving debt)-to-Consolidated EBITDA ratio was 3.94x, providing $133.6 million of Consolidated EBITDA cushion on the Consolidated Leverage Ratio. We were also in compliance with all other covenants under the Amended 2010 Credit Agreement as of December 31, 2012.

The Amended 2010 Credit Agreement, also includes provisions that allow us to make restricted payments up to $20 million annually, at the discretion of the Board of Directors, so long as no default or event of default has occurred and is continuing. These restricted payments are not subject to any specific covenants. Additional restricted payments are allowed to be made based on an excess-cash-flow formula, should our pro-forma consolidated leverage ratio be less than or equal to 4.50x Consolidated Total Debt (excluding the revolving debt)-to-Consolidated EBITDA (as defined), measured on a quarterly basis. Per the terms of the indenture governing our notes, our ability to make restricted payments is permitted should our trailing-twelve-month Total-Indebtedness-to-Consolidated-Cash-Flow Ratio be less than or equal to 4.75x Consolidated Total Indebtedness (including average revolving debt)-to-Consolidated EBITDA, measured on a quarterly basis. In accordance with these provisions, on November 6, 2012, we announced the declaration of a distribution of $0.40 per limited partner unit, which was paid on December 17, 2012, bringing the total distributions paid in fiscal 2012 distribution to $1.60 per unit.

Existing credit facilities and cash flows from operations are expected to be sufficient to meet working capital needs, debt service, partnership distributions and planned capital expenditures for the foreseeable future.

25

Contractual Obligations

The following table summarizes certain obligations (on an undiscounted basis) at December 31, 2012 (in millions):

	Payments Due by Period
									2018 -
	Total		2013		2014-2015		2016-2017		Thereafter
Long-term debt (1)	$	2,067.3	$	103.5	$	216.7	$	1,267.1	$	480.0
Capital expenditures (2)	83.8		78.7		5.1		—		—
Lease & other obligations (3)	160.1		16.8		14.2		11.1		118.0
Total	$	2,311.2	$	199.0	$	236.0	$	1,278.2	$	598.0

(1) Represents maturities and mandatory prepayments on long-term debt obligations, plus contractual interest payments on all debt. See Note 5 in “Notes to Consolidated Financial Statements” for further information.

(2) Represents contractual obligations in place at year-end for the purchase of new rides and attractions. Obligations not denominated in U.S. dollars have been converted based on the currency exchange rates as of December 31, 2012.

(3) Represents contractual lease and purchase obligations in place at year-end.

Off-Balance Sheet Arrangements

We had $16.4 million of letters of credit, which are primarily in place to backstop insurance arrangements, outstanding on our revolving credit facility as of December 31, 2012. We have no other significant off-balance sheet financing arrangements.

Quantitative and Qualitative Disclosures about Market Risk

We are exposed to market risks from fluctuations in interest rates, and to a lesser extent on currency exchange rates on our operations in Canada and, from time to time, on imported rides and equipment. The objective of our financial risk management is to reduce the potential negative impact of interest rate and foreign currency exchange rate fluctuations to acceptable levels. We do not acquire market risk sensitive instruments for trading purposes.

We manage interest rate risk through the use of a combination of fixed-rate long-term debt, interest rate swaps that fix a portion of our variable-rate long-term debt, and variable-rate borrowings under our revolving credit facility. Translation exposures with regard to our Canadian operations are not hedged.

For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of “Other comprehensive income (loss)” and reclassified into earnings in the period during which the hedged transaction affects earnings. Changes in fair value of derivative instruments that do not qualify as effective hedging activities are reported as “Net effect of swaps” in the consolidated statement of operations. Additionally, the “Other comprehensive income (loss)” related to interest rate swaps that become ineffective is amortized over the remaining life of the interest rate swap, and reported as a component of “Net effect of swaps” in the consolidated statement of operations.

After considering the impact of interest rate swap agreements, at December 31, 2012, approximately $1.2 billion of our outstanding long-term debt represents fixed-rate debt and approximately $331.1 million represents variable-rate debt. Assuming an average balance on our revolving credit borrowings of approximately $61 million, a hypothetical 100 bps increase in 30-day LIBOR on our variable-rate debt would lead to an increase of approximately $2.6 million in annual cash interest costs due to the impact of our fixed-rate swap agreements.

A uniform 10% strengthening of the U.S. dollar relative to the Canadian dollar would result in a $5.3 million decrease in annual operating income.

Impact of Inflation

Substantial increases in costs and expenses could impact our operating results to the extent such increases could not be passed along to our guests. In particular, increases in labor, supplies, taxes, and utility expenses could have an impact on our operating results. The majority of our employees are seasonal and are paid hourly rates which are consistent with federal and state minimum wage laws. Historically, we have been able to pass along cost increases to guests through increases in admission, food, merchandise and other prices, and we believe that we will continue to have the ability to do so over the long term. We believe that the effects of inflation, if any, on our operating results and financial condition have been and will continue to be minor.

26

Forward Looking Statements

Some of the statements contained in this report (including the “Management's Discussion and Analysis of Financial Condition and Results of Operations” section) that are not historical in nature are forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933 and Section 21E of the Securities and Exchange Act of 1934, including statements as to our expectations, beliefs and strategies regarding the future. These forward-looking statements may involve risks and uncertainties that are difficult to predict, may be beyond our control and could cause actual results to differ materially from those described in such statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, including those listed under Item 1A in this Form 10-K could adversely affect our future financial performance and cause actual results, or our beliefs or strategies, to differ materially from our expectations. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the filing date of this document.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

The information appearing under the subheading “Quantitative and Qualitative Disclosures About Market Risk” under the heading “Management's Discussion and Analysis of Financial Condition and Results of Operations” on page 26 of this Report is incorporated herein by reference.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

Quarterly operating results for 2012 and 2011 are presented in the table below (in thousands, except per unit amounts):

									Net income			Net income
									(loss) per			(loss) per
			Operating income			Net income			limited partner			limited partner
(Unaudited)	Net revenues		(loss)			(loss)			unit-basic			unit-diluted
2012
1st Quarter	$	28,198	$	(69,329	)	$	(65,415	)	$	(1.18	)	$	(1.18	)
2nd Quarter	357,606		86,905			36,322			0.65			0.65
3rd Quarter (1)	553,445		204,041			140,688			2.53			2.51
4th Quarter	129,205		11,025			(10,379		)	(0.19		)	(0.19		)
	$	1,068,454	$	232,642		$	101,216		$	1.82		$	1.81
2011
1st Quarter	$	26,869	$	(67,506	)	$	(84,926	)	$	(1.53	)	$	(1.53	)
2nd Quarter	284,490		51,783			4,282			0.08			0.08
3rd Quarter	572,268		245,752			152,218			2.75			2.73
4th Quarter	144,845		6,707			(828		)	(0.01		)	(0.01		)
	$	1,028,472	$	236,736		$	70,746		$	1.28		$	1.27

(1) The third quarter of 2012 included a non-cash charge of $25 million for the impairment of long-lived assets at Wildwater Kingdom.

Note: To assure that our highly seasonal operations will not result in misleading comparisons of interim periods, the Partnership has adopted the following reporting procedures: (a) seasonal operating costs are expensed over the operating season, including some costs incurred prior to the season, which are deferred and amortized over the season, and (b) all other costs are expensed as incurred or ratably over the entire year.

27

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Unitholders of Cedar Fair, L.P.

Sandusky, Ohio

We have audited the accompanying consolidated balance sheets of Cedar Fair, L.P. and subsidiaries (the "Partnership") as of December 31, 2012 and 2011, and the related consolidated statements of operations and comprehensive income, partners' equity, and cash flows for each of the three years in the period ended December 31, 2012. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Cedar Fair, L.P. and subsidiaries as of December 31, 2012 and 2011, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2012, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Partnership's internal control over financial reporting as of December 31, 2012, based on the criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 25, 2013 expressed an unqualified opinion on the Partnership's internal control over financial reporting.

/s/ DELOITTE & TOUCHE LLP

Cleveland, Ohio

February 25, 2013

28

CEDAR FAIR, L.P.

CONSOLIDATED BALANCE SHEETS

(In thousands)

	12/31/2012			12/31/2011
ASSETS
Current Assets:
Cash and cash equivalents	$	78,830		$	35,524
Receivables	18,192			7,611
Inventories	27,840			33,069
Current deferred tax asset	8,184			10,345
Other current assets	8,060			11,966
	141,106			98,515
Property and Equipment:
Land	303,348			312,859
Land improvements	339,081			333,423
Buildings	584,854			579,136
Rides and equipment	1,450,231			1,423,370
Construction in progress	28,971			33,892
	2,706,485			2,682,680
Less accumulated depreciation	(1,154,456		)	(1,063,188		)
	1,552,029			1,619,492
Goodwill	246,221			243,490
Other Intangibles, net	40,652			40,273
Other Assets	47,614			54,188
	$	2,027,622		$	2,055,958
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	—		$	15,921
Accounts payable	10,734			12,856
Deferred revenue	39,485			29,594
Accrued interest	15,512			15,762
Accrued taxes	17,813			16,008
Accrued salaries, wages and benefits	24,836			33,388
Self-insurance reserves	23,906			21,243
Current derivative liability	—			50,772
Other accrued liabilities	5,916			7,899
	138,202			203,443
Deferred Tax Liability	156,740			133,767
Derivative Liability	32,260			32,400
Other Liabilities	8,980			4,090
Long-Term Debt:
Term debt	1,131,100			1,140,179
Notes	401,080			400,279
	1,532,180			1,540,458
Commitments and Contingencies (Note 10)
Partners’ Equity:
Special L.P. interests	5,290			5,290
General partner	1			—
Limited partners, 55,618, and 55,346 outstanding at December 31, 2012 and December 31, 2011, respectively	182,469			165,518
Accumulated other comprehensive loss	(28,500		)	(29,008		)
	159,260			141,800
	$	2,027,622		$	2,055,958

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

29

CEDAR FAIR, L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per unit amounts)

For the years ended December 31,	2012			2011			2010
Net revenues:
Admissions	$	612,069		$	596,042		$	568,762
Food, merchandise and games	342,214			349,436			337,356
Accommodations and other	114,171			82,994			71,474
	1,068,454			1,028,472			977,592
Costs and expenses:
Cost of food, merchandise and games revenues	95,048			92,057			86,619
Operating expenses	451,403			430,851			411,402
Selling, general and administrative	138,311			140,426			134,001
Depreciation and amortization	127,339			125,837			128,856
Loss on impairment of goodwill and other intangibles	—			—			2,293
Loss on impairment / retirement of fixed assets, net	30,336			2,565			62,752
Gain on sale of other assets	(6,625		)	—			—
	835,812			791,736			825,923
Operating income	232,642			236,736			151,669
Interest expense	110,619			157,185			150,285
Net effect of swaps	(1,492		)	(13,119		)	18,194
Loss on early debt extinguishment	—			—			35,289
Unrealized/realized foreign currency (gain) loss	(8,998		)	9,909			(20,563		)
Other (income) expense	(68		)	798			(1,154		)
Income (loss) before taxes	132,581			81,963			(30,382		)
Provision for taxes	31,365			11,217			2,670
Net income (loss)	101,216			70,746			(33,052		)
Net income allocated to general partner	1			1			—
Net income (loss) allocated to limited partners	$	101,215		$	70,745		$	(33,052	)
Net income (loss)	101,216			70,746			(33,052		)
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	369			933			(6,475		)
Unrealized income on cash flow hedging derivatives	139			3,767			60,048
Other comprehensive income, (net of tax)	508			4,700			53,573
Total comprehensive income	$	101,724		$	75,446		$	20,521
Basic earnings (loss) per limited partner unit:
Weighted average limited partner units outstanding	55,518			55,345			55,316
Net income (loss) per limited partner unit	$	1.82		$	1.28		$	(0.60	)
Diluted earnings per limited partner unit:
Weighted average limited partner units outstanding	55,895			55,886			55,316
Net income (loss) per limited partner unit	$	1.81		$	1.27		$	(0.60	)

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

30

CEDAR FAIR, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

For the years ended December 31,	2012			2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	101,216		$	70,746		$	(33,052	)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization	127,339			125,837			128,856
Non-cash equity based compensation expense	4,476			(239		)	(89		)
Loss on early debt extinguishment	—			—			35,289
Loss on impairment of goodwill and other intangibles	—			—			2,293
Loss on impairment / retirement of fixed assets, net	30,336			2,565			62,752
Gain on sale of other assets	(6,625		)	—			—
Net effect of swaps	(1,492		)	(13,119		)	18,194
Amortization of debt issuance costs	10,417			10,000			5,671
Unrealized foreign currency (gain) loss on notes	(8,758		)	8,753			(17,464		)
Other non-cash income	—			—			(1,893		)
Deferred income taxes	27,110			4,017			(14,664		)
Excess tax benefit from unit-based compensation expense	(1,208		)	—			—
Change in operating assets and liabilities:
(Increase) decrease in current assets	(1,420		)	1,686			(11,855		)
(Increase) decrease in other assets	(2,739		)	173			6
Increase (decrease) in accounts payable	170			(1,144		)	652
Increase (decrease) in accrued taxes	1,883			835			(2,242		)
Increase (decrease) in self-insurance reserves	2,676			(206		)	(383		)
(Decrease) increase in deferred revenue and other current liabilities	(1,345		)	14,170			7,653
Increase (decrease) in other liabilities	3,897			(5,897		)	2,391
Net cash from operating activities	285,933			218,177			182,115
CASH FLOWS FOR INVESTING ACTIVITIES
Sale of other assets	16,058			—			—
Capital expenditures	(96,232		)	(90,190		)	(71,706		)
Net cash for investing activities	(80,174		)	(90,190		)	(71,706		)
CASH FLOWS FOR FINANCING ACTIVITIES
Net (payments) borrowings on revolving credit loans - previous credit agreement	—			—			(86,300		)
Net (payments) borrowings on revolving credit loans - existing credit agreement	—			(23,200		)	23,200
Term debt borrowings	—			22,938			1,175,000
Note borrowings	—			—			399,383
Derivative settlement	(50,450		)	—			—
Term debt payments, including early termination penalties	(25,000		)	(23,900		)	(1,566,890		)
Distributions paid to partners	(88,813		)	(55,347		)	(13,834		)
Payment of debt issuance costs	—			(21,214		)	(43,264		)
Exercise of limited partnership unit options	76			5			7
Excess tax benefit from unit-based compensation expense	1,208			—			—
Net cash for financing activities	(162,979		)	(100,718		)	(112,698		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	526			(1,510		)	126
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	43,306			25,759			(2,163		)
Balance, beginning of year	35,524			9,765			11,928
Balance, end of year	$	78,830		$	35,524		$	9,765
SUPPLEMENTAL INFORMATION
Cash payments for interest expense	$	101,883		$	153,326		$	129,815
Interest capitalized	1,322			1,835			1,343
Cash payments for income taxes, net of refunds	1,783			6,135			19,074

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

31

CEDAR FAIR, L.P.

CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY

(In thousands, except per unit amounts)

For the years ended December 31,	2012			2011			2010
Limited Partnership Units Outstanding
Beginning balance	55,346			55,334			55,234
Limited partnership unit options exercised	16			—			42
Issuance of limited partnership units as compensation	256			12			58
	55,618			55,346			55,334
Limited Partners’ Equity
Beginning balance	$	165,518		$	150,047		$	195,831
Net income (loss)	101,215			70,745			(33,052		)
Partnership distribution declared (2012 - $1.60; 2011 - $1.00; 2010 - $0.25)	(88,813		)	(55,347		)	(13,834		)
Income recognized for limited partnership unit options	345			(239		)	(89		)
Limited partnership unit options exercised	76			5			7
Tax effect of units involved in option exercises and treasury unit transactions	1,208			127			545
Issuance of limited partnership units as compensation	2,920			180			639
	182,469			165,518			150,047
General Partner’s Equity
Beginning balance	—			(1		)	(1		)
Partnership distribution declared	—			—			—
Net income	1			1			—
	1			—			(1		)
Special L.P. Interests	5,290			5,290			5,290
Accumulated Other Comprehensive Income (Loss)
Cumulative foreign currency translation adjustment:
Beginning balance	(3,120		)	(4,053		)	2,422
Current year activity, net of tax (($213) in 2012, $245 in 2011, ($2,952) in 2010)	369			933			(6,475		)
	(2,751		)	(3,120		)	(4,053		)
Unrealized loss on cash flow hedging derivatives:
Beginning balance	(25,888		)	(29,655		)	(89,703		)
Current year activity, net of tax (($210) in 2012, $5,508 in 2011, ($5,825) in 2010)	139			3,767			60,048
	(25,749		)	(25,888		)	(29,655		)
	(28,500		)	(29,008		)	(33,708		)
Total Partners’ Equity	$	159,260		$	141,800		$	121,628

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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Notes To Consolidated Financial Statements

(1) Partnership Organization:

Cedar Fair, L.P. (together with its affiliated companies, the "Partnership") is a Delaware limited partnership that commenced operations in 1983 when it acquired Cedar Point, Inc., and became a publicly traded partnership in 1987. The Partnership's general partner is Cedar Fair Management, Inc., an Ohio corporation (the “General Partner”) whose shares are held by an Ohio trust. The General Partner owns a 0.001% interest in the Partnership's income, losses and cash distributions, except in defined circumstances, and has full responsibility for management of the Partnership. At December 31, 2012 there were 55,617,901 outstanding limited partnership units listed on The New York Stock Exchange, net of 1,444,082 units held in treasury. During 2012, 1,500,000 limited partnership units were issued into treasury in accordance with the 2008 Omnibus Incentive Plan. Units totaling 271,614 were subsequently issued for option exercises and as compensation. At December 31, 2011, there were 55,346,287 outstanding limited partnership units listed, net of 215,696 units held in treasury.

The General Partner may, with the approval of a specified percentage of the limited partners, make additional capital contributions to the Partnership, but is only obligated to do so if the liabilities of the Partnership cannot otherwise be paid or there exists a negative balance in its capital account at the time of its withdrawal from the Partnership. The General Partner, in accordance with the terms of the Partnership Agreement, is required to make regular cash distributions on a quarterly basis of all the Partnership's available cash, as defined in the Partnership Agreement. In accordance with the Partnership agreement and restrictions within the Partnership's Amended 2010 Credit Agreement, the General Partner paid $1.60 per limited partner unit in distributions, or approximately $88.8 million in aggregate, in 2012.

(2) Summary of Significant Accounting Policies:

The following policies are used by the Partnership in its preparation of the accompanying consolidated financial statements.

Principles of Consolidation    The consolidated financial statements include the accounts of the Partnership and its subsidiaries, all of which are wholly owned. Intercompany transactions and balances are eliminated in consolidation.

Foreign Currency    The financial statements of the Partnership's Canadian subsidiary are measured using the Canadian dollar as its functional currency. Assets and liabilities are translated into U.S. dollars at current currency exchange rates, while income and expenses are translated at average monthly currency exchange rates. Translation gains and losses are included as components of accumulated other comprehensive loss in partners' equity.

In 2012, the Partnership recognized a $9.0 million benefit to earnings for unrealized/realized foreign currency gains, $9.2 million of which represented an unrealized foreign currency gain on the U.S.-dollar denominated debt held at its Canadian property. In 2011, the Partnership recognized a $9.9 million charge to earnings for unrealized/realized foreign currency losses, $8.8 million of which represented an unrealized foreign currency loss on the U.S.-dollar denominated notes held at its Canadian property. All other transaction gains and losses included in the 2012, 2011 and 2010 consolidated statements of operations were not material.

Segment Reporting Each of the Partnership's parks operates autonomously, and management reviews operating results, evaluates performance and makes operating decisions, including the allocation of resources, on a property-by-property basis. In addition to reviewing and evaluating performance of the business at the individual park level, the structure of the Partnership's management incentive compensation systems are centered around the operating results of each park as an integrated operating unit. Therefore, each park represents a separate operating segment of the Partnership's business. Although the Partnership manages its parks with a high degree of autonomy, each park offers and markets a similar collection of products and services to similar customers. In addition, the parks all have similar economic characteristics, in that they all show similar long-term growth trends in key industry metrics such as attendance, guest per capita spending, net revenue, operating costs and operating profit. Therefore, the Partnership operates within the single reportable segment of amusement/water parks with accompanying resort facilities.

Estimates    The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during each period. Actual results could differ from those estimates.

Cash and Cash Equivalents     The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.

Inventories    The Partnership's inventories primarily consist of purchased products, such as merchandise and food, for sale to its customers. Inventories are stated at the lower of cost or market using the first-in, first-out (FIFO) or average cost methods of accounting at the park level.

Property and Equipment    Property and equipment are recorded at cost. Expenditures made to maintain such assets in their original operating condition are expensed as incurred, and improvements and upgrades are generally capitalized. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The composite method is used for the group of assets acquired as a whole in 1983, as well as for the groups of like assets of each subsequent business acquisition. The unit method is used for all individual assets purchased. Depreciation expense totaled $127.3 million in 2012, $125.8 million in 2011, and $128.9 million in 2010. As a result of the retirements and impairments of fixed assets at our parks in 2012, a total of $30.3 million was charged to earnings and was recorded in "Loss on impairment / retirement of fixed

33

assets, net" on the consolidated statements of operations. This amount includes a $25.0 million charge for the impairment of assets at Wildwater Kingdom as discussed in Note 3. As a result of the sale of two non-core assets, $6.6 million was recorded in "Gain on sale of other assets" on the consolidated statement of operations and comprehensive income.

Under the composite depreciation method, assets with similar estimated lives are grouped together and the several pools of assets are depreciated on an aggregate basis. No gain or loss is recognized on normal retirements of composite assets. Instead, the net book value of a retired asset reduces accumulated depreciation for the composite group. Unusual retirements of composite assets could result in the recognition of a gain or loss. Under the unit method of depreciation, individual assets are depreciated over their estimated useful lives, with gains and losses on all asset retirements recognized currently in income.

As a result of the retirement of a ride from a composite group at one of the parks in 2011, $8.8 million of net book value has been recorded in accumulated depreciation, and the composite group of assets will continue to be depreciated over its original estimated useful life (ascribed upon acquisition).

The weighted average useful lives combining both methods are approximately:

Land improvements	21 years
Buildings	25 years
Rides	18 years
Equipment	9 years

The Partnership has determined that it is preferable to change from the composite method of depreciation to the unit method of depreciation with the change expected to be effective January 1, 2013. The Partnership believes that pursuant to generally accepted accounting principles, changing from the composite method of depreciation to the unit method of depreciation is a change in accounting estimate that is effected by a change in accounting principle, which should be accounted for prospectively. This prospective application will result in the discontinuance of the composite method of depreciation for all prior acquisitions with the existing net book value of each composite pool allocated to the remaining individual assets (units) in that pool with each unit assigned an appropriate remaining useful life on an individual unit basis. Once under the unit method of depreciation, all gains or losses on prospective asset retirements will be reflected in earnings rather than any such items accounted for as adjustments to accumulated depreciation, which is the case for normal retirements under the composite method of depreciation.  The Partnership is in the process of determining the impact of this change. Based on the analysis to date, the Partnership does not believe such a change will have a material effect on the consolidated financial position or cash flows in future periods, but it is possible that future asset retirements could have a material impact on earnings in the periods such items occur.

Impairment of Long-Lived Assets    Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 360 “Property, Plant, and Equipment” requires that long-lived assets be reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying amounts of the assets. Fair value is generally determined based on a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available.

Goodwill     FASB ASC 350 “Intangibles - Goodwill and Other” requires that goodwill no longer be amortized, but instead be tested for impairment. An impairment charge would be recognized for the amount, if any, by which the carrying amount of goodwill exceeds its implied fair value. The fair value of a reporting unit and the related implied fair value of its respective goodwill are established using a combination of an income (discounted cash flow) approach and market approach. Goodwill is reviewed annually for impairment, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. All of the Partnership's goodwill is allocated to its reporting units and goodwill impairment tests are performed at the reporting unit level. As discussed in Note 4, during 2010 the Partnership changed the testing date for its annual goodwill impairment tests from April 1 and October 1 to December 31 each year. The Partnership performed its annual goodwill impairment tests as of December 31, 2012 and concluded there was no impairment of the carrying value of the goodwill.

Other Intangible Assets    The Partnership's other intangible assets consist primarily of trade-names and license and franchise agreements. The Partnership assesses the indefinite-lived trade-names for impairment separately from goodwill. After considering the expected use of the trade-names and reviewing any legal, regulatory, contractual, obsolescence, demand, competitive or other economic factors that could limit the useful lives of the trade-names, in accordance with FASB ASC 350, the Partnership determined that the trade-names had indefinite lives. Pursuant to FASB ASC 350, indefinite-lived intangible assets are no longer amortized, but rather are reviewed, along with goodwill, annually for impairment or more frequently if impairment indicators arise. The Partnership's license and franchise agreements are amortized over the life of the agreement, generally ranging from five to twenty years.

Self-Insurance ReservesReserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (IBNR) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Partnership's own historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims, which are not material to our consolidated financial statements, are based upon the Partnership's own claims data history, as well as industry averages. All reserves are periodically reviewed for

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changes in facts and circumstances and adjustments are made as necessary. At December 31, 2012 and 2011 the accrued reserves totaled $23.9 million and $21.2 million, respectively.

Derivative Financial Instruments    The Partnership is exposed to market risks, primarily resulting from changes in interest rates and currency exchange rates. To manage these risks, it may enter into derivative transactions pursuant to its overall financial risk management program. The Partnership has only limited involvement with derivative financial instruments and does not use them for trading purposes.

The Partnership accounts for the use of derivative financial instruments according to FASB ASC 815 “Derivatives and Hedging”. For derivative instruments that hedge the exposure of variability in short-term rates, designated as cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of “Other comprehensive income (loss)” and reclassified into earnings in the period during which the hedged transaction affects earnings. For the ineffective portion of a derivative, the change in fair value, if any, is reported in “Net effect of swaps” in earnings together with the changes in fair value of derivatives not designated as hedges. Derivative financial instruments used in hedging transactions are assessed both at inception and quarterly thereafter to ensure they are effective in offsetting changes in either the fair value or cash flows of the related underlying exposures.

Revenue Recognition    Revenues on multi-day admission tickets are recognized over the estimated number of visits expected for each type of ticket, and are adjusted periodically during the season. All other revenues are recognized on a daily basis based on actual guest spending at the Partnership's facilities, or over the park operating season in the case of certain marina revenues and certain sponsorship revenues. Revenues on admission tickets for the next operating season, including season passes, are deferred in the year received and recognized as revenue in the following operating season.

Admission revenues include amounts paid to gain admission into our parks, including parking fees. Revenues related to extra-charge attractions, including our premium benefit offerings, are included in Accommodations and other revenue.

Advertising Costs    The Partnership expenses all costs associated with its advertising, promotion and marketing programs over each park's operating season, including certain costs incurred prior to the season that are amortized over the season. Advertising expense totaled $55.4 million in 2012, $53.0 million in 2011 and $51.8 million in 2010. Certain costs incurred through year-end for the following year's advertising programs are included in prepaid expenses.

Unit-Based Compensation    The Partnership accounts for unit-based compensation in accordance with FASB ASC 718-20 “Compensation - Stock Compensation” which requires measurement of compensation cost for all equity-based awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The Partnership uses a binomial option-pricing model for all grant date estimations of fair value.

Income Taxes    The Partnership's legal structure includes both partnerships and corporate subsidiaries. As a publicly traded partnership, the Partnership is subject to an entity-level tax (the "PTP tax"). Accordingly, the Partnership itself is not subject to corporate income taxes; rather, the Partnership's tax attributes (except those of the corporate subsidiaries) are included in the tax returns of its partners. The Partnership's corporate subsidiaries are subject to entity-level income taxes.

Neither the Partnership's financial reporting income, nor the cash distributions to unitholders, can be used as a substitute for the detailed tax calculations that the Partnership must perform annually for its partners. Net income from the Partnership is not treated as “passive income” for federal income tax purposes. As a result, partners subject to the passive activity loss rules are not permitted to offset income from the Partnership with passive losses from other sources.

The Partnership's corporate subsidiaries account for income taxes under the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future book and tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are determined using enacted tax rates expected to apply in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income at the time of enactment of such change in tax rates. Any interest or penalties due for payment of income taxes are included in the provision for income taxes. The Partnership's total provision for taxes includes PTP taxes owed (see Note 9).

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Earnings Per Unit    For purposes of calculating the basic and diluted earnings per limited partner unit, no adjustments have been made to the reported amounts of net income (loss). The unit amounts used are as follows:

	2012		2011		2010
(In thousands except per unit amounts)
Basic weighted average units outstanding	55,518		55,345		55,316
Effect of dilutive units:
Unit options (Note 7)	43		—		—
Phantom units (Note 7)	334		541		—
Diluted weighted average units outstanding	55,895		55,886		55,316
Net income (loss) per unit - basic	$	1.82	$	1.28	$	(0.60	)
Net income (loss) per unit - diluted	$	1.81	$	1.27	$	(0.60	)

Weighted average unit options of 11,600, 63,000, and 304,000 were excluded from the diluted earnings per unit calculation as they were anti-dilutive for 2012, 2011, and 2010, respectively.

Accounting pronouncements

In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income,” which requires that an entity report comprehensive income in either a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but continuous statements. ASU 2011-05 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Partnership adopted ASU 2011-05 and it did not have a material impact on its consolidated financial statements.

In September 2011, the FASB issued ASU 2011-08, “Intangibles — Goodwill and Other,” which gives an entity the option to first assess qualitative factors to determine whether it is necessary to perform the current two-step goodwill impairment test. If an entity believes, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the two-step goodwill impairment test is required. ASU 2011-08 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Partnership adopted this guidance and there was no impact the Partnership's consolidated financial statements.

In May 2011, the FASB issued an amendment to the fair value measurement guidance and disclosure requirements that established common U.S. Generally Accepted Accounting Principles ("GAAP") and International Financial Reporting Standards ("IFRS") measurement and reporting standards. The new requirements were effective for the first interim or annual period beginning after December 15, 2011 and were to be applied prospectively. The Partnership adopted the new requirements in the first quarter of 2012 and the adoption of this guidance did not have a material effect on its consolidated financial position, results of operations, or cash flows.

On February 5, 2013 the FASB issued an amendment to the disclosure requirements for reporting reclassifications out of accumulated other comprehensive income ("AOCI"). The update is effective for the first interim or annual period beginning after December 15, 2012. The new amendments require presentation, either on the statement of income or in the notes, of the effect on the line items of net income of significant amounts reclassified out of AOCI directly to net income in their entirety in the same reporting period. The update also requires the new disclosure to be cross referenced to other disclosures currently required under U.S. GAAP in the financial statements. The Partnership will adopt the new requirements in the first quarter of 2013 and it is not expected to have a material effect on its consolidated financial position, results of operations or cash flows.

Reclassifications Certain prior year balances have been reclassified to conform with current year presentation.

(3) Long-Lived Assets:

Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in equity price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on our consolidated financial statements.

The long-lived asset impairment test involves a two-step process. The first step is a comparison of each asset group's carrying value to its estimated undiscounted future cash flows expected to result from the use of the assets, including disposition. Projected future cash flows reflect management's best estimates of economic and market conditions over the projected period, including growth rates in revenues and costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates and future estimates of capital expenditures. If the carrying value of the asset group is higher than its undiscounted future cash

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flows, there is an indication that impairment exists and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of the asset group to its carrying value in a manner consistent with the highest and best use of those assets The Partnership estimates fair value of operating assets using an income (discounted cash flows) approach, which uses an asset group's projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital reflective of current market conditions. If the implied fair value of the assets is less than their carrying value, an impairment charge is recorded for the difference.

Non-operating assets are evaluated for impairment based on changes in market conditions. When changes in market conditions are observed, impairment is estimated using a market-based approach. If the estimated fair value of the non-operating assets is less than their carrying value, an impairment charge is recorded for the difference.

At the end of the third quarter of 2012, the Partnership concluded based on 2012 operating results through the third quarter and updated forecasts, that a review of the carrying value of operating long-lived assets at Wildwater Kingdom was warranted. After performing its review, the Partnership determined that a portion of the park's fixed assets were impaired. Also, at the end of the third quarter of 2012, the Partnership concluded that market conditions had changed on the adjacent non-operating land of Wildwater Kingdom. After performing its review of the updated market value of the land, the Partnership determined the land was impaired. The Partnership recognized a total of $25.0 million of non-operating and operating fixed-asset impairment during the third quarter of 2012 which was recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statement of operations and comprehensive income.

At the end of the fourth quarter of 2010, the Partnership concluded based on 2010 operating results, as well as updated forecasts, that a review of the carrying value of long-lived assets at California's Great America was warranted. After performing its review, the Partnership determined that a portion of the park's fixed assets, the majority of which were originally recorded with the PPI acquisition, were impaired. As a result, the Partnership recognized $62.0 million of fixed-asset impairment during the fourth quarter of 2010 which is recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statement of operations and comprehensive income.

(4) Goodwill and Other Intangible Assets:

Goodwill and other indefinite-lived intangible assets, including trade-names, are reviewed for impairment annually, or more frequently if indicators of impairment exist. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in equity price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; the testing for recoverability of a significant asset group within a reporting unit; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on our consolidated financial statements.

The goodwill impairment test involves a two-step process. The first step is a comparison of each reporting unit's fair value to its carrying value. The Partnership estimates fair value using both an income (discounted cash flows) and market approach. The income approach uses a reporting unit's projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions. The projection uses management's best estimates of economic and market conditions over the projected period including growth rates in revenues and costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements. A market approach estimates fair value by applying cash flow multiples to the reporting unit's operating performance. The multiples are derived from comparable publicly traded companies with similar operating and investment characteristics of the reporting units.

If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of reporting unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill is less than the recorded goodwill, an impairment charge is recorded for the difference.

A relief-from-royalty model is used to determine whether the fair value of trade-names exceed their carrying amounts. The fair value of the trade-names is determined as the present value of fees avoided by owning the respective trade-name.

Until December 2010, goodwill related to parks acquired prior to 2006 was tested for impairment as of October 1, while goodwill and other indefinite-lived intangibles, including trade-name intangibles, related to the Paramount Parks (PPI) acquisition in 2006 were tested annually for impairment as of April 1. Effective in December 2010, the Partnership changed the date of its annual goodwill impairment tests from April 1 and October 1 to December 31 to more closely align the impairment testing procedures with its long-range planning and forecasting process, which occurs in the fourth quarter each year. The Partnership believes the change is preferable since the long-term cash flow projections are a key component in performing its annual impairment tests of goodwill. In addition, the Partnership changed the date of its annual impairment test for other indefinite-lived intangibles from April 1 to December 31.

The Partnership tested goodwill and other indefinite-lived intangibles for impairment on December 31, 2012 and no impairment was indicated. During 2010, the Partnership tested goodwill for impairment as of April 1, 2010 or October 1, 2010, as applicable, and again as of December 31, 2010. The tests indicated no impairment of goodwill as of any of those dates. During 2010, the Partnership tested other indefinite-lived intangibles for impairment as of April 1, 2010 and December 31, 2010. After performing the April 1, 2010 impairment test, it was determined that a portion of trade-names at certain PPI parks were impaired as the carrying values of those trade-names exceeded their fair values. As a result the Partnership recognized $1.4 million of trade-name impairment during the second quarter of 2010. This impairment was driven mainly

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by an increase in the Partnership’s cost of capital in 2010 and lower projected growth rates for certain parks as of the test date. After performing the December 31, 2010 test of indefinite-lived intangibles, it was determined that a portion of the trade-names at Great America, originally recorded with the PPI acquisition, were impaired. As a result, the Partnership recognized $0.9 million of additional trade-name impairment during the fourth quarter of 2010 which is recorded in "Loss on impairment of goodwill and other intangibles" on the consolidated statement of operations and comprehensive income.

The change in accounting principle related to changing the annual goodwill impairment testing date did not delay, accelerate, avoid or cause an impairment charge. As it was impracticable to objectively determine operating and valuation estimates for periods prior to December 31, 2010, the Partnership has prospectively applied the change in the annual goodwill impairment testing date from December 31, 2010.

A summary of changes in the Partnership's carrying value of goodwill is as follows:

				Accumulated
	Goodwill			Impairment			Goodwill
	(gross)			Losses			(net)
(In thousands)
Balance at December 31, 2010	$	326,127		$	(79,868	)	$	246,259
Foreign currency exchange translation	(2,769		)	—			(2,769		)
Balance at December 31, 2011	323,358			(79,868		)	243,490
Foreign currency exchange translation	2,731			—			2,731
Balance at December 31, 2012	$	326,089		$	(79,868	)	$	246,221

The Partnership's other intangible assets consisted of the following at December 31, 2012 and 2011:

	Weighted
	Average	Gross				Net
	Amortization	Carrying		Accumulated		Carrying
	Period	Amount		Amortization		Value
	(Amounts in thousands)
December 31, 2012
Other intangible assets:
Trade names	—	$	40,222	$	—	$	40,222
License / franchise agreements	14.3 years	790		360		430
Total other intangible assets	14.3 years	$	41,012	$	360	$	40,652
December 31, 2011
Other intangible assets:
Trade names	—	$	39,835	$	—	$	39,835
License / franchise agreements	15.0 years	760		322		438
Total other intangible assets	15.0 years	$	40,595	$	322	$	40,273

Amortization expense of other intangible assets for 2012, 2011, and 2010 was $38,000, $58,000, and $73,000, respectively. Amortization expense of other intangible assets held at December 31, 2012, is expected to total less than $50,000 in each of the years 2013-2017.

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(5) Long-Term Debt:

Long-term debt at December 31, 2012 and 2011:

(In thousands)	2012		2011
Revolving credit facility (due 2015)	$	—	$	—
Term debt (1)
February 2011 Amended U.S. term loan averaging 4.0% at 2011 (due 2011-2017)	1,131,100		1,156,100
Notes
July 2010 U.S. fixed rate note at 9.125% (due 2018)	401,080		400,279
	1,532,180		1,556,379
Less: current portion	—		15,921
	$	1,532,180	$	1,540,458

(1) These average interest rates do not reflect the effect of interest rate swap agreements entered into on variable-rate term debt (see Note 6).

In July 2010, the Partnership issued $405 million of 9.125% senior unsecured notes ("the notes"), maturing in 2018, in a private placement, including $5.6 million of original issue discount to yield 9.375%. Concurrently with this offering, the Partnership entered into a new $1,435.0 million credit agreement (the 2010 Credit Agreement), which includes a $1,175.0 million senior secured term loan facility and a $260.0 million senior secured revolving credit facility. The net proceeds from the offering of the notes, along with borrowings under the 2010 Credit Agreement, were used to repay in full all amounts outstanding under the Partnership's previous credit facilities. The facilities provided under the 2010 Credit Agreement are collateralized by substantially all of the assets of the Partnership.

In February 2011, the Partnership amended its 2010 Credit Agreement (as so amended, the “Amended 2010 Credit Agreement”) to extend the maturity date of the U.S. term loan portion of the credit facilities by one year. The extended U.S. term loan matures in December 2017 and bears interest at a rate of LIBOR plus 300 bps, with a LIBOR floor of 100 bps. In May 2012, the Partnership prepaid $16.0 million of long-term debt to meet its obligation under the Excess Cash Flow ("ECF") provision of the Credit Agreement. As a result of this prepayment as well as the August 2011 $18.0 million debt prepayment and a $9.0 million optional prepayment made in September 2012, the Partnership has no scheduled term-debt principal payments until the first quarter of 2015.

Cedar Fair, L.P., Canada’s Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the notes and co-borrowers of the senior secured credit facilities. Both the notes and senior secured credit facilities have been fully and unconditionally guaranteed, on a joint and several basis, by each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum). There are no non-guarantor subsidiaries.

Revolving Credit Loans    Terms of the Amended 2010 Credit Agreement include a combined $260.0 million facility. Under the agreement, the Canadian portion of the revolving credit facility has a limit of $15.0 million U.S. denominated loans made under the revolving credit facility bear interest at a rate of LIBOR plus 400 basis points (bps) (with no LIBOR floor). Canadian denominated loans made under the Canadian portion of the facility also bear interest at a rate of LIBOR plus 400 bps (with no LIBOR floor). The revolving credit facility, which matures in July of 2015, also provides for the issuance of documentary and standby letters of credit. As of December 31, 2012, no borrowings under the revolving credit facility were outstanding and standby letters of credit totaled $16.4 million. After letters of credit, the Partnership had $243.6 million of available borrowings under its revolving credit facility as of December 31, 2012. The maximum outstanding balance during 2012 was $187.1 million under the revolving credit facility. The Amended 2010 Credit Agreement requires the Partnership to pay a commitment fee of 50 bps per annum on the unused portion of the credit facilities.

Term Debt    The credit facilities provided under the Amended 2010 Credit Agreement include a $1,175.0 million U.S. term loan maturing on December 15, 2017. As of December 31, 2012, the U.S. term loan, bore interest at a rate of LIBOR plus 300 bps, with a LIBOR floor of 100 bps.

At December 31, 2012, the scheduled annual maturities of term debt were as follows (in thousands):

	2013		2014		2015		2016		2017		Total
U.S. Term loan maturing in 2017	$	—	$	—	$	10,100	$	11,800	$	1,109,200	$	1,131,100

The fair value of the term debt at December 31, 2012, was approximately $1,117.1 million, based on borrowing rates available as of that date to the Partnership on long-term debt with similar terms and maturities. The fair value of the term debt at December 31, 2011, was approximately $1,159.3 million, based on borrowing rates available to the Partnership on long-term debt with similar terms and maturities at December 31, 2011.

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The Partnership may prepay some or all of its term debt maturing in 2017 without premium or penalty at any time.

Notes    The notes issued by the Partnership in July 2010 require semi-annual interest payments in February and August, with the principal due in full on August 1, 2018. The notes may be redeemed, in whole or in part, at any time prior to August 1, 2014 at a price equal to 100% of the principal amount of the notes redeemed plus a “make-whole” premium together with accrued and unpaid interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. Prior to August 1, 2013, up to 35% of the notes may be redeemed with the net cash proceeds of certain equity offerings at 109.125%.

The fair value of the notes at December 31, 2012, was approximately $353.8 million based on borrowing rates available to the Partnership as of that date on notes with similar terms and maturities. The fair value of the notes at December 31, 2011, was approximately $368.1 million, based on borrowing rates available to the Partnership as of that date on notes with similar terms and maturities.

Covenants    The 2010 Amended Credit Agreement requires the Partnership to maintain specified financial ratios, which if breached for any reason, including a decline in operating results due to economic or weather conditions, could result in an event of default under the agreement. The most critical of these ratios is the Consolidated Leverage Ratio. As of December 31, 2012 this ratio is set at 6.0x Consolidated Total Debt (excluding the revolving debt)-to-Consolidated EBITDA. As of December 31, 2012, the Partnership’s Consolidated Total Debt (excluding revolving debt)-to-Consolidated EBITDA (as defined) ratio was 3.94x, providing $133.6 million of Consolidated EBITDA cushion on the Consolidated Leverage Ratio. The Partnership was also in compliance with all other covenants as of December 31, 2012.

The 2010 Amended Credit Agreement also includes provisions that allow the Partnership to make restricted payments of up to $20.0 million annually at the discretion of the Board of Directors. These restricted payments are not subject to any specific covenants. Additional restricted payments are allowed to be made based on an Excess-Cash-Flow formula, should the Partnership’s pro-forma Consolidated Leverage Ratio be less than or equal to 4.50x Consolidated Total Debt (excluding the revolving debt)-to-Consolidated EBITDA. Per the terms of the indenture governing the notes, the ability to make restricted payments is permitted should the Partnership's trailing-twelve-month Total-Indebtedness-to-Consolidated-Cash-Flow Ratio be less than or equal to 4.75x Consolidated Total Indebtedness (including average revolving debt)-to-Consolidated EBITDA, measured on a quarterly basis.

In addition to the above mentioned covenants and provisions, the 2010 Amended Credit Agreement contains an initial three-year requirement that at least 50% of the Partnership's aggregate term debt and senior notes be subject to either a fixed interest rate or interest rate protection.

The Partnership's policy is to capitalize interest on major construction projects. In 2012, interest payments of $1.3 million were capitalized, as compared to interest of $1.8 million in 2011 and $1.8 million capitalized in 2010.

(6) Derivative Financial Instruments:

Derivative financial instruments are only used within the Partnership's overall risk management program to manage certain interest rate and foreign currency risks from time to time. The Partnership does not use derivative financial instruments for trading purposes.

The Partnership has effectively converted a total of $800 million of its variable-rate debt to fixed rates through the use of several interest rate swap agreements entered into in September 2010, March 2011, and May 2011. Cash flows related to these interest rate swap agreements are included in interest expense over the term of the agreements. In September 2010, the Partnership entered into several forward-starting swap agreements ("September 2010 swaps") to effectively convert a total of $600 million of variable-rate debt to fixed rates beginning in October 2011. As a result of the February 2011 amendment to the 2010 Credit Agreement, the LIBOR floor on the term loan portion of its credit facilities decreased to 100 bps from 150 bps, causing a mismatch in critical terms of the September 2010 swaps and the underlying debt. Because of the mismatch of critical terms, the Partnership determined the September 2010 swaps, which were originally designated as cash flow hedges, were no longer highly effective, resulting in the de-designation of the swaps as of the end of February 2011. As a result of this ineffectiveness, gains of $7.2 million recorded in accumulated other comprehensive income (AOCI) through the date of de-designation are being amortized through December 2015, to a balance of $3.9 million to offset the change in fair value during the period of de-designation as discussed below. Of the $6.0 million remaining in AOCI as of December 31, 2012, $2.1 million has yet to be amortized.

On March 15, 2011, the Partnership entered into several additional forward-starting basis-rate swap agreements ("March 2011 swaps") that, when combined with the September 2010 swaps, effectively convert $600 million of variable-rate debt to fixed rates beginning in October 2011. The September 2010 swaps and the March 2011 swaps, which have been jointly designated as cash flow hedges, mature in December 2015 and fix LIBOR at a weighted average rate of 2.46%. For the period that the September 2010 swaps were de-designated, their fair value decreased by $3.3 million, the offset of which was recognized as a direct charge to the Partnership's earnings and recorded to “Net effect of swaps” on the consolidated statement of operations along with the regular amortization of “Other comprehensive income (loss)” balances related to these swaps. No other ineffectiveness related to these swaps was recorded in any period presented.

On May 2, 2011, the Partnership entered into four additional forward-starting interest-rate swap agreements ("May 2011 forward-starting swaps") that effectively convert another $200 million of variable-rate debt to fixed rates beginning in October 2011. These swaps, which were designated as cash flow hedges, mature in December 2015 and fix LIBOR at a weighted average rate of 2.54%.

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The combined fair market value of the September 2010 swaps, the March 2011 swaps, and the May 2011 forward-starting swaps was a liability of $32.3 million and $32.4 million, at December 31, 2012 and December 31, 2011, respectively, and was recorded in “Derivative Liability” on the consolidated balance sheet.

Prior to the forward swaps taking effect in October 2011, the Partnership had effectively converted a total of $1.0 billion of its variable-rate debt to fixed rates through the use of several interest rate swap agreements. Cash flows related to these interest rate swap agreements are included in interest expense over the term of the agreements. These swap agreements expired in October 2011. The Partnership designated these interest rate swap agreements and hedging relationships as cash flow hedges. As a part of our quarterly regression analysis testing of the effectiveness of these cash flow swaps, the swaps were deemed to be ineffective as of October 2009. As a result of this ineffectiveness, losses recorded in AOCI were amortized through October 2011. The amount recorded in AOCI to be amortized was $91.8 million at the time of ineffectiveness, all of which was amortized into earnings as of December 31, 2011.

The Partnership had also effectively converted $268.7 million of term debt related to its wholly owned Canadian subsidiary from variable U.S. dollar denominated debt to fixed-rate Canadian dollar denominated debt through the use of cross-currency swap agreements. The Partnership originally designated these cross-currency swaps as foreign currency cash flow hedges. Cash flows related to these swap agreements, which expired in February 2012, were included in interest expense over the term of the agreement. The fair market value of the cross-currency swaps was a liability of $37.6 million at December 31, 2011, which was recorded in "Current derivative liability" on the consolidated balance sheet.As a result of paying down a portion of the underlying Canadian term debt with net proceeds from the sale of surplus land near Canada's Wonderland in August 2009, the notional amounts of the underlying debt and the cross currency swaps no longer matched. Because of the mismatch of the notional amounts, the Partnership determined the swaps were no longer highly effective, resulting in the de-designation of the swaps as of the end of August 2009. As a result of this de-designation, losses recorded in AOCI are being amortized through February 2012 (the original hedge period). The amount recorded in AOCI to be amortized was $15.1 million at the time of de-designation and was fully amortized in February 2012.

In May 2011, the Partnership entered into several foreign currency swap agreements to fix the exchange rate on approximately 50% of the termination payment associated with the cross-currency swap agreements due in February 2012 and in July 2011 the Partnership entered into another foreign currency swap agreement to fix the exchange rate on an additional 25% of the termination payment. The fair market value of these foreign currency swap agreements was a liability of $13.2 million at December 31, 2011, which was recorded in "Current derivative liability" on the consolidated balance sheet. The Partnership did not seek hedge accounting treatment on these foreign currency swaps, and as such, changes in fair value of the swaps flowed directly through earnings along with changes in fair value on the related, de-designated cross-currency swaps.

(In thousands):	Consolidated Balance Sheet Location	Fair Value as of			Fair Value as of
		December 31, 2012			December 31, 2011
Derivatives designated as hedging instruments:
Interest rate swaps	Derivative Liability	(32,260		)	(32,400		)
Total derivatives designated as hedging instruments:		(32,260		)	(32,400		)
Derivatives not designated as hedging instruments:
Foreign-currency swaps	Current derivative liability	—			(13,155		)
Cross-currency swaps	Current derivative liability	—			(37,617		)
Total derivatives not designated as hedging instruments:		—			(50,772		)
Net derivative liability		$	(32,260	)	$	(83,172	)

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The following table presents our forward-starting fixed-rate swaps, which became effective October 1, 2011 and mature December 15, 2015, along with their notional amounts and their fixed interest rates which compare to 30-day LIBOR of 0.21% as of December 31, 2012.

($'s in thousands)	Forward-Starting Interest Rate Swaps
	Notional Amounts		LIBOR Rate
	$	200,000	2.40	%
	75,000		2.43	%
	50,000		2.42	%
	150,000		2.55	%
	50,000		2.42	%
	50,000		2.55	%
	25,000		2.43	%
	50,000		2.54	%
	30,000		2.54	%
	70,000		2.54	%
	50,000		2.54	%
Total $'s / Average Rate	$	800,000	2.48	%

The following table presents our fixed-rate swaps, which matured October 3, 2011, along with their notional amounts and their fixed interest rates, and the cross-currency swap which matured in February 2012, along with their notional amounts and their fixed interest rates:

($'s in thousands)	Interest Rate Swaps				Cross-currency Swaps
	Notional Amounts		LIBOR Rate		Notional Amounts		Implied Interest Rate
	$	200,000	5.64	%	$	255,000	7.31	%
	200,000		5.64	%	825		9.50	%
	200,000		5.64	%
	200,000		5.57	%
	100,000		5.60	%
	100,000		5.60	%
Total $'s / Average Rate	$	1,000,000	5.62	%	$	255,825	7.32	%

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Effects of Derivative Instruments on Income and Other Comprehensive Income (Loss):

(In thousands):	Amount of Gain (Loss) recognized in OCI  on Derivatives (Effective Portion)					Amount and Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)							Amount and Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion)
	Twelve months ended 12/31/12		Twelve months ended 12/31/11				Twelve months ended 12/31/12			Twelve months ended 12/31/11				Twelve months ended 12/31/12		Twelve months ended 12/31/11
Interest rate swaps	$	140	$	(35,353	)	Interest Expense	$	(12,027	)	$	(3,023	)	Net effect of swaps	$	—	$	47,987

(In thousands):	Amount and Location of Gain (Loss) Recognized in Income on Derivative
Derivatives not designated as Cash Flow Hedging Relationships
		Twelve months ended 12/31/12			Twelve months ended 12/31/11
Interest rate swaps (1)	Net effect of swaps	$	—		$	(3,342	)
Cross-currency swaps (2)	Net effect of swaps	(4,999		)	16,098
Foreign currency swaps	Net effect of swaps	6,278			(13,665		)
		$	1,279		$	(909	)

(1) The September 2010 swaps became ineffective and were de-designated in February 2011.

(2) The cross currency swaps became ineffective and were de-designated in August 2009.

In addition to the $1.3 million of gain recognized in income on the ineffective portion of both designated and not designated derivatives noted in the table above, $16 thousand of expense representing the amortization of amounts in AOCI for the swaps and a $0.2 million foreign currency gain during the year related to the U.S. dollar denominated Canadian term loan was recorded during the fiscal year in the consolidated statements of operations. The net effect of these amounts resulted in a benefit to earnings for the year of $1.5 million recorded in “Net effect of swaps.”

For 2011, in addition to the $47.1 million of gain recognized in income on the ineffective portion of both designated and not designated derivatives noted in the table above, $33.6 million of expense representing the amortization of amounts in AOCI for the swaps and a $0.4 million foreign currency loss during the year related to the U.S. dollar denominated Canadian term loan was recorded during the fiscal year in the consolidated statements of operations. The net effect of these amounts resulted in a benefit to earnings for the year of $13.1 million recorded in “Net effect of swaps.”

The amounts reclassified from AOCI into income for the periods noted above are in large part the result of the Partnership's initial three-year requirement to swap at least 50% of its aggregate term debt to fixed rates under the terms of its 2010 Amended Credit Agreement.

(7) Partners' Equity:

Special L.P. Interests     In accordance with the Partnership Agreement, certain partners were allocated $5.3 million of 1987 and 1988 taxable income (without any related cash distributions) for which they received Special L.P. Interests. The Special L.P. Interests do not participate in cash distributions and have no voting rights. However, the holders of Special L.P. Interests will receive in the aggregate $5.3 million upon liquidation of the Partnership.

Equity-Based Incentive Plans    In August 2000, the Partnership's unitholders approved the establishment of an Equity Incentive Plan allowing the award of up to 4.8 million unit options and other forms of equity as determined by the Compensation Committee of the Board of Directors as an element of compensation to senior management and other key employees. Grants were made by the Compensation Committee through December 31, 2008. Following the adoption of the 2008 Omnibus Incentive Plan (Omnibus Plan), the Board of Directors prohibited any further grants under the Equity Incentive Plan. The Omnibus Plan was approved by the Partnership's unitholders in May of 2008 and superseded and replaced the following incentive compensation plans: our Amended and Restated Senior Management Long-Term Incentive Compensation Plan, our Amended and Restated 2000 Equity Incentive Plan, and our Amended and Restated 2000 Senior Executive Management Incentive Plan. The Omnibus Plan provides an opportunity for officers, directors, and eligible persons to acquire an interest in the growth and performance of our units and provides employees annual and long-term incentive awards as determined by the Board of Directors. Under the Omnibus Plan, the Compensation Committee of the Board of Directors may grant unit options, unit appreciation rights, restricted units, performance awards, other unit awards, cash incentive awards and long-term incentive awards.

Phantom Units

During 2012, 15,000 “phantom units” were awarded at an average grant price of $27.91. These awards generally vest over an approximately four-year period and can be paid with cash, limited partnership units, or a combination of both. The effect for outstanding “phantom units” has been included in the diluted earnings per unit calculation, as a portion of the awards are expected to be settled in limited partnership units.

43

Approximately $3.4 million, $5.4 million and $3.5 million in compensation expense related to “phantom units” was recognized in 2012, 2011 and 2010, respectively. These amounts are included in “Selling, General and Administrative Expense” in the accompanying consolidated statements of operations and comprehensive income.

At year-end, the Partnership had 225,459 “phantom units” outstanding, 147,017 of which were vested, at the December 31, 2012 closing price of $33.45 per unit. The aggregate market value of the “phantom units” vested at year-end has been reflected on the balance sheet with the current portion recorded in "Accrued salaries and wages" and the long-term portion recorded in “Other Liabilities.” At December 31, 2012, the current and long-term portions were $0.5 million and $4.4 million, respectively. At December 31, 2011, the current and long-term portions were $9.7 million and $1.6 million, respectively. At December 31, 2012, unamortized compensation related to unvested phantom unit awards totaled approximately $2.6 million, which is expected to be amortized over a weighted average period of 1.9 years.

Performance Units

During 2012, 46,759 “performance units” were awarded at a grant price of $29.53 per unit. The number of “performance units” issuable is contingently based upon certain performance targets over a three-year period. The current awards vest ratably over the term of the grant. A prior award of performance units vested 50% in March 2012 and will vest 50% in March 2013. Assuming targets are achieved, the "performance units" can be paid with cash, limited partnership units, or a combination of both. The effect for outstanding “performance units” in which the performance conditions have not been met are appropriately excluded from the diluted earnings per unit calculation. Performance units in which the performance conditions have been met are included in diluted earnings per unit. Approximately $3.4 million, $2.6 million and $0.9 million in 2012, 2011 and 2010, respectively, was recorded in compensation expense related to “performance units” and is included in “Selling, General and Administrative Expense” in the accompanying consolidated statements of operations and comprehensive income.

At year-end, the Partnership had 161,619 “performance units” outstanding at the December 31, 2012 closing price of $33.45 per unit. The estimated aggregate market value of the “performance units” contingently issuable at year-end has been reflected on the balance sheet, with the current portion being recorded in "Accrued salaries and wages" and the long-term portion in “Other Liabilities.” At December 31, 2012 the current and long-term portions were $3.8 million and $0.5 million, respectively. At December 31, 2011, the market value of both the current and long-term portions were $2.1 million. At December 31, 2012, unamortized compensation related to unvested “performance unit” awards totaled approximately $1.1 million, which is expected to be amortized over a weighted average period of 2.0 years.

Restricted Units

During 2012, restricted unit grants of 93,517 and 97,394, were awarded at a restricted grant price $29.53 and $35.52, respectively. Restricted units vest ratably over a three-year period and the restrictions on these units lapse at the end of the three-year period. During the time of restriction, the units accumulate distribution-equivalents, which, when the units are fully vested, can be paid out in cash or units. Approximately $1.2 million was recorded in compensation expense related to restricted units and is included in "Selling, General, and Administrative Expense" in the accompanying consolidated statement of operations and comprehensive income. As of December 31, 2012, the amount of distribution equivalents accrued and recorded on the balance sheet in "Other liabilities" was approximately $0.2 million.

The intrinsic value of restricted units that vested in 2012 was approximately $0.1 million.

At December 31, 2012, unamortized compensation expense related to unvested restricted unit awards totaled approximately, $5.0 million, which is expected to be amortized over a weighted average period of 2.5 years.

Unit Options

Options are issued with an exercise price no less than the market price of the Partnership's units on the day before the date of grant. Variable-price options have an exercise price that declines by the value of cash distributions declared on the underlying limited partnership units. Options granted in 2012 vest ratably over a three-year period and have a maximum term of ten years. Options granted in prior years vest ratably over a five-year period, or when other conditions are met, and have a maximum term of ten years. As of December 31, 2012, the Partnership had 600 variable-price options and 293,422 fixed-price options outstanding under the Equity Incentive Plan. There were no unit options granted in 2011 and 2010.

During 2012, 280,672 unit options were granted at a fair value of $4.92.  The significant assumptions used to determine the fair value of these options include the stock option exercise price equals the grant price, the options have a maximum term of ten years, the expected volatility is 37.2%, the assumed risk-free interest rate is 2.31% and the units receive an annual distribution of$1.60 per unit.

Non-cash compensation expense relating to unit options in 2012 totaled $0.3 million. No non-cash compensation expense relating to unit options was recognized in 2011 or 2010.

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A summary of unit option activity in 2012 and 2011 is presented below:

	2012				2011
			Weighted Average				Weighted Average
	Unit Options		Exercise Price		Unit Options		Exercise Price
Outstanding, beginning of year	224,500		$	24.40	341,500		$	23.10
Granted	280,672		29.53		—		—
Exercised	(206,150	)	24.19		(6,300	)	20.29
Forfeited	(5,000	)	23.81		(110,700	)	20.60
Outstanding, end of year	294,022		$	29.45	224,500		$	24.40
Options exercisable, end of year	83,518		$	29.26	224,500		$	24.40

Cash received from unit option exercises totaled approximately $76,000 in 2012, $5,000 in 2011, and $7,000 in 2010.

The following table summarizes information about vested unit options outstanding at December 31, 2012:

Vested Options Outstanding
Type	Range of Exercise Prices					Unit Options		Weighted Average Remaining Contractual Life	Weighted Average Exercise Price
Variable	$	15.07	—	$	15.07	600		0.8 years	$	15.07
Fixed	$	28.45	—	$	29.53	82,918		8.9 years	$	29.36
Outstanding at year-end	$	15.07	—	$	29.53	83,518		8.9 years	$	29.26
Aggregate intrinsic value ($'s in thousands)						$	350

A summary of the status of the Partnership's nonvested unit options at December 31, 2012 is presented below:

	Unit Options		Weighted Average Grant-Date Fair Value
Nonvested, beginning of year	—		$	—
Granted	280,672		29.53
Vested	(70,168	)	29.53
Nonvested, end of year	210,504		$	29.53

The total intrinsic value of options exercised during the years ended December 31, 2012, 2011 and 2010 was $0.4 million, $0.0 million, and $0.5 million, respectively.

The Partnership had 210,504 unvested unit options at December 31, 2012. In addition, the Partnership had $1.0 million of unamortized compensation expense related to unvested options which is expected to be amortized over a weighted average period of 2.3 years.

The Partnership has a policy of issuing limited partnership units from treasury to satisfy option exercises and expects its treasury unit balance to be sufficient for 2013, based on estimates of option exercises for that period.

(8) Retirement Plans:

The Partnership has trusteed, noncontributory retirement plans for the majority of its full-time employees. Contributions are discretionary and amounts accrued were approximately $3.9 million in 2012, $3.9 million in 2011 and $4.1 million in 2010. These plans also permit employees to contribute specified percentages of their salary, matched up to a limit by the Partnership. Matching contributions, net of forfeitures, approximated $1.7 million in 2012, $1.6 million in 2011 and $1.5 million in 2010.

In addition, approximately 222 employees are covered by union-sponsored, multi-employer pension plans for which approximately $1.3 million, $1.2 million and $1.1 million were contributed for the years ended December 31, 2012, 2011, and 2010, respectively. The Partnership has no plans to withdraw from any of the multi-employer plans.  The Partnership believes that the withdrawal liability from any such withdrawal, as defined by the Multi-employer Pension Plan Amendments Act of 1980, would not be material.

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(9) Income and Partnership Taxes:

Federal and state tax legislation in 1997 provided a permanent income tax exemption to existing publicly traded partnerships (PTP), such as Cedar Fair, L.P., with a PTP tax levied on partnership gross income (net revenues less cost of food, merchandise and games) beginning in 1998. In addition, income taxes are recognized for the amount of taxes payable by the Partnership's corporate subsidiaries for the current year and for the impact of deferred tax assets and liabilities, which represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. As such, the Partnership's "Provision for taxes" includes amounts for both the PTP tax and for income taxes on the Partnership's corporate subsidiaries.

The Partnership's 2012 tax provision totals $31.4 million, which consists of an $8.7 million provision for the PTP tax and a $22.6 million provision for income taxes. This compares to the Partnership's 2011 tax provision of $11.2 million, which consisted of a $8.3 million provision for the PTP tax and a $2.9 million provision for income taxes, and the 2010 tax provision of $2.7 million which consisted of a $7.9 million provision for the PTP tax and a $5.2 million benefit for income taxes. The calculation of the provision for taxes involves significant estimates and assumptions and actual results could differ from those estimates.

Significant components of income (loss) before taxes are as follows:

(In thousands)	2012		2011			2010
Domestic	$	112,099	$	102,716		$	(31,015	)
Foreign	20,482		(20,753		)	633
	$	132,581	$	81,963		$	(30,382	)

The provision (benefit) for income taxes is comprised of the following:

(In thousands)	2012			2011			2010
Income taxes:
Current federal	$	(1,081	)	$	399		$	1,174
Current state and local	743			894			1,748
Current foreign	(4,152		)	(2,381		)	6,493
Total current	(4,490		)	(1,088		)	9,415
Deferred federal, state and local	8,844			5,206			(8,883		)
Deferred foreign	18,266			(1,189		)	(5,781		)
Total deferred	27,110			4,017			(14,664		)
	$	22,620		$	2,929		$	(5,249	)

The provision (benefit) for income taxes for the Partnership's corporate subsidiaries differs from the amount computed by applying the U.S. federal statutory income tax rate of 35% to the Partnership's income (loss) before taxes.

The sources and tax effects of the differences are as follows:

(In thousands)	2012			2011			2010
Income tax provision (benefit) based on the U.S. federal statutory tax rate	$	46,403		$	28,687		$	(10,634	)
Partnership loss (income) not deductible (includible) from (in) corporate income	(21,273		)	(16,188		)	4,115
State and local taxes, net of federal income tax benefit	3,455			1,938			(930		)
Valuation allowance	(6,030		)	(10,460		)	4,425
Tax credits	(2,100		)	(1,791		)	(2,706		)
Nondeductible expenses and other	2,165			743			481
	$	22,620		$	2,929		$	(5,249	)

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Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Significant components of deferred tax assets and liabilities as of December 31, 2012 and 2011 are as follows:

(In thousands)	2012			2011
Deferred tax assets:
Options and deferred compensation	$	7,741		$	10,236
Accrued expenses	4,519			3,841
Foreign tax credits	31,162			40,439
Tax attribute carryforwards	10,948			20,209
Derivatives	10,661			6,808
Intangibles	—			508
Other	4,126			1,789
Deferred tax assets	69,157			83,830
Valuation allowance	(11,253		)	(17,283		)
Net deferred tax assets	57,904			66,547
Deferred tax liabilities:
Property	(193,923		)	(184,969		)
Intangibles	(3,865		)	—
Foreign currency translation	(8,672		)	(5,000		)
Deferred tax liabilities	(206,460		)	(189,969		)
Net deferred tax liability	$	(148,556	)	$	(123,422	)

As of December 31, 2012, the Partnership had $31.2 million of foreign tax credit carryforwards available for U.S. federal income tax purposes. During 2012, the Partnership claimed a refund for foreign taxes paid in previous years. The recovery of prior year taxes resulted in a redetermination of the foreign tax credit carryforwards and a $6.1 million reduction in the valuation allowance related to these carryforwards. Also during 2012, the Partnership utilized the federal tax net operating loss carryforward and updated its long term estimates of domestic and foreign source income. As of December 31, 2012, a $11.3 million valuation allowance has been recorded to reflect uncertainties regarding the use of the remaining available foreign tax credits before they begin expiring in 2016.

Additionally, as of December 31, 2012, the Partnership had $10.9 million of tax attribute carryforwards consisting of alternative minimum tax credits ($0.8 million), general business credits ($4.8 million) and the tax effect of state net operating loss carryforwards ($5.3 million). Alternative minimum tax credits do not expire. The general business credits will begin to expire in 2027. The state net operating loss carryforwards will expire from 2017 to 2027. The Partnership expects to fully realize these tax attribute carryforwards. As such, no valuation allowance has been recorded relating to these tax attribute carryforwards.

As of December 31, 2012, the Partnership adjusted its deferred tax assets and liabilities to reflect the impact of changes to the enacted statutory tax rates in Canada ($1.6 million tax provision).

The net current and non-current components of deferred taxes recognized as of December 31, 2012 and 2011 in the consolidated balance sheets are as follows:

(In thousands)	2012			2011
Net current deferred tax asset	$	8,184		$	10,345
Net non-current deferred tax liability	(156,740		)	(133,767		)
Net deferred tax liability	$	(148,556	)	$	(123,422	)

The Partnership has recorded deferred tax assets of $2.2 million and $2.6 million as of December 31, 2012 and 2011, respectively, to account for the tax effect of derivatives and foreign currency translation adjustments included in Other Comprehensive Income.

47

The Partnership has unrecognized income tax benefits as of December 31, 2012. The following is a reconciliation of beginning and ending amounts unrecognized tax benefits:

	(in thousands)
Balance, beginning of year	$	—
Increase from current year tax positions	1,100
Increase from prior year's tax positions	—
Decrease from settlements with taxing authority	—
Decrease from expiration of statute of limitations	—
Balance, end of year	$	1,100

At December 31, 2012 a total of $1.1 million of unrecognized tax benefits was recorded for state and local income tax positions, there were no unrecognized tax positions during 2011 or 2010. If recognized, the tax benefits would decrease the Partnership taxes by $1.1 million.

The Partnership recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. Related to the unrecognized tax benefits noted, the Partnership accrued interest of $0.3 million and penalties of $0.2 million during 2012. The Partnership does not anticipate a significant change to the amount of unrecognized tax benefits over the next 12 months.

The Partnership and its corporate subsidiaries are subject to taxation in the U.S., Canada and various state and local jurisdictions. The tax returns of the Partnership are subject to examination by state and federal tax authorities. With few exceptions, the Partnership and its corporate subsidiaries are no longer subject to examination by the major taxing authorities for tax years before 2009.

(10) Operating Lease Commitments and Contingencies:

Operating Lease Commitments

The Partnership has commitments under various operating leases at its parks. Minimum lease payments under non-cancelable operating leases as of December 31, 2012 are as follows (in thousands):

2013	$	6,276
2014	6,073
2015	5,687
2016	5,567
2017	5,483
Thereafter	118,000
	$	147,086

The amount due after 2017 includes the land lease at California's Great America which is renewable in 2039. Lease expense, which includes short-term rentals for equipment and machinery, for 2012, 2011 and 2010 totaled $12.0 million, $9.7 million and $9.4 million, respectively.

Contingencies

The Partnership is also a party to a number of lawsuits arising in the normal course of business. In the opinion of management, none of these matters are expected to have a material effect in the aggregate on the Partnership's financial statements.

(11) Fair Value Measurements:

The FASB's ASC 820 "Fair Value Measurement" emphasizes that fair value is a market-based measurement that should be determined based on assumptions (inputs) that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable, and valuation techniques used to measure fair value should maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Accordingly, the FASB’s ASC 820 establishes a hierarchal disclosure framework that ranks the quality and reliability of information used to determine fair values. The hierarchy is associated with the level of pricing observability utilized in measuring fair value and defines three levels of inputs to the fair value measurement process—quoted prices are the most reliable valuation inputs, whereas model values that include inputs based on unobservable data are the least reliable. Each fair value measurement must be assigned to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety.

The three broad levels of inputs defined by the fair value hierarchy are as follows:

• Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

• Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

• Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

48

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The table below presents the balances of liabilities measured at fair value as of December 31, 2012 and 2011 on a recurring basis:

(In thousands)	Total			Level 1		Level 2			Level 3
December 31, 2012
Interest rate swap agreements (1)	$	(32,260	)	$	—	$	(32,260	)	$	—
Total	$	(32,260	)	$	—	$	(32,260	)	$	—
December 31, 2011
Interest rate swap agreements (1)	$	(32,400	)	$	—	$	(32,400	)	$	—
Cross-currency swap agreements(2)	(37,617		)	—		(37,617		)	—
Foreign currency swap agreements (2)	(13,155		)	—		(13,155		)	—
Total	$	(83,172	)	$	—	$	(83,172	)	$	—

(1) Included in "Derivative Liability" on the Consolidated Balance Sheet

(2) Included in "Current derivative liability" on the Consolidated Balance Sheet

Fair values of the interest rate and cross-currency swap agreements are determined using significant inputs, including the LIBOR and foreign currency forward curves, that are considered Level 2 observable market inputs. In addition, the Partnership considered the effect of its credit and non-performance risk on the fair values provided, and recognized an adjustment decreasing the derivative liabilities by approximately $0.9 million as of December 31, 2012. The Partnership monitors the credit and non-performance risk associated with its derivative counter-parties and believes them to be insignificant and not warranting a credit adjustment at December 31, 2012.

At the end of the third quarter in 2012, the Partnership concluded based on operating results, as well as updated forecasts, and changes in market conditions, that a review of the carrying value of long-lived assets at Wildwater Kingdom was warranted. After performing its review, the Partnership determined that a portion of the park's fixed assets were impaired. Based on Level 3 unobservable valuation assumptions and other market inputs, the assets were marked to a fair value of $19.8 million, resulting in an impairment charge of $25.0 million for operating and non-operating assets during the quarter.

There were no assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2011.

A relief-from-royalty model is used to determine whether the fair value of trade-names exceeds their carrying amount. The fair value of the trade-names is determined as the present value of fees avoided by owning the respective trade-name.

In 2010, the Partnership concluded based on operating results, as well as updated forecasts, that a review of the carrying value of long-lived assets at California's Great America was warranted. After performing its review, the Partnership determined that a portion of the park's fixed assets, the majority of which were originally recorded with the PPI acquisition, were impaired. As a result, it recognized $62.0 million of fixed-asset impairment during 2010.

After completing its 2010 annual review of indefinite-lived intangibles for impairment, the Partnership concluded that a portion of trade-names originally recorded with the PPI acquisition were impaired. As a result, the Partnership recognized approximately $2.3 million of trade-name impairment during 2010.

(12) Termination of Agreement with Private Equity Firm:

On April 6, 2010, the Partnership and the affiliates of Apollo Global Management (Apollo) mutually terminated the merger agreement originally entered into on December 16, 2009. Consistent with the terms of the agreement, the Partnership paid Apollo $6.5 million to reimburse Apollo for certain expenses incurred in connection with the transaction. In addition, both parties released each other from all obligations with respect to the proposed merger transaction, as well as from any claims arising out of or relating to the merger agreement. The $6.5 million paid to Apollo in April was recognized as a charge to earnings in “Selling, general and administrative” in the second quarter of 2010. The Partnership incurred approximately $10.4 million in costs associated with the terminated merger during 2010, and a total of $16.0 million of costs since the merger was initially announced.

(13) Immaterial Restatement:

The Partnership uses the composite depreciation method for the group of assets acquired as a whole in 1983, as well as for groups of assets in each subsequent business acquisition. Upon the normal retirement of an asset within a composite group, the Partnership's practice generally has been to extend the depreciable life of that composite group beyond its original estimated useful life. In conjunction with the preparation of the Partnership's financial statements for the three months ended July 1, 2012, management determined that this methodology was not appropriate. As a result, the Partnership revised the useful lives of its composite groups to their original estimated useful life (ascribed upon acquisition) and

49

corrected previously computed depreciation expense (and accumulated depreciation). Management evaluated the amount and nature of these adjustments and concluded that they were not material to either the Partnership's prior annual or quarterly financial statements. Nonetheless, the historical financial statement amounts included in this filing have been corrected for this error.

The tables below detail the effects of such depreciation adjustments (including the related deferred income tax impact) on previously presented historical financial statement amounts:

Balance Sheets
	12/31/2011
Accumulated depreciation
As originally filed	$	(1,044,589	)
Correction	(18,599		)
As restated	$	(1,063,188	)
Total assets
As originally filed	$	2,074,557
Correction	(18,599		)
As restated	$	2,055,958
Deferred Tax Liability
As originally filed	$	135,446
Correction	(1,679		)
As restated	$	133,767
Limited Partners' Equity
As originally filed	$	182,438
Correction	(16,920		)
As restated	$	165,518

50

Statements of Operations and Comprehensive Income
For the years ended December 31,	2011			2010
Depreciation and amortization
As originally filed	$	123,805		$	126,796
Correction	2,032			2,060
As restated	$	125,837		$	128,856
Income (loss) before tax
As originally filed	$	83,995		$	(28,322	)
Correction	(2,032		)	(2,060		)
As restated	$	81,963		$	(30,382	)
Provision (benefit) for taxes
As originally filed	$	11,837		$	3,245
Correction	(620		)	(575		)
As restated	$	11,217		$	2,670
Net income (loss)
As originally filed	$	72,158		$	(31,567	)
Correction	(1,412		)	(1,485		)
As restated	$	70,746		$	(33,052	)
Basic earnings per limited partner unit:
As originally filed	$	1.30		$	(0.57	)
Correction	(0.02		)	(0.03		)
As restated	$	1.28		$	(0.60	)
Diluted earnings per limited partner unit:
As originally filed	$	1.29		$	(0.57	)
Correction	(0.02		)	(0.03		)
As restated	$	1.27		$	(0.60	)

(14) Consolidating Financial Information of Guarantors and Issuers:

Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the Partnership's 9.125% notes (see Note 5). The notes have been fully and unconditionally guaranteed, on a joint and several basis, by each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum) that guarantees the Partnership's senior secured credit facilities. There are no non-guarantor subsidiaries.

The following consolidating schedules present condensed financial information for Cedar Fair, L.P., Cedar Canada, and Magnum, the co-issuers, and each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum), the guarantors (on a combined basis), as of December 31, 2012 and December 31, 2011 and for the periods ended December 31, 2012, December 31, 2011, and December 31, 2010. In lieu of providing separate audited financial statements for the guarantor subsidiaries, the accompanying condensed consolidating financial statements have been included.

Since Cedar Fair, L.P., Cedar Canada and Magnum are co-issuers of the notes and co-borrowers under the Amended 2010 Credit Agreement, all outstanding debt has been equally reflected within each co-issuer's December 31, 2012 and December 31, 2011 balance sheets in the accompanying condensed consolidating financial statements.

51

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2012

(In thousands)

	Cedar Fair L.P. (Parent)		Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	25,000	$	444	$	50,173	$	3,213	$	—		$	78,830
Receivables	4		101,093		71,099		498,555		(652,559		)	18,192
Inventories	—		1,724		2,352		23,764		—			27,840
Current deferred tax asset	—		3,705		816		3,663		—			8,184
Other current assets	563		17,858		530		5,490		(16,381		)	8,060
	25,567		124,824		124,970		534,685		(668,940		)	141,106
Property and Equipment, net	439,506		1,013		268,157		843,353		—			1,552,029
Investment in Park	489,945		776,992		118,514		56,903		(1,442,354		)	—
Goodwill	9,061		—		125,942		111,218		—			246,221
Other Intangibles, net	—		—		17,835		22,817		—			40,652
Deferred Tax Asset	—		36,443		—		90		(36,533		)	—
Intercompany Receivable	877,612		1,070,125		1,116,623		—		(3,064,360		)	—
Other Assets	22,048		14,832		8,419		2,315		—			47,614
	$	1,863,739	$	2,024,229	$	1,780,460	$	1,571,381	$	(5,212,187	)	$	2,027,622
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Accounts payable	$	147,264	$	213,279	$	16,101	$	286,649	$	(652,559	)	$	10,734
Deferred revenue	—		—		4,996		34,489		—			39,485
Accrued interest	98		64		15,350		—		—			15,512
Accrued taxes	4,518		—		6,239		23,437		(16,381		)	17,813
Accrued salaries, wages and benefits	—		17,932		1,214		5,690		—			24,836
Self-insurance reserves	—		5,528		1,754		16,624		—			23,906
Other accrued liabilities	1,110		2,502		140		2,164		—			5,916
	152,990		239,305		45,794		369,053		(668,940		)	138,202
Deferred Tax Liability	—		—		63,460		129,813		(36,533		)	156,740
Derivative Liability	19,309		12,951		—		—		—			32,260
Other Liabilities	—		5,480		—		3,500		—			8,980
Long-Term Debt:
Term debt	1,131,100		1,131,100		1,131,100		—		(2,262,200		)	1,131,100
Notes	401,080		401,080		401,080		—		(802,160		)	401,080
	1,532,180		1,532,180		1,532,180		—		(3,064,360		)	1,532,180
Equity	159,260		234,313		139,026		1,069,015		(1,442,354		)	159,260
	$	1,863,739	$	2,024,229	$	1,780,460	$	1,571,381	$	(5,212,187	)	$	2,027,622

52

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2011

(In thousands)

	Cedar Fair L.P. (Parent)		Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	512	$	31,540	$	3,472	$	—		$	35,524
Receivables	—		62,408		69,285		412,095		(536,177		)	7,611
Inventories	—		1,547		2,703		28,819		—			33,069
Current deferred tax asset	—		6,239		772		3,334		—			10,345
Other current assets	508		13,461		1,027		7,822		(10,852		)	11,966
	508		84,167		105,327		455,542		(547,029		)	98,515
Property and Equipment, net	455,579		1,044		266,111		896,758		—			1,619,492
Investment in Park	518,819		661,251		118,385		40,481		(1,338,936		)	—
Intercompany Note Receivable	—		93,845		—		—		(93,845		)	—
Goodwill	9,061		—		123,210		111,219		—			243,490
Other Intangibles, net	—		—		17,448		22,825		—			40,273
Deferred Tax Asset	—		47,646		—		—		(47,646		)	—
Intercompany Receivable	887,344		1,084,112		1,141,302		—		(3,112,758		)	—
Other Assets	27,641		16,158		9,353		1,036		—			54,188
	$	1,898,952	$	1,988,223	$	1,781,136	$	1,527,861	$	(5,140,214	)	$	2,055,958
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	15,921	$	15,921	$	15,921	$	—	$	(31,842	)	$	15,921
Accounts payable	175,968		144,868		25,631		202,566		(536,177		)	12,856
Deferred revenue	—		—		2,891		26,703		—			29,594
Accrued interest	198		131		15,433		—		—			15,762
Accrued taxes	3,909		—		7,374		15,577		(10,852		)	16,008
Accrued salaries, wages and benefits	—		26,916		1,076		5,396		—			33,388
Self-insurance reserves	—		3,977		1,711		15,555		—			21,243
Current derivative liability	—		—		50,772		—		—			50,772
Other accrued liabilities	1,247		5,568		252		832		—			7,899
	197,243		197,381		121,061		266,629		(578,871		)	203,443
Deferred Tax Liability	—		—		58,463		122,950		(47,646		)	133,767
Derivative Liability	19,451		12,949		—		—		—			32,400
Other Liabilities	—		4,090		—		—		—			4,090
Intercompany Note Payable	—		—		—		93,845		(93,845		)	—
Long-Term Debt:
Term debt	1,140,179		1,140,179		1,140,179		—		(2,280,358		)	1,140,179
Notes	400,279		400,279		400,279		—		(800,558		)	400,279
	1,540,458		1,540,458		1,540,458		—		(3,080,916		)	1,540,458
Equity	141,800		233,345		61,154		1,044,437		(1,338,936		)	141,800
	$	1,898,952	$	1,988,223	$	1,781,136	$	1,527,861	$	(5,140,214	)	$	2,055,958

53

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2012

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	145,715		$	258,136		$	140,418		$	927,668		$	(403,483	)	$	1,068,454
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			10,316			84,732			—			95,048
Operating expenses	5,380			176,356			47,863			625,287			(403,483		)	451,403
Selling, general and administrative	6,495			86,615			11,135			34,066			—			138,311
Depreciation and amortization	37,660			40			18,199			71,440			—			127,339
Loss on impairment / retirement of fixed assets, net	25,997			—			6			4,333			—			30,336
Gain on sale of other assets	(862		)	—			—			(5,763		)	—			(6,625		)
	74,670			263,011			87,519			814,095			(403,483		)	835,812
Operating income (loss)	71,045			(4,875		)	52,899			113,573			—			232,642
Interest expense, net	48,524			29,328			40,870			(8,171		)	—			110,551
Net effect of swaps	(138		)	121			(1,475		)	—			—			(1,492		)
Unrealized / realized foreign currency gain	—			—			(8,998		)	—			—			(8,998		)
Other (income) expense	749			(9,507		)	2,020			6,738			—			—
(Income) loss from investment in affiliates	(89,381		)	(65,509		)	(14,170		)	(31,333		)	200,393			—
Income (loss) before taxes	111,291			40,692			34,652			146,339			(200,393		)	132,581
Provision (benefit) for taxes	10,075			(9,856		)	3,413			27,733			—			31,365
Net income	$	101,216		$	50,548		$	31,239		$	118,606		$	(200,393	)	$	101,216
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	369			—			369			—			(369		)	369
Unrealized income on cash flow hedging derivatives	139			114			21			—			(135		)	139
Other comprehensive income, (net of tax)	508			114			390			—			(504		)	508
Total Comprehensive Income	$	101,724		$	50,662		$	31,629		$	118,606		$	(200,897	)	$	101,724

54

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2011

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries		Eliminations			Total
Net revenues	$	141,149		$	251,064		$	126,972		$	901,120	$	(391,833	)	$	1,028,472
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			9,932			82,125		—			92,057
Operating expenses	5,491			165,409			45,765			606,019		(391,833		)	430,851
Selling, general and administrative	10,073			84,270			11,314			34,769		—			140,426
Depreciation and amortization	37,283			47			17,325			71,182		—			125,837
Loss on impairment / retirement of fixed assets, net	990			—			(61		)	1,636		—			2,565
	53,837			249,726			84,275			795,731		(391,833		)	791,736
Operating income	87,312			1,338			42,697			105,389		—			236,736
Interest expense, net	84,391			15,030			52,814			4,793		—			157,028
Net effect of swaps	(12,214		)	718			(1,623		)	—		—			(13,119		)
Unrealized / realized foreign currency loss	—			—			9,909			—		—			9,909
Other (income) expense	1,705			(7,798		)	2,349			4,699		—			955
(Income) loss from investment in affiliates	(65,701		)	(17,362		)	(10,520		)	11,998		81,585			—
Income (loss) before taxes	79,131			10,750			(10,232		)	83,899		(81,585		)	81,963
Provision (benefit) for taxes	8,385			(23,000		)	2,970			22,862		—			11,217
Net income (loss)	$	70,746		$	33,750		$	(13,202	)	$	61,037	$	(81,585	)	$	70,746
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	933			—			933			—		(933		)	933
Unrealized income (loss) on cash flow hedging derivatives	3,767			(9,499		)	291			—		9,208			3,767
Other comprehensive income (loss), (net of tax)	4,700			(9,499		)	1,224			—		8,275			4,700
Total Comprehensive Income	$	75,446		$	24,251		$	(11,978	)	$	61,037	$	(73,310	)	$	75,446

55

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2010

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	136,386		$	245,983		$	113,513		$	863,677		$	(381,967	)	$	977,592
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			8,917			77,702			—			86,619
Operating expenses	5,534			164,750			42,551			580,534			(381,967		)	411,402
Selling, general and administrative	15,093			71,454			10,839			36,615			—			134,001
Depreciation and amortization	36,158			95			16,246			76,357			—			128,856
Loss on impairment of goodwill and other intangibles	—			—			—			2,293			—			2,293
Loss on impairment / retirement of fixed assets, net	732			—			20			62,000			—			62,752
	57,517			236,299			78,573			835,501			(381,967		)	825,923
Operating income	78,869			9,684			34,940			28,176			—			151,669
Interest expense, net	85,313			31,460			31,835			523			—			149,131
Net effect of swaps	10,508			—			7,686			—			—			18,194
Loss on early extinguishment of debt	24,831			—			10,458			—			—			35,289
Unrealized / realized foreign currency loss	—			(3,079		)	(17,484		)	—			—			(20,563		)
Other (income) expense	750			(6,123		)	1,811			3,562			—			—
(Income) loss from investment in affiliates	(17,498		)	993			2,461			2,215			11,829			—
Income (loss) before taxes	(25,035		)	(13,567		)	(1,827		)	21,876			(11,829		)	(30,382		)
Provision (benefit) for taxes	8,017			(320		)	456			(5,483		)	—			2,670
Net income (loss)	$	(33,052	)	$	(13,247	)	$	(2,283	)	$	27,359		$	(11,829	)	$	(33,052	)
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	(6,475		)	—			(6,475		)	—			6,475			(6,475		)
Unrealized income on cash flow hedging derivatives	60,048			1,916			8,906			—			(10,822		)	60,048
Other comprehensive income, (net of tax)	53,573			1,916			2,431			—			(4,347		)	53,573
Total Comprehensive Income	$	20,521		$	(11,331	)	$	148		$	27,359		$	(16,176	)	$	20,521

56

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2012

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	129,402		$	30,355		$	20,829		$	143,062		$	(37,715	)	$	285,933
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	31,496			(55,458		)	2,599			(16,352		)	37,715			—
Sale of other assets	1,173			—			—			14,885			—			16,058
Capital expenditures	(33,664		)	(8		)	(14,551		)	(48,009		)	—			(96,232		)
Net cash for investing activities	(995		)	(55,466		)	(11,952		)	(49,476		)	37,715			(80,174		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Term debt payments, including early termination penalties	(14,468		)	(10,212		)	(320		)	—			—			(25,000		)
Derivative settlement	—			—			(50,450		)	—			—			(50,450		)
Intercompany (payments) receipts	—			93,845			—			(93,845		)	—			—
Distributions (paid) received	(88,939		)	126			—			—			—			(88,813		)
Capital (contribution) infusion	—			(60,000		)	60,000			—			—			—
Exercise of limited partnership unit options	—			76			—			—			—			76
Excess tax benefit from unit-based compensation expense	—			1,208			—			—			—			1,208
Net cash from (for) financing activities	(103,407		)	25,043			9,230			(93,845		)	—			(162,979		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			526			—			—			526
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	25,000			(68		)	18,633			(259		)	—			43,306
Balance, beginning of year	—			512			31,540			3,472			—			35,524
Balance, end of year	$	25,000		$	444		$	50,173		$	3,213		$	—		$	78,830

57

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2011

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	147,385		$	(149,801	)	$	51,510		$	187,328		$	(18,245	)	$	218,177
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	(14,404		)	(18,973		)	(4,989		)	20,121			18,245			—
Capital expenditures	(41,851		)	—			(19,344		)	(28,995		)	—			(90,190		)
Net cash from (for) investing activities	(56,255		)	(18,973		)	(24,333		)	(8,874		)	18,245			(90,190		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net payments on revolving credit loans	(23,200		)	—			—			—			—			(23,200		)
Term debt borrowings	13,246			9,357			335			—			—			22,938
Intercompany term debt (payments) receipts	—			176,343			—			(176,343		)	—			—
Term debt payments, including early termination penalties	(13,831		)	(9,763		)	(306		)	—			—			(23,900		)
Distributions (paid) received	(55,562		)	215			—			—			—			(55,347		)
Payment of debt issuance costs	(11,783		)	(8,332		)	(1,099		)	—			—			(21,214		)
Exercise of limited partnership unit options	—			5			—			—			—			5
Net cash from (for) financing activities	(91,130		)	167,825			(1,070		)	(176,343		)	—			(100,718		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			(1,510		)	—			—			(1,510		)
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	—			(949		)	24,597			2,111			—			25,759
Balance, beginning of year	—			1,461			6,943			1,361			—			9,765
Balance, end of year	$	—		$	512		$	31,540		$	3,472		$	—		$	35,524

58

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2010

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	82,230		$	(62,109	)	$	(3,649	)	$	41,710		$	123,933		$	182,115
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	14,840			222,495			(113,173		)	(229		)	(123,933		)	—
Capital expenditures	(26,165		)	—			(7,433		)	(38,108		)	—			(71,706		)
Net cash from (for) investing activities	(11,325		)	222,495			(120,606		)	(38,337		)	(123,933		)	(71,706		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net borrowings (payments) on revolving credit loans	(63,100		)	—			—			—			—			(63,100		)
Term debt borrowings	680,000			480,000			15,000			—			—			1,175,000
Note borrowings	—			—			399,383			—			—			399,383
Intercompany term debt (payments) receipts	699,625			(696,875		)	—			(2,750		)	—			—
Term debt payments, including early termination penalties	(1,351,464		)	(7,327		)	(208,099		)	—			—			(1,566,890		)
Distributions (paid) received	(13,891		)	57			—			—			—			(13,834		)
Return of capital	—			75,247			(75,247		)	—			—			—
Payment of debt issuance costs	(22,075		)	(11,277		)	(9,912		)	—			—			(43,264		)
Exercise of limited partnership unit options	—			7			—			—			—			7
Net cash from (for) financing activities	(70,905		)	(160,168		)	121,125			(2,750		)	—			(112,698		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			126			—			—			126
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	—			218			(3,004		)	623			—			(2,163		)
Balance, beginning of year	—			1,243			9,947			738			—			11,928
Balance, end of year	$	—		$	1,461		$	6,943		$	1,361		$	—		$	9,765

59

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING

AND FINANCIAL DISCLOSURE.

None.

ITEM 9A. CONTROLS AND PROCEDURES.

Disclosure Controls and Procedures

The Partnership maintains a system of controls and procedures designed to ensure that information required to be disclosed by the Partnership in its reports under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified by the Commission and that such information is accumulated and communicated to the Partnership's management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. As of December 31, 2012, the Partnership has evaluated the effectiveness of the design and operation of its disclosure controls and procedures under supervision of management, including the Partnership's Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Partnership's disclosure controls and procedures are effective.

Management's Report on Internal Control over Financial Reporting

The Partnership's management is responsible for establishing and maintaining adequate internal controls over financial reporting, as defined in Rule 13a or 15(f) under the Exchange Act. The Partnership's internal control system over financial reporting is a process designed to provide reasonable assurance to management and the General Partner's board of directors regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Management assessed the effectiveness of the Partnership's internal control over financial reporting as of December 31, 2012. In making this assessment, it used the criteria described in “Internal Control - Integrated Framework” issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission. As a result of its assessment, management concluded that, as of December 31, 2012, the Partnership's internal control over financial reporting was effective in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Deloitte & Touche LLP, an independent registered public accounting firm, has issued an attestation report on the effectiveness of internal control over financial reporting.

Changes in Internal Control over Financial Reporting

There were no changes in the Partnership's internal controls over financial reporting that occurred during the fourth quarter of 2012 that have materially affected, or are reasonably likely to materially affect, the Partnership's internal controls over financial reporting.

60

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Unitholders of Cedar Fair, L.P.

Sandusky, Ohio

We have audited the internal control over financial reporting of Cedar Fair, L.P. and subsidiaries (the "Partnership") as of December 31, 2012, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Partnership's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Partnership's internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company's internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2012, based on the criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements as of and for the year ended December 31, 2012 of the Partnership and our report dated February 25, 2013 expressed an unqualified opinion on those financial statements.

/s/ DELOITTE & TOUCHE LLP

Cleveland, Ohio

February 25, 2013

61

ITEM 9B. OTHER INFORMATION.

None

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

Cedar Fair Management, Inc., an Ohio corporation owned by an Ohio trust, is the General Partner of the Partnership and has full responsibility for the management of the Partnership. For additional information, attention is directed to Note 1 in “Notes to Consolidated Financial Statements” on page 33 of this Report.

A. Identification of Directors:

The information required by this item is incorporated by reference to the material in our Proxy Statement to be used in connection with the annual meeting of limited partner unitholders to be held in June 2013 (the “Proxy Statement”) under the captions “Proposal One. Election of Directors,” “Board Committees” and “Section 16(a) Beneficial Ownership Reporting Compliance.”

B. Identification of Executive Officers:

Information regarding executive officers of the Partnership is included in this Annual Report on Form 10-K under the caption “Supplemental Item. Executive Officers of Cedar Fair” in Item I of Part I and is incorporated herein by reference.

C. Code of Ethics and Certifications:

In accordance with Section 406 of the Sarbanes-Oxley Act of 2002 and Item 406 of Regulation S-K, the Partnership has adopted a Code of Conduct and Ethics (the “Code”), which applies to all directors, officers and employees of the Partnership, including the Chief Executive Officer and the Chief Financial Officer and Chief Accounting Officer. A copy of the Code is available on the Internet at the Investor Relations section of our web site (www.cedarfair.com).

The Partnership submitted an unqualified Section 303A.12(a) Chief Executive Officer certification to the New York Stock Exchange on July 27, 2012, stating that the Partnership was in compliance with the NYSE's Corporate Governance Listing Standards. The Chief Executive Officer and Chief Financial Officer certifications under Section 302 of the Sarbanes-Oxley Act are included as exhibits to this Form 10-K.

ITEM 11. EXECUTIVE COMPENSATION.

The information required by this item is incorporated by reference to the material in our Proxy Statement under the captions “Executive Compensation,” “Compensation Committee Interlocks and Insider Participation,” and “Compensation Committee Report.”

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER MATTERS.

The information required by this item is incorporated by reference to the material in our Proxy Statement under the caption “Security Ownership of Certain Beneficial Owners and Management.”

62

EQUITY COMPENSATION PLAN INFORMATION

The following table sets forth information concerning units authorized or available for issuance under our equity compensation plans as of December 31, 2012.

Plan Category	Number of units to be issued upon exercise of outstanding options, warrants and rights (a)	Weighted-average exercise price of outstanding options, warrants and rights (b)		Number of units remaining available for future issuance under equity compensation plans (excluding units reflected in column (a)) (c)
Equity compensation plans approved by unitholders	722,786	$	29.45	2,062,236
Equity compensation plans not approved by unitholders	—	—		—
Total	722,786	$	29.45	2,062,236

Attention is directed to Note 7 in “Notes to Consolidated Financial Statements” for additional information regarding the Partnership's equity incentive plans.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

The information required by this item is incorporated by reference to the material in our Proxy Statement under the captions “Certain Relationships and Related Transactions,” “Board of Directors,” and “Board Committees.”

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this item is incorporated by reference to the material in our Proxy Statement under the caption “Independent Registered Public Accounting Firm Services and Fees.”

63

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

A. 1. Financial Statements

The following consolidated financial statements of the Registrant, the notes thereto and the related Report of Independent Registered Public Accounting Firm are filed under Item 8 of this Report:

		Page
(i)	Report of Independent Registered Public Accounting Firm.	28
(ii)	Consolidated Balance Sheets - December 31, 2012 and 2011.	29
(iii)	Consolidated Statements of Operations and Comprehensive Income - Years ended December 31, 2012, 2011, and 2010.	30
(iv)	Consolidated Statements of Cash Flows - Years ended December 31, 2012, 2011, and 2010.	31
(v)	Consolidated Statements of Partners' Equity - Years ended December 31, 2012, 2011, and 2010.	32
(vi)	Notes to Consolidated Financial Statements - December 31, 2012, 2011, and 2010.	33-59

A. 2. Financial Statement Schedules

All Schedules are omitted, as the information is not required or is otherwise furnished.

64

A. 3. Exhibits

The exhibits listed below are incorporated herein by reference to prior SEC filings by Registrant or are included as exhibits in this Form 10-K.

Exhibit Number	Description
2.1	Asset Purchase Agreement between Cedar Fair, L.P. and Six Flags, Inc., Funtime, Inc., Aurora Campground, Inc., Ohio Campgrounds Inc., and Ohio Hotel LLC, dated April 8, 2004. Incorporated herein by reference to Exhibit 2 to the Registrant's Form 8-K (File No. 001-09444) filed on April 23, 2004.
2.2	Stock Purchase Agreement between Cedar Fair, L.P. and CBS Corporation, dated May 22, 2006. Incorporated herein by reference to Exhibit 2.1 to the Registrant's Form 8-K (File No. 001-09444) filed on July 7, 2006.
2.3	Amendment No. 1 to the Stock Purchase Agreement between Cedar Fair, L.P. and CBS Corporation, dated June 30, 2006. Incorporated herein by reference to Exhibit 2.2 to the Registrant's Form 8-K (File No. 001-09444) filed on July 7, 2006.
2.4	Agreement and Plan of Merger, dated as of December 16, 2009, by and among Siddur Holdings, Ltd., Siddur Merger Sub, LLC, Cedar Fair Management, Inc. and Cedar Fair, L.P., dated as of December 16, 2009. Incorporated herein by reference to Exhibit 2.1 to the Registrant's Form 8-K filed on December 17, 2009.
2.5	Termination and Settlement Agreement among Cedar Fair, L.P. and its affiliates, and the Apollo Parties thereto, dated April 5, 2010. Incorporated herein by reference to Exhibit 2.1 to the Registrant's Form 8-K filed on April 6, 2010.
3.1	Sixth Amended and Restated Agreement of Limited Partnership of Cedar Fair, L.P. Incorporated herein by reference to Exhibit 3.1 to the Registrant's Form 10-Q (File No. 001-9444) filed November 4, 2011.
3.2	Regulations of Cedar Fair Management Inc. Incorporated herein by reference to Exhibit 3.2 to the Registrant's Form 10-Q filed November 4, 2011.
4.1	Rights Agreement between Cedar Fair, L.P. and American Stock Transfer and Trust Co., LLC, dated April 5, 2010. Incorporated herein by reference to Exhibit 4.1 to the Registrant's Form 8-K filed on April 6, 2010.
4.2	Indenture, by and among Cedar Fair, L.P., Canada's Wonderland Company, and Magnum Management Corporation, as issuers, the guarantors named therein, and The Bank of New York Mellon, as trustee, dated as of July 29, 2010 (including form of 9.125% Senior Notes due 2018). Incorporated herein by reference to Exhibit 4.1 to the Registrant's Form 8-K filed on July 29, 2010.
4.3	Registration Rights Agreement, among Cedar Fair, L.P., Canada's Wonderland Company, and Magnum Management Corporation, as issuers, the guarantors named therein, and J.P. Morgan Securities Inc., as representative of the initial purchasers named therein, dated July 29, 2010. Incorporated herein by reference to Exhibit 4.2 to the Registrant's Form 8-K filed on July 29, 2010.
10.1	Cedar Fair, L.P. Amended and Restated Executive Severance Plan dated July 18, 2007. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007.
10.2	Cedar Fair, L.P. Amended and Restated 2000 Equity Incentive Plan dated July 18, 2007. Incorporated herein by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007.
10.3	Cedar Fair, L.P. Amended and Restated 2000 Senior Executive Management Incentive Plan dated July 18, 2007. Incorporated herein by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007.
10.4	Cedar Fair, L.P. Amended and Restated Senior Management Long-Term Incentive Compensation Plan dated July 18, 2007. Incorporated herein by reference to Exhibit 10.4 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007.
10.5	Cedar Fair, L.P. Amended and Restated Supplemental Retirement Program dated July 18, 2007. Incorporated herein by reference to Exhibit 10.5 to the Registrants Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007.
10.6	Cedar Fair, L.P. 2008 Supplemental Retirement Program dated February 4, 2008. Incorporated herein by reference to Exhibit 10.5 to the Registrant's Annual Report on Form 10-K filed on February 29, 2008.
10.7	2007 Amended and Restated Employment Agreement with Richard L. Kinzel. Incorporated herein by reference to Exhibit 10.6 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007.
10.8	Amendment to the 2007 Amended and Restated Employment Agreement with Richard L. Kinzel dated January 24, 2011. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed on May 6, 2011.
10.9	Employment Agreement with Matthew A. Ouimet, dated June 20, 2011. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on June 24, 2011.

65

Exhibit Number	Description
10.10	2011 Amended and Restated Employment Agreement with Richard A. Zimmerman dated June 27, 2011. Incorporated herein by reference to Exhibit 10.3 to the Registrant's Form 8-K filed June 28, 2011.
10.11	Employment Agreement with Richard A. Zimmerman, dated October 14, 2011. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on October 18, 2011.
10.12	2011 Amended and Restated Employment Agreement with Robert A. Decker dated June 27, 2011. Incorporated herein by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q filed on August 5, 2011.
10.13	2011 Amended and Restated Employment Agreement with H. Philip Bender dated June 27, 2011. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed June 28, 2011.
10.14	Amended and Restated Credit Agreement dated as of February 15, 2007 among Cedar Fair, L.P. and Subsidiaries as co-borrowers, and several banks and certain “Lenders” party thereto. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K (File No. 001-09444) filed on February 21, 2007.
10.15	Amendment No. 1 dated August 12, 2009 to the Amended and Restated Credit Agreement dated as of February 15, 2007. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on August 14,2009.
10.16	Credit Agreement Waiver, dated January 26, 2010, to the Amended and Restated Credit Agreement, dated February 15, 2007. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on January 28, 2010.
10.17	Cedar Fair, L.P. 2008 Omnibus Incentive Plan dated as of May 15, 2008. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on May 20, 2008.
10.18	Cedar Fair, L.P. 2008 Omnibus Incentive Plan Long-Term Incentive Award Agreement. Incorporated herein by reference to Exhibit 10.13 to the Registrant's Form 10-K filed on March 2, 2009.
10.19	Cedar Fair, L.P. 2008 Omnibus Incentive Plan 2008-2011 Performance Award Agreement. Incorporated herein by reference to Exhibit 10.13 to the Registrant's Form 10-K filed on March 2, 2009.
10.20	Cedar Fair, L.P. 2008 Omnibus Incentive Plan Form of Restricted Phantom Unit Award Agreement, Incorporated herein by reference to Exhibit 10 to the Registrant's Form 10-Q filed on May 8, 2009
10.21	Letter Agreement between Cedar Fair, L.P., Cedar Fair Management, Inc., Q Funding III, L.P. and Q4 Funding, L.P., dated May 4, 2010. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on May 5, 2010.
10.22	Credit Agreement, among Cedar Fair, L.P., Magnum Management Corporation and Canada's Wonderland Company as borrowers, the several lenders from time to time party thereto, Keybank National Association, Wells Fargo Bank, N.A., UBS Loan Finance LLC and Fifth Third Bank as co-syndication agents and JPMorgan Chase Bank, N.A. as administrative agent and collateral agent, dated July 29, 2010. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on July 29, 2010.
10.23	Amendment No. 1, dated February 25, 2011, to Credit Agreement, among Cedar Fair, L.P.,Magnum Management Corporation and Canada's Wonderland Company as borrowers, the several lenders from time to time party thereto, KeyBank National Association, Wells Fargo Bank, N.A., UBS Loan Finance, LLC and Fifth Third Bank as co-syndication agents and JPMorgan Chase Bank, N.A. as administrative agent and collateral agent. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on March 3, 2011.
10.24	Form of Indemnification Agreement. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed November 1, 2011.
10.25	2008 Omnibus Incentive Plan Form of Restricted Unit Award Agreement. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed March 28, 2012.
10.26	2008 Omnibus Incentive Plan Form of Option Award Agreement. Incorporated herein by reference to Exhibit 10.2 to the Registrant's Form 8-K filed March 28, 2012.
10.27	2008 Omnibus Incentive Plan Form of Performance Award Agreement. Incorporated herein by reference to Exhibit 10.3 to the Registrant's Form 8-K filed March 28, 2012.
10.28	Amended and Restated Employment Agreement, by and among Cedar Fair, L.P., Cedar Fair Management, Inc., Magnum Management Corporation and David Hoffman, dated April 24, 2012. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed April 27, 2012.
10.29	Employment Agreement by and between Cedar Fair, L.P., Cedar Fair Management, Inc., Magnum Corporation and Brian Witherow, dated December 4, 2012. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed December 7, 2012.
10.30	Employment Agreement by and between Cedar Fair, L.P., Cedar Fair Management, Inc., Magnum Corporation and Kelley Semmelroth, dated December 4, 2012. Incorporated herein by reference to Exhibit 10.2 to the Registrant's Form 8-K filed December 7, 2012.
10.31	Amended and Restated Employment Agreement by and between Cedar Fair, L.P., Cedar Fair Management, Inc., Magnum Management Corporation and Matthew A. Ouimet, dated December 4, 2012. Incorporated herein by reference to Exhibit 10.3 to the Registrant's Form 8-K filed December 7, 2012.
10.32	Amended and Restated Employment Agreement by and between Cedar Fair, L.P., Cedar Fair Management, Inc., Magnum Management Corporation and Richard Zimmerman, dated December 4, 2012. Incorporated herein by reference to Exhibit 10.4 to the Registrant's Form 8-K filed December 7, 2012.

66

Exhibit Number	Description
10.33	Amended and Restated Employment Agreement by and between Cedar Fair, L.P., Cedar Fair Management, Inc., Magnum Management Corporation and H. Phillip Bender, dated December 4, 2012. Incorporated herein by reference to Exhibit 10.5 to the Registrant's Form 8-K filed December 7, 2012.
21	Subsidiaries of Cedar Fair, L.P.
23	Consent of Independent Registered Public Accounting Firm
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	The following materials from the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Statements of Operations and Comprehensive Income, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Statements of Partners' Equity and, (v) related notes.

67

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CEDAR FAIR, L.P.

(Registrant)

DATED:     February 25, 2013        By:    Cedar Fair Management, Inc.

General Partner

/S/ Matthew A. Ouimet

     Matthew A. Ouimet

President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	Signature	Title	Date
/S/	Matthew A. Ouimet	President and Chief Executive Officer	February 25, 2013
	Matthew A. Ouimet	Director
/S/	Brian C. Witherow	Executive Vice President and Chief Financial Officer	February 25, 2013
	Brian C. Witherow	(Principal Financial Officer)
/S/	David R. Hoffman	Senior Vice President and Chief Accounting Officer	February 25, 2013
	David R. Hoffman	(Principal Accounting Officer)
/S/	Eric L. Affeldt	Chairman	February 25, 2013
	Eric L. Affeldt
/S/	Gina D. France	Director	February 25, 2013
	Gina D. France
/S/	Daniel J. Hanrahan	Director	February 25, 2013
	Daniel J. Hanrahan
/S/	Richard L. Kinzel	Director	February 25, 2013
	Richard L. Kinzel
/S/	Tom Klein	Director	February 25, 2013
	Tom Klein
/S/	Debra Smithart-Oglesby	Director	February 25, 2013
	Debra Smithart-Oglesby
/S/	John M. Scott III	Director	February 25, 2013
	John M. Scott III
/S/	Lauri M. Shanahan	Director	February 25, 2013
	Lauri M. Shanahan

68

EXHIBIT INDEX

Exhibit Number	Description	Page
2.1	Asset Purchase Agreement between Cedar Fair, L.P. and Six Flags, Inc., Funtime, Inc., Aurora Campground, Inc., Ohio Campgrounds Inc., and Ohio Hotel LLC, dated April 8, 2004. Incorporated herein by reference to Exhibit 2 to the Registrant's Form 8-K (File No. 001-09444) filed on April 23, 2004.	*
2.2	Stock Purchase Agreement between Cedar Fair, L.P. and CBS Corporation, dated May 22, 2006. Incorporated herein by reference to Exhibit 2.1 to the Registrant's Form 8-K (File No. 001-09444) filed on July 7, 2006.	*
2.3	Amendment No. 1 to the Stock Purchase Agreement between Cedar Fair, L.P. and CBS Corporation, dated June 30, 2006. Incorporated herein by reference to Exhibit 2.2 to the Registrant's Form 8-K (File No. 001-09444)filed on July 7, 2006.	*
2.4	Agreement and Plan of Merger, dated as of December 16, 2009, by and among Siddur Holdings, Ltd., Siddur Merger Sub, LLC, Cedar Fair Management, Inc. and Cedar Fair, L.P., dated as of December 16, 2009. Incorporated herein by reference to Exhibit 2.1 to the Registrant's Form 8-K filed on December 17, 2009.	*
2.5	Termination and Settlement Agreement among Cedar Fair, L.P. and its affiliates, and the Apollo Parties thereto, dated April 5, 2010. Incorporated herein by reference to Exhibit 2.1 to the Registrant's Form 8-K filed on April 6, 2010.	*
3.1	Sixth Amended and Restated Agreement of Limited Partnership of Cedar Fair, L.P. Incorporated herein by reference to Exhibit 3.1 to the Registrant's Form 10-Q (File No. 001-9444) filed November 4, 2011.	*
3.2	Regulations of Cedar Fair Management Inc. Incorporated herein by reference to Exhibit 3.2 to the Registrant's Form 10-Q filed November 4, 2011.	*
4.1	Rights Agreement between Cedar Fair, L.P. and American Stock Transfer and Trust Co., LLC, dated April 5, 2010. Incorporated herein by reference to Exhibit 4.1 to the Registrant's Form 8-K filed on April 6, 2010.	*
4.2	Indenture, by and among Cedar Fair, L.P., Canada's Wonderland Company, and Magnum Management Corporation, as issuers, the guarantors named therein, and The Bank of New York Mellon, as trustee, dated as of July 29, 2010 (including form of 9.125% Senior Notes due 2018). Incorporated herein by reference to Exhibit 4.1 to the Registrant's Form 8-K filed on July 29, 2010.	*
4.3	Registration Rights Agreement, among Cedar Fair, L.P., Canada's Wonderland Company, and Magnum Management Corporation, as issuers, the guarantors named therein, and J.P. Morgan Securities Inc., as representative of the initial purchasers named therein, dated July 29, 2010. Incorporated herein by reference to Exhibit 4.2 to the Registrant's Form 8-K filed on July 29, 2010.	*
10.1	Cedar Fair, L.P. Amended and Restated Executive Severance Plan dated July 18, 2007. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007.	*
10.2	Cedar Fair, L.P. Amended and Restated 2000 Equity Incentive Plan dated July 18, 2007. Incorporated herein by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007.	*
10.3	Cedar Fair, L.P. Amended and Restated 2000 Senior Executive Management Incentive Plan dated July 18, 2007. Incorporated herein by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007.	*
10.4	Cedar Fair, L.P. Amended and Restated Senior Management Long-Term Incentive Compensation Plan dated July 18, 2007. Incorporated herein by reference to Exhibit 10.4 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007.	*
10.5	Cedar Fair, L.P. Amended and Restated Supplemental Retirement Program dated July 18, 2007. Incorporated herein by reference to Exhibit 10.5 to the Registrants Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007.	*
10.6	Cedar Fair, L.P. 2008 Supplemental Retirement Program dated February 4, 2008. Incorporated herein by reference to Exhibit 10.5 to the Registrant's Annual Report on Form 10-K filed on February 29, 2008.	*
10.7	2007 Amended and Restated Employment Agreement with Richard L. Kinzel. Incorporated herein by reference to Exhibit 10.6 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007.	*
10.8	Amendment to the 2007 Amended and Restated Employment Agreement with Richard L. Kinzel dated January 24, 2011. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed on May 6, 2011.

69

EXHIBIT INDEX (continued)

Exhibit Number	Description	Page
10.8	Amendment to the 2007 Amended and Restated Employment Agreement with Richard L. Kinzel dated January 24, 2011. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed on May 6, 2011.	*
10.9	Employment Agreement with Matthew A. Ouimet, dated June 20, 2011. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on June 24, 2011.	*
10.10	2011 Amended and Restated Employment Agreement with Richard A. Zimmerman dated June 27, 2011. Incorporated herein by reference to Exhibit 10.3 to the Registrant's Form 8-K filed June 28, 2011.	*
10.11	Employment Agreement with Richard A. Zimmerman, dated October 14, 2011. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on October 18, 2011.	*
10.12	2011 Amended and Restated Employment Agreement with Robert A. Decker dated June 27, 2011. Incorporated herein by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q filed on August 5, 2011.	*
10.13	2011 Amended and Restated Employment Agreement with H. Philip Bender dated June 27, 2011. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed June 28, 2011.	*
10.14	Amended and Restated Credit Agreement dated as of February 15, 2007 among Cedar Fair, L.P. and Subsidiaries as co-borrowers, and several banks and certain “Lenders” party thereto. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K (File No. 001-09444) filed on February 21, 2007.	*
10.15	Amendment No. 1 dated August 12, 2009 to the Amended and Restated Credit Agreement dated as of February 15, 2007. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on August 14,2009.	*
10.16	Credit Agreement Waiver, dated January 26, 2010, to the Amended and Restated Credit Agreement, dated February 15, 2007. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on January 28, 2010.	*
10.17	Cedar Fair, L.P. 2008 Omnibus Incentive Plan dated as of May 15, 2008. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on May 20, 2008.	*
10.18	Cedar Fair, L.P. 2008 Omnibus Incentive Plan Long-Term Incentive Award Agreement. Incorporated herein by reference to Exhibit 10.13 to the Registrant's Form 10-K filed on March 2, 2009.	*
10.19	Cedar Fair, L.P. 2008 Omnibus Incentive Plan 2008-2011 Performance Award Agreement. Incorporated herein by reference to Exhibit 10.13 to the Registrant's Form 10-K filed on March 2, 2009.	*
10.20	Cedar Fair, L.P. 2008 Omnibus Incentive Plan Form of Restricted Phantom Unit Award Agreement, Incorporated herein by reference to Exhibit 10 to the Registrant's Form 10-Q filed on May 8, 2009	*
10.21	Letter Agreement between Cedar Fair, L.P., Cedar Fair Management, Inc., Q Funding III, L.P. and Q4 Funding, L.P., dated May 4, 2010. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on May 5, 2010.	*
10.22	Credit Agreement, among Cedar Fair, L.P., Magnum Management Corporation and Canada's Wonderland Company as borrowers, the several lenders from time to time party thereto, Keybank National Association, Wells Fargo Bank, N.A., UBS Loan Finance LLC and Fifth Third Bank as co-syndication agents and JPMorgan Chase Bank, N.A. as administrative agent and collateral agent, dated July 29, 2010. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on July 29, 2010.	*
10.23	Amendment No. 1, dated February 25, 2011, to Credit Agreement, among Cedar Fair, L.P.,Magnum Management Corporation and Canada's Wonderland Company as borrowers, the several lenders from time to time party thereto, KeyBank National Association, Wells Fargo Bank, N.A., UBS Loan Finance, LLC and Fifth Third Bank as co-syndication agents and JPMorgan Chase Bank, N.A. as administrative agent and collateral agent. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on March 3, 2011.	*
10.24	Form of Indemnification Agreement. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed November 1, 2011.	*
10.25	2008 Omnibus Incentive Plan Form of Restricted Unit Award Agreement. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed March 28, 2012.	*
10.26	2008 Omnibus Incentive Plan Form of Option Award Agreement. Incorporated herein by reference to Exhibit 10.2 to the Registrant's Form 8-K filed March 28, 2012.	*
10.27	2008 Omnibus Incentive Plan Form of Performance Award Agreement. Incorporated herein by reference to Exhibit 10.3 to the Registrant's Form 8-K filed March 28, 2012.	*
10.28	Amended and Restated Employment Agreement, by and among Cedar Fair, L.P., Cedar Fair Management, Inc., Magnum Management Corporation and David Hoffman, dated April 24, 2012. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed April 27, 2012.	*
10.29	Employment Agreement by and between Cedar Fair, L.P., Cedar Fair Management, Inc., Magnum Corporation and Brian Witherow, dated December 4, 2012. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed December 7, 2012.	*

70

EXHIBIT INDEX (continued)

10.30	Employment Agreement by and between Cedar Fair, L.P., Cedar Fair Management, Inc., Magnum Corporation and Kelley Semmelroth, dated December 4, 2012. Incorporated herein by reference to Exhibit 10.2 to the Registrant's Form 8-K filed December 7, 2012.	*
10.31	Amended and Restated Employment Agreement by and between Cedar Fair, L.P., Cedar Fair Management, Inc., Magnum Management Corporation and Matthew A. Ouimet, dated December 4, 2012. Incorporated herein by reference to Exhibit 10.3 to the Registrant's Form 8-K filed December 7, 2012.	*
10.32	Amended and Restated Employment Agreement by and between Cedar Fair, L.P., Cedar Fair Management, Inc., Magnum Management Corporation and Richard Zimmerman, dated December 4, 2012. Incorporated herein by reference to Exhibit 10.4 to the Registrant's Form 8-K filed December 7, 2012.	*
21	Subsidiaries of Cedar Fair, L.P.	72
23	Consent of Independent Registered Public Accounting Firm	73
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	74
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	75
32.1	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	76
101	The following materials from the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Statements of Operations and Comprehensive Income, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Statements of Partners' Equity and, (v) related notes.	*

71

EX-21

Exhibit 21

SUBSIDIARIES OF THE REGISTRANT

(As of December 31, 2012)

Name	Jurisdiction of Organization
Cedar Fair	Ohio
Knott's Berry Farm	California
Magnum Management Corporation	Ohio
Michigan's Adventure, Inc.	Michigan
Cedar Point of Michigan	Michigan
Cedar Point, Inc.	Ohio
Boeckling, L.P.	Ohio
Cedar Fair Southwest Inc.	Delaware
Kings Island Company	Delaware
Western Row Properties, Inc.	Ohio
Wonderland Company Inc.	Delaware
Canada's Wonderland Company	Canada (Nova Scotia)

72

EX-23

Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporated by reference in Registration Statement No. 333-163503 on Form S-3 and Nos. 333-152818 and 333-99043 on Form S-8 of our reports dated February 25, 2013, relating to the consolidated financial statements of Cedar Fair, L.P. and subsidiaries (the “Partnership”), and the effectiveness of the Partnership's internal control over financial reporting, appearing in this Annual Report on Form 10-K of Cedar Fair, L.P. for the year ended December 31, 2012.

/s/ DELOITTE & TOUCHE LLP

Cleveland, Ohio

February 25, 2013

73

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Matthew A. Ouimet, certify that:

1) I have reviewed this annual report on Form 10-K of Cedar Fair, L.P.;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5) The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	February 25, 2013	/s/ Matthew A. Ouimet
		Matthew A. Ouimet
		President and Chief Executive Officer

74

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Brian C. Witherow, certify that:

1) I have reviewed this annual report on Form 10-K of Cedar Fair, L.P.;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5) The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	February 25, 2013	/s/ Brian C. Witherow
		Brian C. Witherow
		Executive Vice President and Chief Financial Officer

75

EX-32

Exhibit 32

CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Cedar Fair, L.P. (the “Partnership”) on Form 10-K for the period ending December 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Partnership certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

February 25, 2013

/s/ Matthew A. Ouimet

Matthew A. Ouimet

President and Chief Executive Officer

/s/ Brian C. Witherow

Brian C. Witherow

Executive Vice President and Chief Financial Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

76

XML

Schedule of Debt Maturities (Details) (USD $)	12 Months Ended
	Dec. 31, 2012 Amended 2010 Credit Agreement [Member]	Dec. 31, 2012 February 2011 Amended US Term Loan [Member]	Dec. 31, 2011 February 2011 Amended US Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Ebitda Cushion On Consolidated Leverage Ratio	$ 133,600,000
2013		0
2014		0
2015		10,100,000
2016		11,800,000
2017		1,109,200,000
Total		$ 1,131,100,000	$ 1,156,100,000

XML

Income and Partnership Taxes Unrecognized Tax Benefits (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	$ 1,100	$ 0
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions	1,100
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions		0
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities	0
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations	$ 0

XML

Retirement Plans (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2012 Employees	Dec. 31, 2011	Dec. 31, 2010
Noncontributory retirement plans, amounts accrued	$ 3.9	$ 3.9	$ 4.1
Matching contributions made by partnership, net of forfeitures	1.7	1.6	1.5
Multiemployer Plan, Number of Employees	222
Multiemployer plan, contributions made in period	$ 1.3	$ 1.2	$ 1.1

XML

Contingencies (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Operating Lease Commitments and Contingencies [Abstract]
Operating lease expense	$ 12.0	$ 9.7	$ 9.4

XML

Vested Unit Options Outstanding (Details) (USD $) In Thousands, except Share data, unless otherwise specified				12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012 Stock Options [Member]	Dec. 31, 2012 Variable Price Options [Member]	Dec. 31, 2012 Fixed Price Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Remaining Contractual Life				8 years 10 months 24 days	9 months 18 days	8 years 10 months 24 days
Weighted Average Exercise Price	$ 29.45	$ 24.4	$ 23.1	$ 29.26	$ 15.07	$ 29.36
Range of Exercise Prices, Lower Limit				$ 15.07	$ 15.07	$ 28.45
Range of Exercise Prices, Upper Limit				$ 29.53	$ 15.07	$ 29.53
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	83,518	224,500		83,518	600	82,918
Aggregate intrinsic value				$ 350

XML

Summary of Significant Accounting Policies Earnings per Unit (Details)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Basic weighted average units outstanding	55,518,000	55,345,000	55,316,000
Effect of dilutive units:
Unit options (Note 7)	43,000	0	0
Phantom units (Note 7)	334,000	541,000	0
Diluted weighted average units outstanding	55,895,000	55,886,000	55,316,000
Net income (loss) per unit - basic	1.82	1.28	(0.6)
Net income (loss) per unit - diluted	1.81	1.27	(0.6)
Unit Options [Member]
Effect of dilutive units:
Antidilutive securities excluded from computation of earnings per unit amount	11,600	63,000	304,000

XML

Fair Value Measurements (Details) (USD $)	3 Months Ended	12 Months Ended
	Jun. 27, 2010	Dec. 31, 2012		Dec. 31, 2011		Dec. 31, 2010
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability		$ (32,260,000)		$ (32,400,000)
Current derivative liability		0		(50,772,000)
Net derivative liability		32,260,000		83,172,000
Increase in net derivative liability		900,000
Loss on impairment of goodwill and other intangibles		0		0		2,293,000
Trade-name impairment	1,390,000
Fair value of term debt		1,117,100,000		1,159,300,000
Fair value of notes		353,800,000		368,100,000
Wildwater Kingdom [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Long-Lived Assets Held-for-use		25,000,000
California's Great America [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Long-Lived Assets Held-for-use						62,000,000
Total [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net derivative liability		(32,260,000)		(83,172,000)
Total [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived fixed assets		19,800,000
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net derivative liability		(32,260,000)		(83,172,000)
Designated As Hedging [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net derivative liability		32,260,000		32,400,000
Designated As Hedging [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability		(32,260,000)		(32,400,000)
Designated As Hedging [Member] | Total [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability		(32,260,000)	[1]	(32,400,000)	[1]
Designated As Hedging [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability		0		0
Designated As Hedging [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability		32,260,000		32,400,000
Designated As Hedging [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability		0		0
Not Designated As Hedging [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net derivative liability		0		50,772,000
Not Designated As Hedging [Member] | Cross-Currency Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liability		0		(37,617,000)
Not Designated As Hedging [Member] | Foreign Currency Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liability		0		(13,155,000)
Not Designated As Hedging [Member] | Total [Member] | Fair Value, Measurements, Recurring [Member] | Cross-Currency Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liability				(37,617,000)	[2]
Not Designated As Hedging [Member] | Total [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Currency Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liability				(13,155,000)	[2]
Not Designated As Hedging [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Cross-Currency Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liability				0
Not Designated As Hedging [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Currency Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liability				0
Not Designated As Hedging [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Cross-Currency Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liability				37,617,000
Not Designated As Hedging [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Currency Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liability				13,155,000
Not Designated As Hedging [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Cross-Currency Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liability				0
Not Designated As Hedging [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Currency Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current derivative liability				$ 0

[1] Included in "Derivative Liability" on the Consolidated Balance Sheet

[2] Included in "Current derivative liability" on the Consolidated Balance Sheet

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Partners' Equity (Tables)

12 Months Ended

Dec. 31, 2012

Partners' Capital Notes [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity

summary of unit option activity in 2012 and 2011 is presented below:

	2012				2011
			Weighted Average				Weighted Average
	Unit Options		Exercise Price		Unit Options		Exercise Price
Outstanding, beginning of year	224,500		$	24.40	341,500		$	23.10
Granted	280,672		29.53		—		—
Exercised	(206,150	)	24.19		(6,300	)	20.29
Forfeited	(5,000	)	23.81		(110,700	)	20.60
Outstanding, end of year	294,022		$	29.45	224,500		$	24.40
Options exercisable, end of year	83,518		$	29.26	224,500		$	24.40

Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding

The following table summarizes information about vested unit options outstanding at December 31, 2012:

Vested Options Outstanding
Type	Range of Exercise Prices					Unit Options		Weighted Average Remaining Contractual Life	Weighted Average Exercise Price
Variable	$	15.07	—	$	15.07	600		0.8 years	$	15.07
Fixed	$	28.45	—	$	29.53	82,918		8.9 years	$	29.36
Outstanding at year-end	$	15.07	—	$	29.53	83,518		8.9 years	$	29.26
Aggregate intrinsic value ($'s in thousands)						$	350

Schedule of Nonvested Share Activity [Table Text Block]

A summary of the status of the Partnership's nonvested unit options at December 31, 2012 is presented below:

	Unit Options		Weighted Average Grant-Date Fair Value
Nonvested, beginning of year	—		$	—
Granted	280,672		29.53
Vested	(70,168	)	29.53
Nonvested, end of year	210,504		$	29.53

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Income Tax Expense (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Current federal	$ (1,081)	$ 399	$ 1,174
Current state and local	743	894	1,748
Current foreign	(4,152)	(2,381)	6,493
Total current	(4,490)	(1,088)	9,415
Deferred federal, state and local	8,844	5,206	(8,883)
Deferred foreign	18,266	(1,189)	(5,781)
Total deferred	27,110	4,017	(14,664)
Provision (benefit) pertaining to corporate subsidiaries	$ 22,620	$ 2,929	$ (5,249)

XML

Derivative Financial Instruments Schedule of Derivatives (Details) (USD $)	12 Months Ended																																	12 Months Ended											12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012 Interest Rate Swap [Member]	Dec. 31, 2011 Interest Rate Swap [Member]	Oct. 02, 2011 Interest Rate Swap [Member]	Oct. 02, 2011 Interest Rate Swap [Member] Fixed Rate Swap 1 [Member]	Oct. 02, 2011 Interest Rate Swap [Member] Fixed Rate Swap 2 [Member]	Oct. 02, 2011 Interest Rate Swap [Member] Fixed Rate Swap 3 [Member]	Oct. 02, 2011 Interest Rate Swap [Member] Fixed Rate Swap 4 [Member]	Oct. 02, 2011 Interest Rate Swap [Member] Fixed Rate Swap 5 [Member]	Oct. 02, 2011 Interest Rate Swap [Member] Fixed Rate Swap 6 [Member]	Jul. 20, 2011 Currency Swap July [Member]	Dec. 31, 2012 Forward Starting Interest Rate Swap [Member]	Dec. 31, 2012 Forward Starting Interest Rate Swap [Member] Forward Starting Interest Rate Swap 1 [Member]	Dec. 31, 2012 Forward Starting Interest Rate Swap [Member] Forward Starting Interest Rate Swap 2 [Member]	Dec. 31, 2012 Forward Starting Interest Rate Swap [Member] Forward Starting Interest Rate Swap 3 [Member]	Dec. 31, 2012 Forward Starting Interest Rate Swap [Member] Forward Starting Interest Rate Swap 4 [Member]	Dec. 31, 2012 Forward Starting Interest Rate Swap [Member] Forward Starting Interest Rate Swap 5 [Member]	Dec. 31, 2012 Forward Starting Interest Rate Swap [Member] Forward Starting Interest Rate Swap 6 [Member]	Dec. 31, 2012 Forward Starting Interest Rate Swap [Member] Forward Starting Interest Rate Swap 7 [Member]	Dec. 31, 2012 Forward Starting Interest Rate Swap [Member] Forward Starting Interest Rate Swap 8 [Member]	Dec. 31, 2012 Forward Starting Interest Rate Swap [Member] Forward Starting Interest Rate Swap 9 [Member]	Dec. 31, 2012 Forward Starting Interest Rate Swap [Member] Forward Starting Interest Rate Swap 10 [Member]	Dec. 31, 2012 Forward Starting Interest Rate Swap [Member] Forward Starting Interest Rate Swap 11 [Member]	Dec. 31, 2011 Cross-Currency Swap [Member]	Dec. 31, 2011 Cross-Currency Swap [Member] Fixed Rate Swap 1 [Member]	Dec. 31, 2011 Cross-Currency Swap [Member] Fixed Rate Swap 2 [Member]	May 31, 2011 Foreign Currency Swap [Member]	Dec. 31, 2012 Cash Flow Hedging [Member] Interest Rate Swap [Member]	Dec. 31, 2012 Cash Flow Hedging [Member] Forward Starting Interest Rate Swap [Member] September 2010 Swaps [Member]	Sep. 25, 2011 Cash Flow Hedging [Member] Forward Starting Interest Rate Swap [Member] September 2010 Swaps [Member]	Feb. 28, 2011 Cash Flow Hedging [Member] Forward Starting Interest Rate Swap [Member] September 2010 Swaps [Member]	Dec. 31, 2012 Cash Flow Hedging [Member] Forward Starting Interest Rate Swap [Member] September 2010 and March 2011 Swaps [Member]	Oct. 30, 2011 Cash Flow Hedging [Member] Forward Starting Interest Rate Swap [Member] September 2010 and March 2011 Swaps [Member]	Dec. 31, 2012 Cash Flow Hedging [Member] Forward Starting Interest Rate Swap [Member] May 2011 Swaps [Member] contract	Dec. 31, 2012 Cash Flow Hedging [Member] Cross-Currency Swap [Member]	Dec. 31, 2012 Libor 30 Day [Member]	Oct. 31, 2009 Designated As Hedging [Member] Cash Flow Hedging [Member] Interest Rate Swap [Member]	Aug. 31, 2009 Designated As Hedging [Member] Cash Flow Hedging [Member] Cross-Currency Swap [Member]	Dec. 31, 2012 Not Designated As Hedging [Member] Cross-Currency Swap [Member]	Dec. 31, 2011 Not Designated As Hedging [Member] Cross-Currency Swap [Member]	Dec. 31, 2012 Not Designated As Hedging [Member] Foreign Currency Swap [Member]	Dec. 31, 2011 Not Designated As Hedging [Member] Foreign Currency Swap [Member]	Dec. 31, 2012 Amended 2010 Credit Agreement [Member]
Derivative [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	210,504	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 29.53	$ 0.00
Percentage of foreign currency termination swapped													25.00%
Amortization of deferred hedge gains				$ 16,000	$ 33,600,000
Notional amount						1,000,000,000	200,000,000	200,000,000	200,000,000	200,000,000	100,000,000	100,000,000		800,000,000	200,000,000	75,000,000	50,000,000	150,000,000	50,000,000	50,000,000	25,000,000	50,000,000	30,000,000	70,000,000	50,000,000	255,825,000	255,000,000	825,000
Fixed interest rate							5.64%	5.64%	5.64%	5.57%	5.60%	5.60%			2.3975%	2.4255%	2.4205%	2.5545%	2.4205%	2.5545%	2.4255%	2.54%	2.54%	2.54%	2.54%		7.31%	9.50%
Average rate						5.62%								2.47875%												7.32%								2.46%		2.54%
Net effect of swaps	(1,492,000)	(13,119,000)	18,194,000																															(3,300,000)
Amount of hedged item																														800,000,000		600,000,000			600,000,000	200,000,000	268,700,000
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax																															6,000,000		7,200,000						91,800,000	15,100,000
Required Percentage To Swap Term Debt To Fixed Rate Debt																													50.00%
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Amortizable Portion, Effect Net of Tax																															2,100,000
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash FLow Hedges, Unamortizable Portion, Effect Net of Tax																															3,900,000
Number of derivative instruments																																				4
Debt instrument, LIBOR floor, decrease to percent	1.00%
Debt instrument, LIBOR floor, decrease from percent	1.50%
Variable interest rate																																						0.2117%
Aggregate term debt and senior notes subject to interest rate protection requirement																																													50.00%
Current derivative liability	$ 0	$ (50,772,000)																																							$ 0	$ (37,617,000)	$ 0	$ (13,155,000)
Granted	280,672	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 29.53	$ 0.00
Vested	70,168

XML

Other Intangible Assets (Details) (USD $)	3 Months Ended		12 Months Ended
	Dec. 31, 2010	Jun. 27, 2010	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Carrying Amount/Value			$ 40,222,000	$ 39,835,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			14 years 3 months 18 days	15 years
Accumulated Amortization				322,000
Total other intangible assets, gross carrying amount				40,595,000
Total other intangible assets, net carrying value			40,652,000	40,273,000
Trade-name impairment		1,390,000
Additional trade-name impairment	903,000
Amortization expense of other intangibles			38,000	58,000	73,000
Maximum [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Net Carrying Value			50,000
Estimated amortization expense, 2012 through 2015			50,000
License / Franchise Agreements [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			14 years 3 months 18 days	15 years
Gross Carrying Amount			790,000	760,000
Accumulated Amortization			360,000	322,000
Net Carrying Value			430,000	438,000
Estimated amortization expense, 2012 through 2015			$ 430,000	$ 438,000

XML

Effective Income Tax Reconciliation (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income tax expense based on U.S. federal statutory income tax rate	$ 46,403	$ 28,687	$ (10,634)
Partnership loss (income) not deductible (includible) from (in) corporate income	(21,273)	(16,188)	4,115
State and local taxes, net of federal income tax benefit	3,455	1,938	(930)
Valuation allowance	(6,030)	(10,460)	4,425
Tax credits	(2,100)	(1,791)	(2,706)
Nondeductible expenses and other	2,165	743	481
Provision (benefit) pertaining to corporate subsidiaries	$ 22,620	$ 2,929	$ (5,249)

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Consolidating Financial Information of Guarantors and Issuers Balance Sheet (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	May 30, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Current Assets:
Cash and cash equivalents	$ 78,830		$ 35,524	$ 9,765	$ 11,928
Receivables	18,192		7,611
Inventories	27,840		33,069
Current deferred tax asset	8,184		10,345
Other current assets	8,060		11,966
Total current assets	141,106		98,515
Property and equipment (net)	1,552,029		1,619,492
Investment In Park	0		0
Intercompany Note Receivable			0
Goodwill	246,221		243,490		246,259
Other intangibles, net	40,652		40,273
Deferred Tax Asset	0		0
Intercompany Receivable	0		0
Other Assets	47,614		54,188
Assets	2,027,622		2,055,958
Current Liabilities:
Current maturities of long-term debt	0	16,000	15,921
Accounts payable	10,734		12,856
Deferred revenue	39,485		29,594
Accrued interest	15,512		15,762
Accrued taxes	17,813		16,008
Accrued salaries, wages and benefits	24,836		33,388
Self-insurance reserves	23,906		21,243
Current derivative liability	0		50,772
Other accrued liabilities	5,916		7,899
Total current liabilities	138,202		203,443
Deferred Tax Liability	156,740		133,767
Derivative Liability	32,260		32,400
Other Liabilities	8,980		4,090
Intercompany Note Payable			0
Long-Term Debt:
Term debt	1,131,100		1,140,179
Notes	401,080		400,279
Long-term debt, noncurrent	1,532,180		1,540,458
Equity	159,260		141,800	121,628
Total Partners' Equity and Liabilities	2,027,622		2,055,958
Cedar Fair L.P. (Parent) [Member]
Current Assets:
Cash and cash equivalents	25,000		0	0	0
Receivables	4		0
Inventories	0		0
Current deferred tax asset	0		0
Other current assets	563		508
Total current assets	25,567		508
Property and equipment (net)	439,506		455,579
Investment In Park	489,945		518,819
Intercompany Note Receivable			0
Goodwill	9,061		9,061
Other intangibles, net	0		0
Deferred Tax Asset	0		0
Intercompany Receivable	877,612		887,344
Other Assets	22,048		27,641
Assets	1,863,739		1,898,952
Current Liabilities:
Current maturities of long-term debt			15,921
Accounts payable	147,264		175,968
Deferred revenue	0		0
Accrued interest	98		198
Accrued taxes	4,518		3,909
Accrued salaries, wages and benefits	0		0
Self-insurance reserves	0		0
Current derivative liability			0
Other accrued liabilities	1,110		1,247
Total current liabilities	152,990		197,243
Deferred Tax Liability	0		0
Derivative Liability	19,309		19,451
Other Liabilities	0		0
Intercompany Note Payable			0
Long-Term Debt:
Term debt	1,131,100		1,140,179
Notes	401,080		400,279
Long-term debt, noncurrent	1,532,180		1,540,458
Equity	159,260		141,800
Total Partners' Equity and Liabilities	1,863,739		1,898,952
Co-Issuer Subsidiary (Magnum) [Member]
Current Assets:
Cash and cash equivalents	444		512	1,461	1,243
Receivables	101,093		62,408
Inventories	1,724		1,547
Current deferred tax asset	3,705		6,239
Other current assets	17,858		13,461
Total current assets	124,824		84,167
Property and equipment (net)	1,013		1,044
Investment In Park	776,992		661,251
Intercompany Note Receivable			93,845
Goodwill	0		0
Other intangibles, net	0		0
Deferred Tax Asset	36,443		47,646
Intercompany Receivable	1,070,125		1,084,112
Other Assets	14,832		16,158
Assets	2,024,229		1,988,223
Current Liabilities:
Current maturities of long-term debt			15,921
Accounts payable	213,279		144,868
Deferred revenue	0		0
Accrued interest	64		131
Accrued taxes	0		0
Accrued salaries, wages and benefits	17,932		26,916
Self-insurance reserves	5,528		3,977
Current derivative liability			0
Other accrued liabilities	2,502		5,568
Total current liabilities	239,305		197,381
Deferred Tax Liability	0		0
Derivative Liability	12,951		12,949
Other Liabilities	5,480		4,090
Intercompany Note Payable			0
Long-Term Debt:
Term debt	1,131,100		1,140,179
Notes	401,080		400,279
Long-term debt, noncurrent	1,532,180		1,540,458
Equity	234,313		233,345
Total Partners' Equity and Liabilities	2,024,229		1,988,223
Co-Issuer Subsidiary (Cedar Canada) [Member]
Current Assets:
Cash and cash equivalents	50,173		31,540	6,943	9,947
Receivables	71,099		69,285
Inventories	2,352		2,703
Current deferred tax asset	816		772
Other current assets	530		1,027
Total current assets	124,970		105,327
Property and equipment (net)	268,157		266,111
Investment In Park	118,514		118,385
Intercompany Note Receivable			0
Goodwill	125,942		123,210
Other intangibles, net	17,835		17,448
Deferred Tax Asset	0		0
Intercompany Receivable	1,116,623		1,141,302
Other Assets	8,419		9,353
Assets	1,780,460		1,781,136
Current Liabilities:
Current maturities of long-term debt			15,921
Accounts payable	16,101		25,631
Deferred revenue	4,996		2,891
Accrued interest	15,350		15,433
Accrued taxes	6,239		7,374
Accrued salaries, wages and benefits	1,214		1,076
Self-insurance reserves	1,754		1,711
Current derivative liability			50,772
Other accrued liabilities	140		252
Total current liabilities	45,794		121,061
Deferred Tax Liability	63,460		58,463
Derivative Liability	0		0
Other Liabilities	0		0
Intercompany Note Payable			0
Long-Term Debt:
Term debt	1,131,100		1,140,179
Notes	401,080		400,279
Long-term debt, noncurrent	1,532,180		1,540,458
Equity	139,026		61,154
Total Partners' Equity and Liabilities	1,780,460		1,781,136
Guarantor Subsidiaries [Member]
Current Assets:
Cash and cash equivalents	3,213		3,472	1,361	738
Receivables	498,555		412,095
Inventories	23,764		28,819
Current deferred tax asset	3,663		3,334
Other current assets	5,490		7,822
Total current assets	534,685		455,542
Property and equipment (net)	843,353		896,758
Investment In Park	56,903		40,481
Intercompany Note Receivable			0
Goodwill	111,218		111,219
Other intangibles, net	22,817		22,825
Deferred Tax Asset	90		0
Intercompany Receivable	0		0
Other Assets	2,315		1,036
Assets	1,571,381		1,527,861
Current Liabilities:
Current maturities of long-term debt			0
Accounts payable	286,649		202,566
Deferred revenue	34,489		26,703
Accrued interest	0		0
Accrued taxes	23,437		15,577
Accrued salaries, wages and benefits	5,690		5,396
Self-insurance reserves	16,624		15,555
Current derivative liability			0
Other accrued liabilities	2,164		832
Total current liabilities	369,053		266,629
Deferred Tax Liability	129,813		122,950
Derivative Liability	0		0
Other Liabilities	3,500		0
Intercompany Note Payable			93,845
Long-Term Debt:
Term debt	0		0
Notes	0		0
Long-term debt, noncurrent	0		0
Equity	1,069,015		1,044,437
Total Partners' Equity and Liabilities	1,571,381		1,527,861
Eliminations [Member]
Current Assets:
Cash and cash equivalents	0		0	0	0
Receivables	(652,559)		(536,177)
Inventories	0		0
Current deferred tax asset	0		0
Other current assets	(16,381)		(10,852)
Total current assets	(668,940)		(547,029)
Property and equipment (net)	0		0
Investment In Park	(1,442,354)		(1,338,936)
Intercompany Note Receivable			(93,845)
Goodwill	0		0
Other intangibles, net	0		0
Deferred Tax Asset	(36,533)		(47,646)
Intercompany Receivable	(3,064,360)		(3,112,758)
Other Assets	0		0
Assets	(5,212,187)		(5,140,214)
Current Liabilities:
Current maturities of long-term debt			(31,842)
Accounts payable	(652,559)		(536,177)
Deferred revenue	0		0
Accrued interest	0		0
Accrued taxes	(16,381)		(10,852)
Accrued salaries, wages and benefits	0		0
Self-insurance reserves	0		0
Current derivative liability			0
Other accrued liabilities	0		0
Total current liabilities	(668,940)		(578,871)
Deferred Tax Liability	(36,533)		(47,646)
Derivative Liability	0		0
Other Liabilities	0		0
Intercompany Note Payable			(93,845)
Long-Term Debt:
Term debt	(2,262,200)		(2,280,358)
Notes	(802,160)		(800,558)
Long-term debt, noncurrent	(3,064,360)		(3,080,916)
Equity	(1,442,354)		(1,338,936)
Total Partners' Equity and Liabilities	$ (5,212,187)		$ (5,140,214)

XML

Partners' Equity Nonvested Unit Options Activity (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] [Roll Forward]
Nonvested, beginning of year	0
Granted	280,672	0
Vested	70,168
Nonvested, end of year	210,504	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 29.53	$ 0.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 29.53	$ 0.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value	$ 29.53

XML

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets:

Goodwill and other indefinite-lived intangible assets, including trade-names, are reviewed for impairment annually, or more frequently if indicators of impairment exist. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in equity price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; the testing for recoverability of a significant asset group within a reporting unit; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on our consolidated financial statements.

The goodwill impairment test involves a two-step process. The first step is a comparison of each reporting unit's fair value to its carrying value. The Partnership estimates fair value using both an income (discounted cash flows) and market approach. The income approach uses a reporting unit's projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions. The projection uses management's best estimates of economic and market conditions over the projected period including growth rates in revenues and costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements. A market approach estimates fair value by applying cash flow multiples to the reporting unit's operating performance. The multiples are derived from comparable publicly traded companies with similar operating and investment characteristics of the reporting units.

If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of reporting unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill is less than the recorded goodwill, an impairment charge is recorded for the difference.

A relief-from-royalty model is used to determine whether the fair value of trade-names exceed their carrying amounts. The fair value of the trade-names is determined as the present value of fees avoided by owning the respective trade-name.

Until December 2010, goodwill related to parks acquired prior to 2006 was tested for impairment as of October 1, while goodwill and other indefinite-lived intangibles, including trade-name intangibles, related to the Paramount Parks (PPI) acquisition in 2006 were tested annually for impairment as of April 1. Effective in December 2010, the Partnership changed the date of its annual goodwill impairment tests from April 1 and October 1 to December 31 to more closely align the impairment testing procedures with its long-range planning and forecasting process, which occurs in the fourth quarter each year. The Partnership believes the change is preferable since the long-term cash flow projections are a key component in performing its annual impairment tests of goodwill. In addition, the Partnership changed the date of its annual impairment test for other indefinite-lived intangibles from April 1 to December 31.

The Partnership tested goodwill and other indefinite-lived intangibles for impairment on December 31, 2012 and no impairment was indicated. During 2010, the Partnership tested goodwill for impairment as of April 1, 2010 or October 1, 2010, as applicable, and again as of December 31, 2010. The tests indicated no impairment of goodwill as of any of those dates. During 2010, the Partnership tested other indefinite-lived intangibles for impairment as of April 1, 2010 and December 31, 2010. After performing the April 1, 2010 impairment test, it was determined that a portion of trade-names at certain PPI parks were impaired as the carrying values of those trade-names exceeded their fair values. As a result the Partnership recognized $1.4 million of trade-name impairment during the second quarter of 2010. This impairment was driven mainly by an increase in the Partnership’s cost of capital in 2010 and lower projected growth rates for certain parks as of the test date. After performing the December 31, 2010 test of indefinite-lived intangibles, it was determined that a portion of the trade-names at Great America, originally recorded with the PPI acquisition, were impaired. As a result, the Partnership recognized $0.9 million of additional trade-name impairment during the fourth quarter of 2010 which is recorded in "Loss on impairment of goodwill and other intangibles" on the consolidated statement of operations and comprehensive income.

The change in accounting principle related to changing the annual goodwill impairment testing date did not delay, accelerate, avoid or cause an impairment charge. As it was impracticable to objectively determine operating and valuation estimates for periods prior to December 31, 2010, the Partnership has prospectively applied the change in the annual goodwill impairment testing date from December 31, 2010.

A summary of changes in the Partnership's carrying value of goodwill is as follows:

				Accumulated
	Goodwill			Impairment			Goodwill
	(gross)			Losses			(net)
(In thousands)
Balance at December 31, 2010	$	326,127		$	(79,868	)	$	246,259
Foreign currency exchange translation	(2,769		)	—			(2,769		)
Balance at December 31, 2011	323,358			(79,868		)	243,490
Foreign currency exchange translation	2,731			—			2,731
Balance at December 31, 2012	$	326,089		$	(79,868	)	$	246,221

The Partnership's other intangible assets consisted of the following at December 31, 2012 and 2011:

	Weighted
	Average	Gross				Net
	Amortization	Carrying		Accumulated		Carrying
	Period	Amount		Amortization		Value
	(Amounts in thousands)
December 31, 2012
Other intangible assets:
Trade names	—	$	40,222	$	—	$	40,222
License / franchise agreements	14.3 years	790		360		430
Total other intangible assets	14.3 years	$	41,012	$	360	$	40,652
December 31, 2011
Other intangible assets:
Trade names	—	$	39,835	$	—	$	39,835
License / franchise agreements	15.0 years	760		322		438
Total other intangible assets	15.0 years	$	40,595	$	322	$	40,273

Amortization expense of other intangible assets for 2012, 2011, and 2010 was $38,000, $58,000, and $73,000, respectively. Amortization expense of other intangible assets held at December 31, 2012, is expected to total less than $50,000 in each of the years 2013-2017.

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Consolidating Financial Information of Guarantors and Issuers Income Statement (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Condensed Financial Statements, Captions [Line Items]
Net revenues	$ 1,068,454	$ 1,028,472	$ 977,592
Costs and expenses:
Cost of food, merchandise and games revenues	95,048	92,057	86,619
Operating expenses	451,403	430,851	411,402
Selling, general and administrative	138,311	140,426	134,001
Depreciation and amortization	127,339	125,837	128,856
Loss on impairment of goodwill and other intangibles	0	0	2,293
Loss on impairment / retirement of fixed assets, net	30,336	2,565	62,752
Gain (Loss) on Sale of Other Assets	(6,625)	0	0
Total costs and expenses	835,812	791,736	825,923
Operating income	232,642	236,736	151,669
Interest expense (income), net	110,551	157,028	149,131
Net effect of swaps	(1,492)	(13,119)	18,194
Loss on early extinguishment of debt	0	0	35,289
Unrealized / realized foreign currency gain (loss)	(8,998)	9,909	(20,563)
Other (income) expense	0	955	0
(Income) loss from investment in affiliates	0	0	0
Income (loss) before taxes	132,581	81,963	(30,382)
Provision (benefit) for taxes	31,365	11,217	2,670
Net income (loss)	101,216	70,746	(33,052)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	369	933	(6,475)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	139	3,767	60,048
Other Comprehensive Income (Loss), Net of Tax	508	4,700	53,573
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	101,724	75,446	20,521
Cedar Fair L.P. (Parent) [Member]
Condensed Financial Statements, Captions [Line Items]
Net revenues	145,715	141,149	136,386
Costs and expenses:
Cost of food, merchandise and games revenues	0	0	0
Operating expenses	5,380	5,491	5,534
Selling, general and administrative	6,495	10,073	15,093
Depreciation and amortization	37,660	37,283	36,158
Loss on impairment of goodwill and other intangibles			0
Loss on impairment / retirement of fixed assets, net	25,997	990	732
Gain (Loss) on Sale of Other Assets	(862)
Total costs and expenses	74,670	53,837	57,517
Operating income	71,045	87,312	78,869
Interest expense (income), net	48,524	84,391	85,313
Net effect of swaps	(138)	(12,214)	10,508
Loss on early extinguishment of debt			24,831
Unrealized / realized foreign currency gain (loss)	0	0	0
Other (income) expense	749	1,705	750
(Income) loss from investment in affiliates	(89,381)	(65,701)	(17,498)
Income (loss) before taxes	111,291	79,131	(25,035)
Provision (benefit) for taxes	10,075	8,385	8,017
Net income (loss)	101,216	70,746	(33,052)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	369	933	(6,475)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	139	3,767	60,048
Other Comprehensive Income (Loss), Net of Tax	508	4,700	53,573
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	101,724	75,446	20,521
Co-Issuer Subsidiary (Magnum) [Member]
Condensed Financial Statements, Captions [Line Items]
Net revenues	258,136	251,064	245,983
Costs and expenses:
Cost of food, merchandise and games revenues	0	0	0
Operating expenses	176,356	165,409	164,750
Selling, general and administrative	86,615	84,270	71,454
Depreciation and amortization	40	47	95
Loss on impairment of goodwill and other intangibles			0
Loss on impairment / retirement of fixed assets, net	0	0	0
Gain (Loss) on Sale of Other Assets	0
Total costs and expenses	263,011	249,726	236,299
Operating income	(4,875)	1,338	9,684
Interest expense (income), net	29,328	15,030	31,460
Net effect of swaps	121	718	0
Loss on early extinguishment of debt			0
Unrealized / realized foreign currency gain (loss)	0	0	(3,079)
Other (income) expense	(9,507)	(7,798)	(6,123)
(Income) loss from investment in affiliates	(65,509)	(17,362)	993
Income (loss) before taxes	40,692	10,750	(13,567)
Provision (benefit) for taxes	(9,856)	(23,000)	(320)
Net income (loss)	50,548	33,750	(13,247)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax		0	0
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax		(9,499)	1,916
Other Comprehensive Income (Loss), Net of Tax	114	(9,499)	1,916
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	50,662	24,251	(11,331)
Co-Issuer Subsidiary (Cedar Canada) [Member]
Condensed Financial Statements, Captions [Line Items]
Net revenues	140,418	126,972	113,513
Costs and expenses:
Cost of food, merchandise and games revenues	10,316	9,932	8,917
Operating expenses	47,863	45,765	42,551
Selling, general and administrative	11,135	11,314	10,839
Depreciation and amortization	18,199	17,325	16,246
Loss on impairment of goodwill and other intangibles			0
Loss on impairment / retirement of fixed assets, net	6	(61)	20
Gain (Loss) on Sale of Other Assets	0
Total costs and expenses	87,519	84,275	78,573
Operating income	52,899	42,697	34,940
Interest expense (income), net	40,870	52,814	31,835
Net effect of swaps	(1,475)	(1,623)	7,686
Loss on early extinguishment of debt			10,458
Unrealized / realized foreign currency gain (loss)	(8,998)	9,909	(17,484)
Other (income) expense	2,020	2,349	1,811
(Income) loss from investment in affiliates	(14,170)	(10,520)	2,461
Income (loss) before taxes	34,652	(10,232)	(1,827)
Provision (benefit) for taxes	3,413	2,970	456
Net income (loss)	31,239	(13,202)	(2,283)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax		933	(6,475)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax		291	8,906
Other Comprehensive Income (Loss), Net of Tax	390	1,224	2,431
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	31,629	(11,978)	148
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net revenues	927,668	901,120	863,677
Costs and expenses:
Cost of food, merchandise and games revenues	84,732	82,125	77,702
Operating expenses	625,287	606,019	580,534
Selling, general and administrative	34,066	34,769	36,615
Depreciation and amortization	71,440	71,182	76,357
Loss on impairment of goodwill and other intangibles			2,293
Loss on impairment / retirement of fixed assets, net	4,333	1,636	62,000
Gain (Loss) on Sale of Other Assets	(5,763)
Total costs and expenses	814,095	795,731	835,501
Operating income	113,573	105,389	28,176
Interest expense (income), net	(8,171)	4,793	523
Net effect of swaps	0	0	0
Loss on early extinguishment of debt			0
Unrealized / realized foreign currency gain (loss)	0	0	0
Other (income) expense	6,738	4,699	3,562
(Income) loss from investment in affiliates	(31,333)	11,998	2,215
Income (loss) before taxes	146,339	83,899	21,876
Provision (benefit) for taxes	27,733	22,862	(5,483)
Net income (loss)	118,606	61,037	27,359
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax		0	0
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax		0	0
Other Comprehensive Income (Loss), Net of Tax	0	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	118,606	61,037	27,359
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net revenues	(403,483)	(391,833)	(381,967)
Costs and expenses:
Cost of food, merchandise and games revenues	0	0	0
Operating expenses	(403,483)	(391,833)	(381,967)
Selling, general and administrative	0	0	0
Depreciation and amortization	0	0	0
Loss on impairment of goodwill and other intangibles			0
Loss on impairment / retirement of fixed assets, net	0	0	0
Gain (Loss) on Sale of Other Assets	0
Total costs and expenses	(403,483)	(391,833)	(381,967)
Operating income	0	0	0
Interest expense (income), net	0	0	0
Net effect of swaps	0	0	0
Loss on early extinguishment of debt			0
Unrealized / realized foreign currency gain (loss)	0	0	0
Other (income) expense	0	0	0
(Income) loss from investment in affiliates	200,393	81,585	11,829
Income (loss) before taxes	(200,393)	(81,585)	(11,829)
Provision (benefit) for taxes	0	0	0
Net income (loss)	(200,393)	(81,585)	(11,829)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax		(933)	6,475
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax		9,208	(10,822)
Other Comprehensive Income (Loss), Net of Tax	(504)	8,275	(4,347)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (200,897)	$ (73,310)	$ (16,176)

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Derivative Financial Instruments Income Statement Location (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Derivative Instruments, Gain (Loss) [Line Items]
Gain on ineffective portion of derivatives	$ 1,279	$ 47,078
Gain (loss) on foreign currency derivatives	200	(400)
Net effect of swaps	(1,492)	(13,119)	18,194
Amended 2010 Credit Agreement [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Length of initial agreement covenant requirement (years)	3 years
Aggregate term debt and senior notes subject to interest rate protection requirement	50.00%
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amortization of deferred hedge gains	16	33,600
Designated As Hedging [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in accumulated OCI on derivatives (effective portion)	140	(35,353)
Designated As Hedging [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount and location of gain (loss) reclassified from accumulated OCI into income (effective portion)	(12,027)	(3,023)
Designated As Hedging [Member] | Interest Rate Swap [Member] | Net Effect of Swaps [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount and location of gain (loss) recognized in income on derivative (ineffective portion)	0	47,987
Not Designated As Hedging [Member] | Net Effect of Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount and location of gain (loss) recognized in income on derivative	1,279	(909)
Not Designated As Hedging [Member] | Interest Rate Swap [Member] | Net Effect of Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount and location of gain (loss) recognized in income on derivative	0	(3,342)
Not Designated As Hedging [Member] | Foreign Currency Swap [Member] | Net Effect of Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount and location of gain (loss) recognized in income on derivative	6,278	(13,665)
Not Designated As Hedging [Member] | Cross-Currency Swap [Member] | Net Effect of Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount and location of gain (loss) recognized in income on derivative	(4,999)	16,098
September 2010 and March 2011 Swaps [Member] | Forward Starting Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net effect of swaps	$ (3,300)

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Immaterial Restatement (Tables)

12 Months Ended

Dec. 31, 2012

Immaterial Restatement [Abstract]

Schedule of Quantifying Prior Year Misstatements Corrected in Financial Statements [Table Text Block]

The tables below detail the effects of such depreciation adjustments (including the related deferred income tax impact) on previously presented historical financial statement amounts:

Balance Sheets
	12/31/2011
Accumulated depreciation
As originally filed	$	(1,044,589	)
Correction	(18,599		)
As restated	$	(1,063,188	)
Total assets
As originally filed	$	2,074,557
Correction	(18,599		)
As restated	$	2,055,958
Deferred Tax Liability
As originally filed	$	135,446
Correction	(1,679		)
As restated	$	133,767
Limited Partners' Equity
As originally filed	$	182,438
Correction	(16,920		)
As restated	$	165,518

Statements of Operations and Comprehensive Income
For the years ended December 31,	2011			2010
Depreciation and amortization
As originally filed	$	123,805		$	126,796
Correction	2,032			2,060
As restated	$	125,837		$	128,856
Income (loss) before tax
As originally filed	$	83,995		$	(28,322	)
Correction	(2,032		)	(2,060		)
As restated	$	81,963		$	(30,382	)
Provision (benefit) for taxes
As originally filed	$	11,837		$	3,245
Correction	(620		)	(575		)
As restated	$	11,217		$	2,670
Net income (loss)
As originally filed	$	72,158		$	(31,567	)
Correction	(1,412		)	(1,485		)
As restated	$	70,746		$	(33,052	)
Basic earnings per limited partner unit:
As originally filed	$	1.30		$	(0.57	)
Correction	(0.02		)	(0.03		)
As restated	$	1.28		$	(0.60	)
Diluted earnings per limited partner unit:
As originally filed	$	1.29		$	(0.57	)
Correction	(0.02		)	(0.03		)
As restated	$	1.27		$	(0.60	)

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on recurring basis

The table below presents the balances of liabilities measured at fair value as of December 31, 2012 and 2011 on a recurring basis:

(In thousands)	Total			Level 1		Level 2			Level 3
December 31, 2012
Interest rate swap agreements (1)	$	(32,260	)	$	—	$	(32,260	)	$	—
Total	$	(32,260	)	$	—	$	(32,260	)	$	—
December 31, 2011
Interest rate swap agreements (1)	$	(32,400	)	$	—	$	(32,400	)	$	—
Cross-currency swap agreements(2)	(37,617		)	—		(37,617		)	—
Foreign currency swap agreements (2)	(13,155		)	—		(13,155		)	—
Total	$	(83,172	)	$	—	$	(83,172	)	$	—

(1) Included in "Derivative Liability" on the Consolidated Balance Sheet

(2) Included in "Current derivative liability" on the Consolidated Balance Sheet

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Future Minimum Lease Payments (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012
Operating Leased Assets [Line Items]
2012	$ 6,276
2013	6,073
2014	5,687
2015	5,567
2016	5,483
Thereafter	118,000
Total future minimum payments due	$ 147,086

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Partners' Equity Narrative (Details) (USD $)	12 Months Ended															12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012 Phantom Share Units (PSUs) [Member]	Dec. 31, 2011 Phantom Share Units (PSUs) [Member]	Dec. 31, 2010 Phantom Share Units (PSUs) [Member]	Dec. 31, 2012 Fixed Price Options [Member]	Dec. 31, 2012 Performance Units [Member]	Dec. 31, 2010 Performance Units [Member]	Dec. 31, 2009 Performance Units [Member]	Dec. 31, 2012 Restricted Stock Units (RSUs) [Member]	Dec. 31, 2012 Restricted Units March 2012 Award [Member]	Dec. 31, 2012 Restricted Units October 2012 Award [Member]	Dec. 31, 2012 2012 Option Awards [Member]	Dec. 31, 2012 Variable Price Options [Member]	Dec. 31, 2012 Prior Option Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Special L.P. interests	$ 5,290,000	$ 5,290,000
Unit options and other forms of equity authorized under equity incentive plan	4,800,000
Non-option equity instruments awarded				15,000				46,759				93,517	97,394
Grant price per unit				27.91				29.53				29.53	35.52
Compensation expense related to non-option equity instruments	4,476,000	(239,000)	(89,000)	3,400,000	5,400,000	3,500,000		3,354,000	2,605,000	864,000	1,220,400
Distribution equivalent liability	150,900
Intrinsic value of restricted units that vested	100,000
Non-option equity instruments, units outstanding				225,459				161,619
Non-option equity instruments, vested units outstanding				147,017
Closing price per unit				$ 33.45				$ 33.45
Aggregate market value of vested units, current portion				500,000	9,700,000			3,782,000
Aggregate market value of vested units, noncurrent portion				4,400,000	1,600,000
Unamortized compensation related to unvested phantom unit awards				2,600,000			1,000,000	1,100,000			5,000,600
Unamortized compensation related to unvested phantom unit awards, period for recognition				1 year 10 months 24 days			2 years 3 months 18 days	2 years			2 years 6 months
Award vesting period											3 years			3 years		5 years
Expected term, maximum	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	37.20%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	2.31%
Per-unit distribution made to limited partners	$ 1.6
Annual vesting percentage for 2012 and 2013								50.00%
Unit options outstanding	210,504	0					293,422								600
Unit options granted in period	280,672	0
Unit options granted in period, fair value per share	$ 4.92
Aggregate market value of contingently issuable units								541,403	2,067,000
Total intrinsic value of options exercised	400,000	0	500,000
Non-cash compensation expense relating to unit options	$ 345,228

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Consolidating Financial Information of Guarantors and Issuers (Tables)

12 Months Ended

Dec. 31, 2012

Condensed Consolidated Financial Information [Abstract]

Condensed Consolidating Balance Sheet

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2012

(In thousands)

	Cedar Fair L.P. (Parent)		Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	25,000	$	444	$	50,173	$	3,213	$	—		$	78,830
Receivables	4		101,093		71,099		498,555		(652,559		)	18,192
Inventories	—		1,724		2,352		23,764		—			27,840
Current deferred tax asset	—		3,705		816		3,663		—			8,184
Other current assets	563		17,858		530		5,490		(16,381		)	8,060
	25,567		124,824		124,970		534,685		(668,940		)	141,106
Property and Equipment, net	439,506		1,013		268,157		843,353		—			1,552,029
Investment in Park	489,945		776,992		118,514		56,903		(1,442,354		)	—
Goodwill	9,061		—		125,942		111,218		—			246,221
Other Intangibles, net	—		—		17,835		22,817		—			40,652
Deferred Tax Asset	—		36,443		—		90		(36,533		)	—
Intercompany Receivable	877,612		1,070,125		1,116,623		—		(3,064,360		)	—
Other Assets	22,048		14,832		8,419		2,315		—			47,614
	$	1,863,739	$	2,024,229	$	1,780,460	$	1,571,381	$	(5,212,187	)	$	2,027,622
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Accounts payable	$	147,264	$	213,279	$	16,101	$	286,649	$	(652,559	)	$	10,734
Deferred revenue	—		—		4,996		34,489		—			39,485
Accrued interest	98		64		15,350		—		—			15,512
Accrued taxes	4,518		—		6,239		23,437		(16,381		)	17,813
Accrued salaries, wages and benefits	—		17,932		1,214		5,690		—			24,836
Self-insurance reserves	—		5,528		1,754		16,624		—			23,906
Other accrued liabilities	1,110		2,502		140		2,164		—			5,916
	152,990		239,305		45,794		369,053		(668,940		)	138,202
Deferred Tax Liability	—		—		63,460		129,813		(36,533		)	156,740
Derivative Liability	19,309		12,951		—		—		—			32,260
Other Liabilities	—		5,480		—		3,500		—			8,980
Long-Term Debt:
Term debt	1,131,100		1,131,100		1,131,100		—		(2,262,200		)	1,131,100
Notes	401,080		401,080		401,080		—		(802,160		)	401,080
	1,532,180		1,532,180		1,532,180		—		(3,064,360		)	1,532,180
Equity	159,260		234,313		139,026		1,069,015		(1,442,354		)	159,260
	$	1,863,739	$	2,024,229	$	1,780,460	$	1,571,381	$	(5,212,187	)	$	2,027,622

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2011

(In thousands)

	Cedar Fair L.P. (Parent)		Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	512	$	31,540	$	3,472	$	—		$	35,524
Receivables	—		62,408		69,285		412,095		(536,177		)	7,611
Inventories	—		1,547		2,703		28,819		—			33,069
Current deferred tax asset	—		6,239		772		3,334		—			10,345
Other current assets	508		13,461		1,027		7,822		(10,852		)	11,966
	508		84,167		105,327		455,542		(547,029		)	98,515
Property and Equipment, net	455,579		1,044		266,111		896,758		—			1,619,492
Investment in Park	518,819		661,251		118,385		40,481		(1,338,936		)	—
Intercompany Note Receivable	—		93,845		—		—		(93,845		)	—
Goodwill	9,061		—		123,210		111,219		—			243,490
Other Intangibles, net	—		—		17,448		22,825		—			40,273
Deferred Tax Asset	—		47,646		—		—		(47,646		)	—
Intercompany Receivable	887,344		1,084,112		1,141,302		—		(3,112,758		)	—
Other Assets	27,641		16,158		9,353		1,036		—			54,188
	$	1,898,952	$	1,988,223	$	1,781,136	$	1,527,861	$	(5,140,214	)	$	2,055,958
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	15,921	$	15,921	$	15,921	$	—	$	(31,842	)	$	15,921
Accounts payable	175,968		144,868		25,631		202,566		(536,177		)	12,856
Deferred revenue	—		—		2,891		26,703		—			29,594
Accrued interest	198		131		15,433		—		—			15,762
Accrued taxes	3,909		—		7,374		15,577		(10,852		)	16,008
Accrued salaries, wages and benefits	—		26,916		1,076		5,396		—			33,388
Self-insurance reserves	—		3,977		1,711		15,555		—			21,243
Current derivative liability	—		—		50,772		—		—			50,772
Other accrued liabilities	1,247		5,568		252		832		—			7,899
	197,243		197,381		121,061		266,629		(578,871		)	203,443
Deferred Tax Liability	—		—		58,463		122,950		(47,646		)	133,767
Derivative Liability	19,451		12,949		—		—		—			32,400
Other Liabilities	—		4,090		—		—		—			4,090
Intercompany Note Payable	—		—		—		93,845		(93,845		)	—
Long-Term Debt:
Term debt	1,140,179		1,140,179		1,140,179		—		(2,280,358		)	1,140,179
Notes	400,279		400,279		400,279		—		(800,558		)	400,279
	1,540,458		1,540,458		1,540,458		—		(3,080,916		)	1,540,458
Equity	141,800		233,345		61,154		1,044,437		(1,338,936		)	141,800
	$	1,898,952	$	1,988,223	$	1,781,136	$	1,527,861	$	(5,140,214	)	$	2,055,958

Condensed Consolidating Statement of Operations

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2012

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	145,715		$	258,136		$	140,418		$	927,668		$	(403,483	)	$	1,068,454
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			10,316			84,732			—			95,048
Operating expenses	5,380			176,356			47,863			625,287			(403,483		)	451,403
Selling, general and administrative	6,495			86,615			11,135			34,066			—			138,311
Depreciation and amortization	37,660			40			18,199			71,440			—			127,339
Loss on impairment / retirement of fixed assets, net	25,997			—			6			4,333			—			30,336
Gain on sale of other assets	(862		)	—			—			(5,763		)	—			(6,625		)
	74,670			263,011			87,519			814,095			(403,483		)	835,812
Operating income (loss)	71,045			(4,875		)	52,899			113,573			—			232,642
Interest expense, net	48,524			29,328			40,870			(8,171		)	—			110,551
Net effect of swaps	(138		)	121			(1,475		)	—			—			(1,492		)
Unrealized / realized foreign currency gain	—			—			(8,998		)	—			—			(8,998		)
Other (income) expense	749			(9,507		)	2,020			6,738			—			—
(Income) loss from investment in affiliates	(89,381		)	(65,509		)	(14,170		)	(31,333		)	200,393			—
Income (loss) before taxes	111,291			40,692			34,652			146,339			(200,393		)	132,581
Provision (benefit) for taxes	10,075			(9,856		)	3,413			27,733			—			31,365
Net income	$	101,216		$	50,548		$	31,239		$	118,606		$	(200,393	)	$	101,216
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	369			—			369			—			(369		)	369
Unrealized income on cash flow hedging derivatives	139			114			21			—			(135		)	139
Other comprehensive income, (net of tax)	508			114			390			—			(504		)	508
Total Comprehensive Income	$	101,724		$	50,662		$	31,629		$	118,606		$	(200,897	)	$	101,724

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2011

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries		Eliminations			Total
Net revenues	$	141,149		$	251,064		$	126,972		$	901,120	$	(391,833	)	$	1,028,472
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			9,932			82,125		—			92,057
Operating expenses	5,491			165,409			45,765			606,019		(391,833		)	430,851
Selling, general and administrative	10,073			84,270			11,314			34,769		—			140,426
Depreciation and amortization	37,283			47			17,325			71,182		—			125,837
Loss on impairment / retirement of fixed assets, net	990			—			(61		)	1,636		—			2,565
	53,837			249,726			84,275			795,731		(391,833		)	791,736
Operating income	87,312			1,338			42,697			105,389		—			236,736
Interest expense, net	84,391			15,030			52,814			4,793		—			157,028
Net effect of swaps	(12,214		)	718			(1,623		)	—		—			(13,119		)
Unrealized / realized foreign currency loss	—			—			9,909			—		—			9,909
Other (income) expense	1,705			(7,798		)	2,349			4,699		—			955
(Income) loss from investment in affiliates	(65,701		)	(17,362		)	(10,520		)	11,998		81,585			—
Income (loss) before taxes	79,131			10,750			(10,232		)	83,899		(81,585		)	81,963
Provision (benefit) for taxes	8,385			(23,000		)	2,970			22,862		—			11,217
Net income (loss)	$	70,746		$	33,750		$	(13,202	)	$	61,037	$	(81,585	)	$	70,746
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	933			—			933			—		(933		)	933
Unrealized income (loss) on cash flow hedging derivatives	3,767			(9,499		)	291			—		9,208			3,767
Other comprehensive income (loss), (net of tax)	4,700			(9,499		)	1,224			—		8,275			4,700
Total Comprehensive Income	$	75,446		$	24,251		$	(11,978	)	$	61,037	$	(73,310	)	$	75,446

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2010

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	136,386		$	245,983		$	113,513		$	863,677		$	(381,967	)	$	977,592
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			8,917			77,702			—			86,619
Operating expenses	5,534			164,750			42,551			580,534			(381,967		)	411,402
Selling, general and administrative	15,093			71,454			10,839			36,615			—			134,001
Depreciation and amortization	36,158			95			16,246			76,357			—			128,856
Loss on impairment of goodwill and other intangibles	—			—			—			2,293			—			2,293
Loss on impairment / retirement of fixed assets, net	732			—			20			62,000			—			62,752
	57,517			236,299			78,573			835,501			(381,967		)	825,923
Operating income	78,869			9,684			34,940			28,176			—			151,669
Interest expense, net	85,313			31,460			31,835			523			—			149,131
Net effect of swaps	10,508			—			7,686			—			—			18,194
Loss on early extinguishment of debt	24,831			—			10,458			—			—			35,289
Unrealized / realized foreign currency loss	—			(3,079		)	(17,484		)	—			—			(20,563		)
Other (income) expense	750			(6,123		)	1,811			3,562			—			—
(Income) loss from investment in affiliates	(17,498		)	993			2,461			2,215			11,829			—
Income (loss) before taxes	(25,035		)	(13,567		)	(1,827		)	21,876			(11,829		)	(30,382		)
Provision (benefit) for taxes	8,017			(320		)	456			(5,483		)	—			2,670
Net income (loss)	$	(33,052	)	$	(13,247	)	$	(2,283	)	$	27,359		$	(11,829	)	$	(33,052	)
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	(6,475		)	—			(6,475		)	—			6,475			(6,475		)
Unrealized income on cash flow hedging derivatives	60,048			1,916			8,906			—			(10,822		)	60,048
Other comprehensive income, (net of tax)	53,573			1,916			2,431			—			(4,347		)	53,573
Total Comprehensive Income	$	20,521		$	(11,331	)	$	148		$	27,359		$	(16,176	)	$	20,521

Condensed Consolidating Statement of Cash Flows

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2012

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	129,402		$	30,355		$	20,829		$	143,062		$	(37,715	)	$	285,933
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	31,496			(55,458		)	2,599			(16,352		)	37,715			—
Sale of other assets	1,173			—			—			14,885			—			16,058
Capital expenditures	(33,664		)	(8		)	(14,551		)	(48,009		)	—			(96,232		)
Net cash for investing activities	(995		)	(55,466		)	(11,952		)	(49,476		)	37,715			(80,174		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Term debt payments, including early termination penalties	(14,468		)	(10,212		)	(320		)	—			—			(25,000		)
Derivative settlement	—			—			(50,450		)	—			—			(50,450		)
Intercompany (payments) receipts	—			93,845			—			(93,845		)	—			—
Distributions (paid) received	(88,939		)	126			—			—			—			(88,813		)
Capital (contribution) infusion	—			(60,000		)	60,000			—			—			—
Exercise of limited partnership unit options	—			76			—			—			—			76
Excess tax benefit from unit-based compensation expense	—			1,208			—			—			—			1,208
Net cash from (for) financing activities	(103,407		)	25,043			9,230			(93,845		)	—			(162,979		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			526			—			—			526
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	25,000			(68		)	18,633			(259		)	—			43,306
Balance, beginning of year	—			512			31,540			3,472			—			35,524
Balance, end of year	$	25,000		$	444		$	50,173		$	3,213		$	—		$	78,830

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2011

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	147,385		$	(149,801	)	$	51,510		$	187,328		$	(18,245	)	$	218,177
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	(14,404		)	(18,973		)	(4,989		)	20,121			18,245			—
Capital expenditures	(41,851		)	—			(19,344		)	(28,995		)	—			(90,190		)
Net cash from (for) investing activities	(56,255		)	(18,973		)	(24,333		)	(8,874		)	18,245			(90,190		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net payments on revolving credit loans	(23,200		)	—			—			—			—			(23,200		)
Term debt borrowings	13,246			9,357			335			—			—			22,938
Intercompany term debt (payments) receipts	—			176,343			—			(176,343		)	—			—
Term debt payments, including early termination penalties	(13,831		)	(9,763		)	(306		)	—			—			(23,900		)
Distributions (paid) received	(55,562		)	215			—			—			—			(55,347		)
Payment of debt issuance costs	(11,783		)	(8,332		)	(1,099		)	—			—			(21,214		)
Exercise of limited partnership unit options	—			5			—			—			—			5
Net cash from (for) financing activities	(91,130		)	167,825			(1,070		)	(176,343		)	—			(100,718		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			(1,510		)	—			—			(1,510		)
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	—			(949		)	24,597			2,111			—			25,759
Balance, beginning of year	—			1,461			6,943			1,361			—			9,765
Balance, end of year	$	—		$	512		$	31,540		$	3,472		$	—		$	35,524

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2010

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	82,230		$	(62,109	)	$	(3,649	)	$	41,710		$	123,933		$	182,115
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	14,840			222,495			(113,173		)	(229		)	(123,933		)	—
Capital expenditures	(26,165		)	—			(7,433		)	(38,108		)	—			(71,706		)
Net cash from (for) investing activities	(11,325		)	222,495			(120,606		)	(38,337		)	(123,933		)	(71,706		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net borrowings (payments) on revolving credit loans	(63,100		)	—			—			—			—			(63,100		)
Term debt borrowings	680,000			480,000			15,000			—			—			1,175,000
Note borrowings	—			—			399,383			—			—			399,383
Intercompany term debt (payments) receipts	699,625			(696,875		)	—			(2,750		)	—			—
Term debt payments, including early termination penalties	(1,351,464		)	(7,327		)	(208,099		)	—			—			(1,566,890		)
Distributions (paid) received	(13,891		)	57			—			—			—			(13,834		)
Return of capital	—			75,247			(75,247		)	—			—			—
Payment of debt issuance costs	(22,075		)	(11,277		)	(9,912		)	—			—			(43,264		)
Exercise of limited partnership unit options	—			7			—			—			—			7
Net cash from (for) financing activities	(70,905		)	(160,168		)	121,125			(2,750		)	—			(112,698		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			126			—			—			126
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	—			218			(3,004		)	623			—			(2,163		)
Balance, beginning of year	—			1,243			9,947			738			—			11,928
Balance, end of year	$	—		$	1,461		$	6,943		$	1,361		$	—		$	9,765

XML

Partnership Organization (Details) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Limited Partners' Capital Account [Line Items]
General partner ownership interest (in percent)	0.001%
Limited Partners' Capital Account, Units Outstanding	55,617,901	55,346,287
Partners' capital account, units held in treasury	1,444,082	215,696
Treasury Stock, Shares, Acquired	1,500,000
Units issued for options and compensation	271,614
Per-unit distribution made to limited partners	$ 1.6
Aggregate distribution made to limited partners	$ 88.8

XML

Long-Lived Assets

12 Months Ended

Dec. 31, 2012

Impairment or Disposal of Tangible Assets Disclosure [Abstract]

Long-Lived Assets

Long-Lived Assets:

Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in equity price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on our consolidated financial statements.

The long-lived asset impairment test involves a two-step process. The first step is a comparison of each asset group's carrying value to its estimated undiscounted future cash flows expected to result from the use of the assets, including disposition. Projected future cash flows reflect management's best estimates of economic and market conditions over the projected period, including growth rates in revenues and costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates and future estimates of capital expenditures. If the carrying value of the asset group is higher than its undiscounted future cash

flows, there is an indication that impairment exists and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of the asset group to its carrying value in a manner consistent with the highest and best use of those assets The Partnership estimates fair value of operating assets using an income (discounted cash flows) approach, which uses an asset group's projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital reflective of current market conditions. If the implied fair value of the assets is less than their carrying value, an impairment charge is recorded for the difference.

Non-operating assets are evaluated for impairment based on changes in market conditions. When changes in market conditions are observed, impairment is estimated using a market-based approach. If the estimated fair value of the non-operating assets is less than their carrying value, an impairment charge is recorded for the difference.

At the end of the third quarter of 2012, the Partnership concluded based on 2012 operating results through the third quarter and updated forecasts, that a review of the carrying value of operating long-lived assets at Wildwater Kingdom was warranted. After performing its review, the Partnership determined that a portion of the park's fixed assets were impaired. Also, at the end of the third quarter of 2012, the Partnership concluded that market conditions had changed on the adjacent non-operating land of Wildwater Kingdom. After performing its review of the updated market value of the land, the Partnership determined the land was impaired. The Partnership recognized a total of $25.0 million of non-operating and operating fixed-asset impairment during the third quarter of 2012 which was recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statement of operations and comprehensive income.

At the end of the fourth quarter of 2010, the Partnership concluded based on 2010 operating results, as well as updated forecasts, that a review of the carrying value of long-lived assets at California's Great America was warranted. After performing its review, the Partnership determined that a portion of the park's fixed assets, the majority of which were originally recorded with the PPI acquisition, were impaired. As a result, the Partnership recognized $62.0 million of fixed-asset impairment during the fourth quarter of 2010 which is recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statement of operations and comprehensive income.

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Summary of Significant Accounting Policies Useful Lives (Details)	12 Months Ended
	Dec. 31, 2012
Land Improvements [Member]
Useful lives (in years)	21 years
Building [Member]
Useful lives (in years)	25 years
Other Machinery and Equipment [Member]
Useful lives (in years)	18 years
Equipment [Member]
Useful lives (in years)	9 years
Minimum [Member]
Useful life, minimum (in years)	5 years
Maximum [Member]
Useful life, minimum (in years)	20 years

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Debt Instruments (Details) (USD $)						12 Months Ended
	Dec. 31, 2012	May 30, 2012	Dec. 31, 2011	Dec. 31, 2012 February 2011 Amended US Term Loan [Member]	Dec. 31, 2011 February 2011 Amended US Term Loan [Member]	Dec. 31, 2012 Amended 2010 Credit Agreement [Member]	Dec. 31, 2012 Senior Unsecured Notes [Member] Notes Payable Due 2018 [Member]	Dec. 31, 2012 Maximum [Member] Amended 2010 Credit Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument Restricted Payment								$ 20,000,000
Debt Instrument Consolidated Leverage Ratio						3.94
Fair value of term debt	1,117,100,000		1,159,300,000
Revolving credit facility	0		0
Notes payable	401,080,000		400,279,000
Term debt				1,131,100,000	1,156,100,000
Long-term debt	1,532,180,000		1,556,379,000
Less: current portion	0	(16,000,000)	(15,921,000)
Long-term debt, noncurrent	1,532,180,000		1,540,458,000
Redemption percentage of original face amount							100.00%
Debt Instrument Early Call Date Percentage Of Notes Availabe For Redemption							35.00%
Debt Instrument Early Call Date Premium Price Percentage							109.125%
Fair value of notes	$ 353,800,000		$ 368,100,000

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Deferred Tax Assets and Liabilities (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Deferred tax assets:
Options and deferred compensation	$ 7,741	$ 10,236
Accrued expenses	4,519	3,841
Foreign tax credits	31,162	40,439
Tax attribute carryforwards	10,948	20,209
Derivatives	10,661	6,808
Intangibles	0	508
Other, net	4,126	1,789
Deferred tax assets	69,157	83,830
Valuation allowance	(11,253)	(17,283)
Net deferred tax assets	57,904	66,547
Deferred tax liabilities:
Property	(193,923)	(184,969)
Derferred Tax Liability, Intangibles	(3,865)	0
Foreign currency translation	(8,672)	(5,000)
Deferred tax liabilities	206,460	189,969
Net deferred tax liability	(148,556)	(123,422)
Benefit of reduced statutory foreign tax rate	1,600
Net current and non-current components of deferred taxes:
Net current deferred tax asset	8,184	10,345
Net non-current deferred tax liability	(156,740)	(133,767)
Net deferred tax liability	$ (148,556)	$ (123,422)

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Consolidated Balance Sheets (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Limited Partners' Capital Account, Units Outstanding	55,617,901	55,346,287
Current Assets:
Cash and cash equivalents	$ 78,830	$ 35,524
Receivables	18,192	7,611
Inventories	27,840	33,069
Current deferred tax asset	8,184	10,345
Other current assets	8,060	11,966
Total current assets	141,106	98,515
Property and Equipment:
Land	303,348	312,859
Land improvements	339,081	333,423
Buildings	584,854	579,136
Rides and equipment	1,450,231	1,423,370
Construction in progress	28,971	33,892
Total property and equipment, gross	2,706,485	2,682,680
Less accumulated depreciation	(1,154,456)	(1,063,188)
Total property and equipment, net	1,552,029	1,619,492
Goodwill	246,221	243,490
Other Intangibles, net	40,652	40,273
Other Assets	47,614	54,188
Assets	2,027,622	2,055,958
Current Liabilities:
Current maturities of long-term debt	0	15,921
Accounts payable	10,734	12,856
Deferred revenue	39,485	29,594
Accrued interest	15,512	15,762
Accrued taxes	17,813	16,008
Accrued salaries, wages and benefits	24,836	33,388
Self-insurance reserves	23,906	21,243
Current derivative liability	0	50,772
Other accrued liabilities	5,916	7,899
Total current liabilities	138,202	203,443
Deferred Tax Liability	156,740	133,767
Derivative Liability	32,260	32,400
Other Liabilities	8,980	4,090
Long-Term Debt:
Revolving credit loans	0	0
Term debt	1,131,100	1,140,179
Notes	401,080	400,279
Long-term debt, noncurrent	1,532,180	1,540,458
Commitments and Contingencies (Note 10)
Partners' Equity:
Special L.P. interests	5,290	5,290
General partner	1	0
Limited partners, 55,618 and 55,346 units outstanding at December 31, 2012 and December 31, 2011, respectively	182,469	165,518
Accumulated other comprehensive loss	(28,500)	(29,008)
Total partners' equity	159,260	141,800
Total Partners' Equity and Liabilities	$ 2,027,622	$ 2,055,958

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Unit Option Activity (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Unit options, outstanding	224,500	341,500
Granted	280,672	0
Unit options, exercised	(206,150)	(6,300)
Unit options, forfeited	(5,000)	(110,700)
Unit options, outstanding	294,022	224,500	341,500
Unit options exercisable	83,518	224,500
Unit options outstanding, weighted average exercise price	$ 24.4	$ 23.1
Unit options granted, weighted average exercise price	$ 29.53	$ 0.00
Unit options exercised, weighted average exercise price	$ 24.19	$ 20.29
Unit options forfeited, weighted average exercise price	$ 23.81	$ 20.6
Unit options outstanding, weighted average exercise price	$ 29.45	$ 24.4	$ 23.1
Unit options exercisable, weighted average exercise price	$ 29.26	$ 24.4
Cash received from unit option exercises	$ 76	$ 5	$ 7

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Partnership Organization

12 Months Ended

Dec. 31, 2012

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Partnership Organization

Partnership Organization:

Cedar Fair, L.P. (together with its affiliated companies, the "Partnership") is a Delaware limited partnership that commenced operations in 1983 when it acquired Cedar Point, Inc., and became a publicly traded partnership in 1987. The Partnership's general partner is Cedar Fair Management, Inc., an Ohio corporation (the “General Partner”) whose shares are held by an Ohio trust. The General Partner owns a 0.001% interest in the Partnership's income, losses and cash distributions, except in defined circumstances, and has full responsibility for management of the Partnership. At December 31, 2012 there were 55,617,901 outstanding limited partnership units listed on The New York Stock Exchange, net of 1,444,082 units held in treasury. During 2012, 1,500,000 limited partnership units were issued into treasury in accordance with the 2008 Omnibus Incentive Plan. Units totaling 271,614 were subsequently issued for option exercises and as compensation. At December 31, 2011, there were 55,346,287 outstanding limited partnership units listed, net of 215,696 units held in treasury.

The General Partner may, with the approval of a specified percentage of the limited partners, make additional capital contributions to the Partnership, but is only obligated to do so if the liabilities of the Partnership cannot otherwise be paid or there exists a negative balance in its capital account at the time of its withdrawal from the Partnership. The General Partner, in accordance with the terms of the Partnership Agreement, is required to make regular cash distributions on a quarterly basis of all the Partnership's available cash, as defined in the Partnership Agreement. In accordance with the Partnership agreement and restrictions within the Partnership's Amended 2010 Credit Agreement, the General Partner paid $1.60 per limited partner unit in distributions, or approximately $88.8 million in aggregate, in 2012.

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Immaterial Restatement (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Depreciation and amortization	$ 127,339	$ 125,837	$ 128,856
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(1,154,456)	(1,063,188)
Assets	2,027,622	2,055,958
Deferred Tax Liability	156,740	133,767
Limited Partners' Capital Account	182,469	165,518
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	132,581	81,963	(30,382)
Income Tax Expense (Benefit)	31,365	11,217	2,670
Net income (loss)	101,216	70,746	(33,052)
Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic	1.82	1.28	(0.6)
Net income (loss) per limited partner unit	1.81	1.27	(0.6)
Restatement Adjustment [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Depreciation and amortization		2,032	2,060
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment		(18,599)
Assets		(18,599)
Deferred Tax Liability		(1,679)
Limited Partners' Capital Account		(16,920)
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest		(2,032)	(2,060)
Income Tax Expense (Benefit)		(620)	(575)
Net income (loss)		(1,412)	(1,485)
Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic		(0.02)	(0.03)
Net income (loss) per limited partner unit		(0.02)	(0.03)
Scenario, Previously Reported [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Depreciation and amortization		123,805	126,796
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment		(1,044,589)
Assets		2,074,557
Deferred Tax Liability		135,446
Limited Partners' Capital Account		182,438
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest		83,995	(28,322)
Income Tax Expense (Benefit)		11,837	3,245
Net income (loss)		$ 72,158	$ (31,567)
Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic		1.3	(0.57)
Net income (loss) per limited partner unit		1.29	(0.57)

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Long-Lived Assets (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012 Wildwater Kingdom [Member]	Dec. 31, 2010 California's Great America [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ 25,000	$ 62,000

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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of changes in Partnership's carrying value of goodwill

A summary of changes in the Partnership's carrying value of goodwill is as follows:

				Accumulated
	Goodwill			Impairment			Goodwill
	(gross)			Losses			(net)
(In thousands)
Balance at December 31, 2010	$	326,127		$	(79,868	)	$	246,259
Foreign currency exchange translation	(2,769		)	—			(2,769		)
Balance at December 31, 2011	323,358			(79,868		)	243,490
Foreign currency exchange translation	2,731			—			2,731
Balance at December 31, 2012	$	326,089		$	(79,868	)	$	246,221

Partnership's other intangible assets

The Partnership's other intangible assets consisted of the following at December 31, 2012 and 2011:

	Weighted
	Average	Gross				Net
	Amortization	Carrying		Accumulated		Carrying
	Period	Amount		Amortization		Value
	(Amounts in thousands)
December 31, 2012
Other intangible assets:
Trade names	—	$	40,222	$	—	$	40,222
License / franchise agreements	14.3 years	790		360		430
Total other intangible assets	14.3 years	$	41,012	$	360	$	40,652
December 31, 2011
Other intangible assets:
Trade names	—	$	39,835	$	—	$	39,835
License / franchise agreements	15.0 years	760		322		438
Total other intangible assets	15.0 years	$	40,595	$	322	$	40,273

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Goodwill (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Goodwill [Line Items]
Goodwill (gross)	$ 326,089	$ 323,358	$ 326,127
Accumulated Impairment Losses	(79,868)	(79,868)	79,868
Goodwill (net)	246,221	243,490		246,259
Foreign currency translation	$ 2,731	$ (2,769)	$ (2,769)

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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Derivative [Line Items]

Fair value of derivative instruments in Condensed Consolidated Balance Sheet

(In thousands):	Consolidated Balance Sheet Location	Fair Value as of			Fair Value as of
		December 31, 2012			December 31, 2011
Derivatives designated as hedging instruments:
Interest rate swaps	Derivative Liability	(32,260		)	(32,400		)
Total derivatives designated as hedging instruments:		(32,260		)	(32,400		)
Derivatives not designated as hedging instruments:
Foreign-currency swaps	Current derivative liability	—			(13,155		)
Cross-currency swaps	Current derivative liability	—			(37,617		)
Total derivatives not designated as hedging instruments:		—			(50,772		)
Net derivative liability		$	(32,260	)	$	(83,172	)

Effects of derivative instruments on income (loss) and other comprehensive income (loss)

Effects of Derivative Instruments on Income and Other Comprehensive Income (Loss):

(In thousands):	Amount of Gain (Loss) recognized in OCI  on Derivatives (Effective Portion)					Amount and Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)							Amount and Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion)
	Twelve months ended 12/31/12		Twelve months ended 12/31/11				Twelve months ended 12/31/12			Twelve months ended 12/31/11				Twelve months ended 12/31/12		Twelve months ended 12/31/11
Interest rate swaps	$	140	$	(35,353	)	Interest Expense	$	(12,027	)	$	(3,023	)	Net effect of swaps	$	—	$	47,987

(In thousands):	Amount and Location of Gain (Loss) Recognized in Income on Derivative
Derivatives not designated as Cash Flow Hedging Relationships
		Twelve months ended 12/31/12			Twelve months ended 12/31/11
Interest rate swaps (1)	Net effect of swaps	$	—		$	(3,342	)
Cross-currency swaps (2)	Net effect of swaps	(4,999		)	16,098
Foreign currency swaps	Net effect of swaps	6,278			(13,665		)
		$	1,279		$	(909	)

(1) The September 2010 swaps became ineffective and were de-designated in February 2011.

(2) The cross currency swaps became ineffective and were de-designated in August 2009.

Forward Starting Interest Rate and Cross Currency Swap [Member]

Derivative [Line Items]

Derivative instruments, notional amounts outstanding and interest rates

The following table presents our forward-starting fixed-rate swaps, which became effective October 1, 2011 and mature December 15, 2015, along with their notional amounts and their fixed interest rates which compare to 30-day LIBOR of 0.21% as of December 31, 2012.

($'s in thousands)	Forward-Starting Interest Rate Swaps
	Notional Amounts		LIBOR Rate
	$	200,000	2.40	%
	75,000		2.43	%
	50,000		2.42	%
	150,000		2.55	%
	50,000		2.42	%
	50,000		2.55	%
	25,000		2.43	%
	50,000		2.54	%
	30,000		2.54	%
	70,000		2.54	%
	50,000		2.54	%
Total $'s / Average Rate	$	800,000	2.48	%

Interest Rate Swap [Member]

Derivative [Line Items]

Derivative instruments, notional amounts outstanding and interest rates

The following table presents our fixed-rate swaps, which matured October 3, 2011, along with their notional amounts and their fixed interest rates, and the cross-currency swap which matured in February 2012, along with their notional amounts and their fixed interest rates:

($'s in thousands)	Interest Rate Swaps				Cross-currency Swaps
	Notional Amounts		LIBOR Rate		Notional Amounts		Implied Interest Rate
	$	200,000	5.64	%	$	255,000	7.31	%
	200,000		5.64	%	825		9.50	%
	200,000		5.64	%
	200,000		5.57	%
	100,000		5.60	%
	100,000		5.60	%
Total $'s / Average Rate	$	1,000,000	5.62	%	$	255,825	7.32	%

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies:

The following policies are used by the Partnership in its preparation of the accompanying consolidated financial statements.

Principles of Consolidation    The consolidated financial statements include the accounts of the Partnership and its subsidiaries, all of which are wholly owned. Intercompany transactions and balances are eliminated in consolidation.

Foreign Currency    The financial statements of the Partnership's Canadian subsidiary are measured using the Canadian dollar as its functional currency. Assets and liabilities are translated into U.S. dollars at current currency exchange rates, while income and expenses are translated at average monthly currency exchange rates. Translation gains and losses are included as components of accumulated other comprehensive loss in partners' equity.

In 2012, the Partnership recognized a $9.0 million benefit to earnings for unrealized/realized foreign currency gains, $9.2 million of which represented an unrealized foreign currency gain on the U.S.-dollar denominated debt held at its Canadian property. In 2011, the Partnership recognized a $9.9 million charge to earnings for unrealized/realized foreign currency losses, $8.8 million of which represented an unrealized foreign currency loss on the U.S.-dollar denominated notes held at its Canadian property. All other transaction gains and losses included in the 2012, 2011 and 2010 consolidated statements of operations were not material.

Segment Reporting Each of the Partnership's parks operates autonomously, and management reviews operating results, evaluates performance and makes operating decisions, including the allocation of resources, on a property-by-property basis. In addition to reviewing and evaluating performance of the business at the individual park level, the structure of the Partnership's management incentive compensation systems are centered around the operating results of each park as an integrated operating unit. Therefore, each park represents a separate operating segment of the Partnership's business. Although the Partnership manages its parks with a high degree of autonomy, each park offers and markets a similar collection of products and services to similar customers. In addition, the parks all have similar economic characteristics, in that they all show similar long-term growth trends in key industry metrics such as attendance, guest per capita spending, net revenue, operating costs and operating profit. Therefore, the Partnership operates within the single reportable segment of amusement/water parks with accompanying resort facilities.

Estimates    The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during each period. Actual results could differ from those estimates.

Cash and Cash Equivalents     The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.

Inventories    The Partnership's inventories primarily consist of purchased products, such as merchandise and food, for sale to its customers. Inventories are stated at the lower of cost or market using the first-in, first-out (FIFO) or average cost methods of accounting at the park level.

Property and Equipment    Property and equipment are recorded at cost. Expenditures made to maintain such assets in their original operating condition are expensed as incurred, and improvements and upgrades are generally capitalized. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The composite method is used for the group of assets acquired as a whole in 1983, as well as for the groups of like assets of each subsequent business acquisition. The unit method is used for all individual assets purchased. Depreciation expense totaled $127.3 million in 2012, $125.8 million in 2011, and $128.9 million in 2010. As a result of the retirements and impairments of fixed assets at our parks in 2012, a total of $30.3 million was charged to earnings and was recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statements of operations. This amount includes a $25.0 million charge for the impairment of assets at Wildwater Kingdom as discussed in Note 3. As a result of the sale of two non-core assets, $6.6 million was recorded in "Gain on sale of other assets" on the consolidated statement of operations and comprehensive income.

Under the composite depreciation method, assets with similar estimated lives are grouped together and the several pools of assets are depreciated on an aggregate basis. No gain or loss is recognized on normal retirements of composite assets. Instead, the net book value of a retired asset reduces accumulated depreciation for the composite group. Unusual retirements of composite assets could result in the recognition of a gain or loss. Under the unit method of depreciation, individual assets are depreciated over their estimated useful lives, with gains and losses on all asset retirements recognized currently in income.

As a result of the retirement of a ride from a composite group at one of the parks in 2011, $8.8 million of net book value has been recorded in accumulated depreciation, and the composite group of assets will continue to be depreciated over its original estimated useful life (ascribed upon acquisition).

The weighted average useful lives combining both methods are approximately:

Land improvements	21 years
Buildings	25 years
Rides	18 years
Equipment	9 years

The Partnership has determined that it is preferable to change from the composite method of depreciation to the unit method of depreciation with the change expected to be effective January 1, 2013. The Partnership believes that pursuant to generally accepted accounting principles, changing from the composite method of depreciation to the unit method of depreciation is a change in accounting estimate that is effected by a change in accounting principle, which should be accounted for prospectively. This prospective application will result in the discontinuance of the composite method of depreciation for all prior acquisitions with the existing net book value of each composite pool allocated to the remaining individual assets (units) in that pool with each unit assigned an appropriate remaining useful life on an individual unit basis. Once under the unit method of depreciation, all gains or losses on prospective asset retirements will be reflected in earnings rather than any such items accounted for as adjustments to accumulated depreciation, which is the case for normal retirements under the composite method of depreciation.  The Partnership is in the process of determining the impact of this change. Based on the analysis to date, the Partnership does not believe such a change will have a material effect on the consolidated financial position or cash flows in future periods, but it is possible that future asset retirements could have a material impact on earnings in the periods such items occur.

Impairment of Long-Lived Assets    Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 360 “Property, Plant, and Equipment” requires that long-lived assets be reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying amounts of the assets. Fair value is generally determined based on a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available.

Goodwill     FASB ASC 350 “Intangibles - Goodwill and Other” requires that goodwill no longer be amortized, but instead be tested for impairment. An impairment charge would be recognized for the amount, if any, by which the carrying amount of goodwill exceeds its implied fair value. The fair value of a reporting unit and the related implied fair value of its respective goodwill are established using a combination of an income (discounted cash flow) approach and market approach. Goodwill is reviewed annually for impairment, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. All of the Partnership's goodwill is allocated to its reporting units and goodwill impairment tests are performed at the reporting unit level. As discussed in Note 4, during 2010 the Partnership changed the testing date for its annual goodwill impairment tests from April 1 and October 1 to December 31 each year. The Partnership performed its annual goodwill impairment tests as of December 31, 2012 and concluded there was no impairment of the carrying value of the goodwill.

Other Intangible Assets    The Partnership's other intangible assets consist primarily of trade-names and license and franchise agreements. The Partnership assesses the indefinite-lived trade-names for impairment separately from goodwill. After considering the expected use of the trade-names and reviewing any legal, regulatory, contractual, obsolescence, demand, competitive or other economic factors that could limit the useful lives of the trade-names, in accordance with FASB ASC 350, the Partnership determined that the trade-names had indefinite lives. Pursuant to FASB ASC 350, indefinite-lived intangible assets are no longer amortized, but rather are reviewed, along with goodwill, annually for impairment or more frequently if impairment indicators arise. The Partnership's license and franchise agreements are amortized over the life of the agreement, generally ranging from five to twenty years.

Self-Insurance ReservesReserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (IBNR) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Partnership's own historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims, which are not material to our consolidated financial statements, are based upon the Partnership's own claims data history, as well as industry averages. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary. At December 31, 2012 and 2011 the accrued reserves totaled $23.9 million and $21.2 million, respectively.

Derivative Financial Instruments    The Partnership is exposed to market risks, primarily resulting from changes in interest rates and currency exchange rates. To manage these risks, it may enter into derivative transactions pursuant to its overall financial risk management program. The Partnership has only limited involvement with derivative financial instruments and does not use them for trading purposes.

The Partnership accounts for the use of derivative financial instruments according to FASB ASC 815 “Derivatives and Hedging”. For derivative instruments that hedge the exposure of variability in short-term rates, designated as cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of “Other comprehensive income (loss)” and reclassified into earnings in the period during which the hedged transaction affects earnings. For the ineffective portion of a derivative, the change in fair value, if any, is reported in “Net effect of swaps” in earnings together with the changes in fair value of derivatives not designated as hedges. Derivative financial instruments used in hedging transactions are assessed both at inception and quarterly thereafter to ensure they are effective in offsetting changes in either the fair value or cash flows of the related underlying exposures.

Revenue Recognition    Revenues on multi-day admission tickets are recognized over the estimated number of visits expected for each type of ticket, and are adjusted periodically during the season. All other revenues are recognized on a daily basis based on actual guest spending at the Partnership's facilities, or over the park operating season in the case of certain marina revenues and certain sponsorship revenues. Revenues on admission tickets for the next operating season, including season passes, are deferred in the year received and recognized as revenue in the following operating season.

Admission revenues include amounts paid to gain admission into our parks, including parking fees. Revenues related to extra-charge attractions, including our premium benefit offerings, are included in Accommodations and other revenue.

Advertising Costs    The Partnership expenses all costs associated with its advertising, promotion and marketing programs over each park's operating season, including certain costs incurred prior to the season that are amortized over the season. Advertising expense totaled $55.4 million in 2012, $53.0 million in 2011 and $51.8 million in 2010. Certain costs incurred through year-end for the following year's advertising programs are included in prepaid expenses.

Unit-Based Compensation    The Partnership accounts for unit-based compensation in accordance with FASB ASC 718-20 “Compensation - Stock Compensation” which requires measurement of compensation cost for all equity-based awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The Partnership uses a binomial option-pricing model for all grant date estimations of fair value.

Income Taxes    The Partnership's legal structure includes both partnerships and corporate subsidiaries. As a publicly traded partnership, the Partnership is subject to an entity-level tax (the "PTP tax"). Accordingly, the Partnership itself is not subject to corporate income taxes; rather, the Partnership's tax attributes (except those of the corporate subsidiaries) are included in the tax returns of its partners. The Partnership's corporate subsidiaries are subject to entity-level income taxes.

Neither the Partnership's financial reporting income, nor the cash distributions to unitholders, can be used as a substitute for the detailed tax calculations that the Partnership must perform annually for its partners. Net income from the Partnership is not treated as “passive income” for federal income tax purposes. As a result, partners subject to the passive activity loss rules are not permitted to offset income from the Partnership with passive losses from other sources.

The Partnership's corporate subsidiaries account for income taxes under the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future book and tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are determined using enacted tax rates expected to apply in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income at the time of enactment of such change in tax rates. Any interest or penalties due for payment of income taxes are included in the provision for income taxes. The Partnership's total provision for taxes includes PTP taxes owed (see Note 9).

Earnings Per Unit    For purposes of calculating the basic and diluted earnings per limited partner unit, no adjustments have been made to the reported amounts of net income (loss). The unit amounts used are as follows:

	2012		2011		2010
(In thousands except per unit amounts)
Basic weighted average units outstanding	55,518		55,345		55,316
Effect of dilutive units:
Unit options (Note 7)	43		—		—
Phantom units (Note 7)	334		541		—
Diluted weighted average units outstanding	55,895		55,886		55,316
Net income (loss) per unit - basic	$	1.82	$	1.28	$	(0.60	)
Net income (loss) per unit - diluted	$	1.81	$	1.27	$	(0.60	)

Weighted average unit options of 11,600, 63,000, and 304,000 were excluded from the diluted earnings per unit calculation as they were anti-dilutive for 2012, 2011, and 2010, respectively.

Accounting pronouncements

In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income,” which requires that an entity report comprehensive income in either a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but continuous statements. ASU 2011-05 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Partnership adopted ASU 2011-05 and it did not have a material impact on its consolidated financial statements.

In September 2011, the FASB issued ASU 2011-08, “Intangibles — Goodwill and Other,” which gives an entity the option to first assess qualitative factors to determine whether it is necessary to perform the current two-step goodwill impairment test. If an entity believes, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the two-step goodwill impairment test is required. ASU 2011-08 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Partnership adopted this guidance and there was no impact the Partnership's consolidated financial statements.

In May 2011, the FASB issued an amendment to the fair value measurement guidance and disclosure requirements that established common U.S. Generally Accepted Accounting Principles ("GAAP") and International Financial Reporting Standards ("IFRS") measurement and reporting standards. The new requirements were effective for the first interim or annual period beginning after December 15, 2011 and were to be applied prospectively. The Partnership adopted the new requirements in the first quarter of 2012 and the adoption of this guidance did not have a material effect on its consolidated financial position, results of operations, or cash flows.

On February 5, 2013 the FASB issued an amendment to the disclosure requirements for reporting reclassifications out of accumulated other comprehensive income ("AOCI"). The update is effective for the first interim or annual period beginning after December 15, 2012. The new amendments require presentation, either on the statement of income or in the notes, of the effect on the line items of net income of significant amounts reclassified out of AOCI directly to net income in their entirety in the same reporting period. The update also requires the new disclosure to be cross referenced to other disclosures currently required under U.S. GAAP in the financial statements. The Partnership will adopt the new requirements in the first quarter of 2013 and it is not expected to have a material effect on its consolidated financial position, results of operations or cash flows.

Reclassifications Certain prior year balances have been reclassified to conform with current year presentation.

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Consolidated Statements of Operations and Comprehensive Income (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Net revenues:
Admissions	$ 612,069	$ 596,042	$ 568,762
Food, merchandise and games	342,214	349,436	337,356
Accommodations and other	114,171	82,994	71,474
Total net revenues	1,068,454	1,028,472	977,592
Costs and expenses:
Cost of food, merchandise and games revenues	95,048	92,057	86,619
Operating expenses	451,403	430,851	411,402
Selling, general and administrative	138,311	140,426	134,001
Depreciation and amortization	127,339	125,837	128,856
Loss on impairment of goodwill and other intangibles	0	0	2,293
Loss on impairment / retirement of fixed assets, net	30,336	2,565	62,752
Gain (Loss) on Sale of Other Assets	(6,625)	0	0
Total costs and expenses	835,812	791,736	825,923
Operating income	232,642	236,736	151,669
Interest expense	110,619	157,185	150,285
Net effect of swaps	(1,492)	(13,119)	18,194
Loss on early debt extinguishment	0	0	35,289
Unrealized / realized foreign currency (gain) loss	(8,998)	9,909	(20,563)
Other (income) expense	(68)	798	(1,154)
Income (loss) before taxes	132,581	81,963	(30,382)
Provision (benefit) for taxes	31,365	11,217	2,670
Net income (loss)	101,216	70,746	(33,052)
Net income allocated to general partner	1	1	0
Net income (loss) allocated to limited partners	101,215	70,745	(33,052)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	369	933	(6,475)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	139	3,767	60,048
Other Comprehensive Income (Loss), Net of Tax	508	4,700	53,573
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 101,724	$ 75,446	$ 20,521
Basic earnings per limited partner unit:
Weighted average limited partner units outstanding	55,518	55,345	55,316
Net income (loss) per unit - basic	1.82	1.28	(0.6)
Diluted earnings per limited partner unit:
Weighted average limited partner units outstanding	55,895	55,886	55,316
Net income (loss) per limited partner unit	1.81	1.27	(0.6)

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Termination of Agreement with Private Equity Firm

12 Months Ended

Dec. 31, 2012

Termination of Agreement with Private Equity Firm [Abstract]

Termination of Agreement with Private Equity Firm

Termination of Agreement with Private Equity Firm:

On April 6, 2010, the Partnership and the affiliates of Apollo Global Management (Apollo) mutually terminated the merger agreement originally entered into on December 16, 2009. Consistent with the terms of the agreement, the Partnership paid Apollo $6.5 million to reimburse Apollo for certain expenses incurred in connection with the transaction. In addition, both parties released each other from all obligations with respect to the proposed merger transaction, as well as from any claims arising out of or relating to the merger agreement. The $6.5 million paid to Apollo in April was recognized as a charge to earnings in “Selling, general and administrative” in the second quarter of 2010. The Partnership incurred approximately $10.4 million in costs associated with the terminated merger during 2010, and a total of $16.0 million of costs since the merger was initially announced.

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Document and Entity Information Document (USD $) Share data in Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Feb. 15, 2013	Jun. 29, 2012
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY
Entity Registrant Name	CEDAR FAIR L P
Entity Central Index Key	0000811532
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		0
Entity Unit, Unit Outstanding		55,617,901
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 1,610,275,543

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Immaterial Restatement

12 Months Ended

Dec. 31, 2012

Immaterial Restatement [Abstract]

Accounting Changes and Error Corrections [Text Block]

Immaterial Restatement:

The Partnership uses the composite depreciation method for the group of assets acquired as a whole in 1983, as well as for groups of assets in each subsequent business acquisition. Upon the normal retirement of an asset within a composite group, the Partnership's practice generally has been to extend the depreciable life of that composite group beyond its original estimated useful life. In conjunction with the preparation of the Partnership's financial statements for the three months ended July 1, 2012, management determined that this methodology was not appropriate. As a result, the Partnership revised the useful lives of its composite groups to their original estimated useful life (ascribed upon acquisition) and

corrected previously computed depreciation expense (and accumulated depreciation). Management evaluated the amount and nature of these adjustments and concluded that they were not material to either the Partnership's prior annual or quarterly financial statements. Nonetheless, the historical financial statement amounts included in this filing have been corrected for this error.

The tables below detail the effects of such depreciation adjustments (including the related deferred income tax impact) on previously presented historical financial statement amounts:

Balance Sheets
	12/31/2011
Accumulated depreciation
As originally filed	$	(1,044,589	)
Correction	(18,599		)
As restated	$	(1,063,188	)
Total assets
As originally filed	$	2,074,557
Correction	(18,599		)
As restated	$	2,055,958
Deferred Tax Liability
As originally filed	$	135,446
Correction	(1,679		)
As restated	$	133,767
Limited Partners' Equity
As originally filed	$	182,438
Correction	(16,920		)
As restated	$	165,518

Statements of Operations and Comprehensive Income
For the years ended December 31,	2011			2010
Depreciation and amortization
As originally filed	$	123,805		$	126,796
Correction	2,032			2,060
As restated	$	125,837		$	128,856
Income (loss) before tax
As originally filed	$	83,995		$	(28,322	)
Correction	(2,032		)	(2,060		)
As restated	$	81,963		$	(30,382	)
Provision (benefit) for taxes
As originally filed	$	11,837		$	3,245
Correction	(620		)	(575		)
As restated	$	11,217		$	2,670
Net income (loss)
As originally filed	$	72,158		$	(31,567	)
Correction	(1,412		)	(1,485		)
As restated	$	70,746		$	(33,052	)
Basic earnings per limited partner unit:
As originally filed	$	1.30		$	(0.57	)
Correction	(0.02		)	(0.03		)
As restated	$	1.28		$	(0.60	)
Diluted earnings per limited partner unit:
As originally filed	$	1.29		$	(0.57	)
Correction	(0.02		)	(0.03		)
As restated	$	1.27		$	(0.60	)

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
Net income (loss)	$ 101,216	$ 70,746	$ (33,052)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities:
Depreciation and amortization	127,339	125,837	128,856
Non-cash equity based compensation expense	4,476	(239)	(89)
Loss on early extinguishment of debt	0	0	35,289
Loss on impairment of goodwill and other intangibles	0	0	2,293
Loss on impairment / retirement of fixed assets, net	30,336	2,565	62,752
Gain (Loss) on Sale of Other Assets	(6,625)	0	0
Net effect of swaps	(1,492)	(13,119)	18,194
Amortization of debt issuance costs	10,417	10,000	5,671
Unrealized foreign currency (gain) loss on notes	(8,758)	8,753	(17,464)
Other non-cash income	0	0	(1,893)
Deferred income taxes	27,110	4,017	(14,664)
Excess Tax Benefit from Share-based Compensation, Operating Activities	(1,208)	0	0
Change in operating assets and liabilities:
(Increase) decrease in current assets	(1,420)	1,686	(11,855)
(Increase) decrease in other assets	(2,739)	173	6
Increase (decrease) in accounts payable	170	(1,144)	652
Increase (decrease) in accrued taxes	1,883	835	(2,242)
Increase (decrease) in self-insurance reserves	2,676	(206)	(383)
Increase in deferred revenue and other current liabilities	(1,345)	14,170	7,653
Increase (decrease) in other liabilities	3,897	(5,897)	2,391
Net cash from operating activities	285,933	218,177	182,115
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Sale of other assets	16,058	0	0
Capital expenditures	(96,232)	(90,190)	(71,706)
Net cash from (for) investing activities	(80,174)	(90,190)	(71,706)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net (payments) borrowings on revolving credit loans - previous credit agreement	0	0	(86,300)
Net (payments) borrowings on revolving credit loans - existing credit agreement	0	(23,200)	23,200
Term debt borrowings	0	22,938	1,175,000
Note borrowings	0	0	399,383
Payments for (Proceeds from) Derivative Instrument, Financing Activities	(50,450)	0	0
Term debt payments, including early termination penalties	(25,000)	(23,900)	(1,566,890)
Distributions paid to partners	(88,813)	(55,347)	(13,834)
Payment of debt issuance costs	0	(21,214)	(43,264)
Exercise of limited partnership unit options	76	5	7
Excess Tax Benefit from Share-based Compensation, Financing Activities	1,208	0	0
Net cash (for) financing activities	(162,979)	(100,718)	(112,698)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	526	(1,510)	126
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	43,306	25,759	(2,163)
Balance, beginning of period	35,524	9,765	11,928
Balance, end of period	78,830	35,524	9,765
SUPPLEMENTAL INFORMATION
Cash payments for interest expense	101,883	153,326	129,815
Interest capitalized	1,322	1,835	1,343
Cash payments for taxes, net of refunds	$ 1,783	$ 6,135	$ 19,074

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Partners' Equity

12 Months Ended

Dec. 31, 2012

Partners' Capital Notes [Abstract]

Partners' Equity

Partners' Equity:

Special L.P. Interests     In accordance with the Partnership Agreement, certain partners were allocated $5.3 million of 1987 and 1988 taxable income (without any related cash distributions) for which they received Special L.P. Interests. The Special L.P. Interests do not participate in cash distributions and have no voting rights. However, the holders of Special L.P. Interests will receive in the aggregate $5.3 million upon liquidation of the Partnership.

Equity-Based Incentive Plans    In August 2000, the Partnership's unitholders approved the establishment of an Equity Incentive Plan allowing the award of up to 4.8 million unit options and other forms of equity as determined by the Compensation Committee of the Board of Directors as an element of compensation to senior management and other key employees. Grants were made by the Compensation Committee through December 31, 2008. Following the adoption of the 2008 Omnibus Incentive Plan (Omnibus Plan), the Board of Directors prohibited any further grants under the Equity Incentive Plan. The Omnibus Plan was approved by the Partnership's unitholders in May of 2008 and superseded and replaced the following incentive compensation plans: our Amended and Restated Senior Management Long-Term Incentive Compensation Plan, our Amended and Restated 2000 Equity Incentive Plan, and our Amended and Restated 2000 Senior Executive Management Incentive Plan. The Omnibus Plan provides an opportunity for officers, directors, and eligible persons to acquire an interest in the growth and performance of our units and provides employees annual and long-term incentive awards as determined by the Board of Directors. Under the Omnibus Plan, the Compensation Committee of the Board of Directors may grant unit options, unit appreciation rights, restricted units, performance awards, other unit awards, cash incentive awards and long-term incentive awards.

Phantom Units

During 2012, 15,000 “phantom units” were awarded at an average grant price of $27.91. These awards generally vest over an approximately four-year period and can be paid with cash, limited partnership units, or a combination of both. The effect for outstanding “phantom units” has been included in the diluted earnings per unit calculation, as a portion of the awards are expected to be settled in limited partnership units. Approximately $3.4 million, $5.4 million and $3.5 million in compensation expense related to “phantom units” was recognized in 2012, 2011 and 2010, respectively. These amounts are included in “Selling, General and Administrative Expense” in the accompanying consolidated statements of operations and comprehensive income.

At year-end, the Partnership had 225,459 “phantom units” outstanding, 147,017 of which were vested, at the December 31, 2012 closing price of $33.45 per unit. The aggregate market value of the “phantom units” vested at year-end has been reflected on the balance sheet with the current portion recorded in "Accrued salaries and wages" and the long-term portion recorded in “Other Liabilities.” At December 31, 2012, the current and long-term portions were $0.5 million and $4.4 million, respectively. At December 31, 2011, the current and long-term portions were $9.7 million and $1.6 million, respectively. At December 31, 2012, unamortized compensation related to unvested phantom unit awards totaled approximately $2.6 million, which is expected to be amortized over a weighted average period of 1.9 years.

Performance Units

During 2012, 46,759 “performance units” were awarded at a grant price of $29.53 per unit. The number of “performance units” issuable is contingently based upon certain performance targets over a three-year period. The current awards vest ratably over the term of the grant. A prior award of performance units vested 50% in March 2012 and will vest 50% in March 2013. Assuming targets are achieved, the "performance units" can be paid with cash, limited partnership units, or a combination of both. The effect for outstanding “performance units” in which the performance conditions have not been met are appropriately excluded from the diluted earnings per unit calculation. Performance units in which the performance conditions have been met are included in diluted earnings per unit. Approximately $3.4 million, $2.6 million and $0.9 million in 2012, 2011 and 2010, respectively, was recorded in compensation expense related to “performance units” and is included in “Selling, General and Administrative Expense” in the accompanying consolidated statements of operations and comprehensive income.

At year-end, the Partnership had 161,619 “performance units” outstanding at the December 31, 2012 closing price of $33.45 per unit. The estimated aggregate market value of the “performance units” contingently issuable at year-end has been reflected on the balance sheet, with the current portion being recorded in "Accrued salaries and wages" and the long-term portion in “Other Liabilities.” At December 31, 2012 the current and long-term portions were $3.8 million and $0.5 million, respectively. At December 31, 2011, the market value of both the current and long-term portions were $2.1 million. At December 31, 2012, unamortized compensation related to unvested “performance unit” awards totaled approximately $1.1 million, which is expected to be amortized over a weighted average period of 2.0 years.

Restricted Units

During 2012, restricted unit grants of 93,517 and 97,394, were awarded at a restricted grant price $29.53 and $35.52, respectively. Restricted units vest ratably over a three-year period and the restrictions on these units lapse at the end of the three-year period. During the time of restriction, the units accumulate distribution-equivalents, which, when the units are fully vested, can be paid out in cash or units. Approximately $1.2 million was recorded in compensation expense related to restricted units and is included in "Selling, General, and Administrative Expense" in the accompanying consolidated statement of operations and comprehensive income. As of December 31, 2012, the amount of distribution equivalents accrued and recorded on the balance sheet in "Other liabilities" was approximately $0.2 million.

The intrinsic value of restricted units that vested in 2012 was approximately $0.1 million.

At December 31, 2012, unamortized compensation expense related to unvested restricted unit awards totaled approximately, $5.0 million, which is expected to be amortized over a weighted average period of 2.5 years.

Unit Options

Options are issued with an exercise price no less than the market price of the Partnership's units on the day before the date of grant. Variable-price options have an exercise price that declines by the value of cash distributions declared on the underlying limited partnership units. Options granted in 2012 vest ratably over a three-year period and have a maximum term of ten years. Options granted in prior years vest ratably over a five-year period, or when other conditions are met, and have a maximum term of ten years. As of December 31, 2012, the Partnership had 600 variable-price options and 293,422 fixed-price options outstanding under the Equity Incentive Plan. There were no unit options granted in 2011 and 2010.

During 2012, 280,672 unit options were granted at a fair value of $4.92.  The significant assumptions used to determine the fair value of these options include the stock option exercise price equals the grant price, the options have a maximum term of ten years, the expected volatility is 37.2%, the assumed risk-free interest rate is 2.31% and the units receive an annual distribution of$1.60 per unit.

Non-cash compensation expense relating to unit options in 2012 totaled $0.3 million. No non-cash compensation expense relating to unit options was recognized in 2011 or 2010.

A summary of unit option activity in 2012 and 2011 is presented below:

	2012				2011
			Weighted Average				Weighted Average
	Unit Options		Exercise Price		Unit Options		Exercise Price
Outstanding, beginning of year	224,500		$	24.40	341,500		$	23.10
Granted	280,672		29.53		—		—
Exercised	(206,150	)	24.19		(6,300	)	20.29
Forfeited	(5,000	)	23.81		(110,700	)	20.60
Outstanding, end of year	294,022		$	29.45	224,500		$	24.40
Options exercisable, end of year	83,518		$	29.26	224,500		$	24.40

Cash received from unit option exercises totaled approximately $76,000 in 2012, $5,000 in 2011, and $7,000 in 2010.

The following table summarizes information about vested unit options outstanding at December 31, 2012:

Vested Options Outstanding
Type	Range of Exercise Prices					Unit Options		Weighted Average Remaining Contractual Life	Weighted Average Exercise Price
Variable	$	15.07	—	$	15.07	600		0.8 years	$	15.07
Fixed	$	28.45	—	$	29.53	82,918		8.9 years	$	29.36
Outstanding at year-end	$	15.07	—	$	29.53	83,518		8.9 years	$	29.26
Aggregate intrinsic value ($'s in thousands)						$	350

A summary of the status of the Partnership's nonvested unit options at December 31, 2012 is presented below:

	Unit Options		Weighted Average Grant-Date Fair Value
Nonvested, beginning of year	—		$	—
Granted	280,672		29.53
Vested	(70,168	)	29.53
Nonvested, end of year	210,504		$	29.53

The total intrinsic value of options exercised during the years ended December 31, 2012, 2011 and 2010 was $0.4 million, $0.0 million, and $0.5 million, respectively.

The Partnership had 210,504 unvested unit options at December 31, 2012. In addition, the Partnership had $1.0 million of unamortized compensation expense related to unvested options which is expected to be amortized over a weighted average period of 2.3 years.

The Partnership has a policy of issuing limited partnership units from treasury to satisfy option exercises and expects its treasury unit balance to be sufficient for 2013, based on estimates of option exercises for that period.

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Derivative Financial Instruments

6 Months Ended

Jun. 26, 2011

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments:

Derivative financial instruments are only used within the Partnership's overall risk management program to manage certain interest rate and foreign currency risks from time to time. The Partnership does not use derivative financial instruments for trading purposes.

The Partnership has effectively converted a total of $800 million of its variable-rate debt to fixed rates through the use of several interest rate swap agreements entered into in September 2010, March 2011, and May 2011. Cash flows related to these interest rate swap agreements are included in interest expense over the term of the agreements. In September 2010, the Partnership entered into several forward-starting swap agreements ("September 2010 swaps") to effectively convert a total of $600 million of variable-rate debt to fixed rates beginning in October 2011. As a result of the February 2011 amendment to the 2010 Credit Agreement, the LIBOR floor on the term loan portion of its credit facilities decreased to 100 bps from 150 bps, causing a mismatch in critical terms of the September 2010 swaps and the underlying debt. Because of the mismatch of critical terms, the Partnership determined the September 2010 swaps, which were originally designated as cash flow hedges, were no longer highly effective, resulting in the de-designation of the swaps as of the end of February 2011. As a result of this ineffectiveness, gains of $7.2 million recorded in accumulated other comprehensive income (AOCI) through the date of de-designation are being amortized through December 2015, to a balance of $3.9 million to offset the change in fair value during the period of de-designation as discussed below. Of the $6.0 million remaining in AOCI as of December 31, 2012, $2.1 million has yet to be amortized.

On March 15, 2011, the Partnership entered into several additional forward-starting basis-rate swap agreements ("March 2011 swaps") that, when combined with the September 2010 swaps, effectively convert $600 million of variable-rate debt to fixed rates beginning in October 2011. The September 2010 swaps and the March 2011 swaps, which have been jointly designated as cash flow hedges, mature in December 2015 and fix LIBOR at a weighted average rate of 2.46%. For the period that the September 2010 swaps were de-designated, their fair value decreased by $3.3 million, the offset of which was recognized as a direct charge to the Partnership's earnings and recorded to “Net effect of swaps” on the consolidated statement of operations along with the regular amortization of “Other comprehensive income (loss)” balances related to these swaps. No other ineffectiveness related to these swaps was recorded in any period presented.

On May 2, 2011, the Partnership entered into four additional forward-starting interest-rate swap agreements ("May 2011 forward-starting swaps") that effectively convert another $200 million of variable-rate debt to fixed rates beginning in October 2011. These swaps, which were designated as cash flow hedges, mature in December 2015 and fix LIBOR at a weighted average rate of 2.54%.

The combined fair market value of the September 2010 swaps, the March 2011 swaps, and the May 2011 forward-starting swaps was a liability of $32.3 million and $32.4 million, at December 31, 2012 and December 31, 2011, respectively, and was recorded in “Derivative Liability” on the consolidated balance sheet.

Prior to the forward swaps taking effect in October 2011, the Partnership had effectively converted a total of $1.0 billion of its variable-rate debt to fixed rates through the use of several interest rate swap agreements. Cash flows related to these interest rate swap agreements are included in interest expense over the term of the agreements. These swap agreements expired in October 2011. The Partnership designated these interest rate swap agreements and hedging relationships as cash flow hedges. As a part of our quarterly regression analysis testing of the effectiveness of these cash flow swaps, the swaps were deemed to be ineffective as of October 2009. As a result of this ineffectiveness, losses recorded in AOCI were amortized through October 2011. The amount recorded in AOCI to be amortized was $91.8 million at the time of ineffectiveness, all of which was amortized into earnings as of December 31, 2011.

The Partnership had also effectively converted $268.7 million of term debt related to its wholly owned Canadian subsidiary from variable U.S. dollar denominated debt to fixed-rate Canadian dollar denominated debt through the use of cross-currency swap agreements. The Partnership originally designated these cross-currency swaps as foreign currency cash flow hedges. Cash flows related to these swap agreements, which expired in February 2012, were included in interest expense over the term of the agreement. The fair market value of the cross-currency swaps was a liability of $37.6 million at December 31, 2011, which was recorded in "Current derivative liability" on the consolidated balance sheet.As a result of paying down a portion of the underlying Canadian term debt with net proceeds from the sale of surplus land near Canada's Wonderland in August 2009, the notional amounts of the underlying debt and the cross currency swaps no longer matched. Because of the mismatch of the notional amounts, the Partnership determined the swaps were no longer highly effective, resulting in the de-designation of the swaps as of the end of August 2009. As a result of this de-designation, losses recorded in AOCI are being amortized through February 2012 (the original hedge period). The amount recorded in AOCI to be amortized was $15.1 million at the time of de-designation and was fully amortized in February 2012.

In May 2011, the Partnership entered into several foreign currency swap agreements to fix the exchange rate on approximately 50% of the termination payment associated with the cross-currency swap agreements due in February 2012 and in July 2011 the Partnership entered into another foreign currency swap agreement to fix the exchange rate on an additional 25% of the termination payment. The fair market value of these foreign currency swap agreements was a liability of $13.2 million at December 31, 2011, which was recorded in "Current derivative liability" on the consolidated balance sheet. The Partnership did not seek hedge accounting treatment on these foreign currency swaps, and as such, changes in fair value of the swaps flowed directly through earnings along with changes in fair value on the related, de-designated cross-currency swaps.

(In thousands):	Consolidated Balance Sheet Location	Fair Value as of			Fair Value as of
		December 31, 2012			December 31, 2011
Derivatives designated as hedging instruments:
Interest rate swaps	Derivative Liability	(32,260		)	(32,400		)
Total derivatives designated as hedging instruments:		(32,260		)	(32,400		)
Derivatives not designated as hedging instruments:
Foreign-currency swaps	Current derivative liability	—			(13,155		)
Cross-currency swaps	Current derivative liability	—			(37,617		)
Total derivatives not designated as hedging instruments:		—			(50,772		)
Net derivative liability		$	(32,260	)	$	(83,172	)

The following table presents our forward-starting fixed-rate swaps, which became effective October 1, 2011 and mature December 15, 2015, along with their notional amounts and their fixed interest rates which compare to 30-day LIBOR of 0.21% as of December 31, 2012.

($'s in thousands)	Forward-Starting Interest Rate Swaps
	Notional Amounts		LIBOR Rate
	$	200,000	2.40	%
	75,000		2.43	%
	50,000		2.42	%
	150,000		2.55	%
	50,000		2.42	%
	50,000		2.55	%
	25,000		2.43	%
	50,000		2.54	%
	30,000		2.54	%
	70,000		2.54	%
	50,000		2.54	%
Total $'s / Average Rate	$	800,000	2.48	%

The following table presents our fixed-rate swaps, which matured October 3, 2011, along with their notional amounts and their fixed interest rates, and the cross-currency swap which matured in February 2012, along with their notional amounts and their fixed interest rates:

($'s in thousands)	Interest Rate Swaps				Cross-currency Swaps
	Notional Amounts		LIBOR Rate		Notional Amounts		Implied Interest Rate
	$	200,000	5.64	%	$	255,000	7.31	%
	200,000		5.64	%	825		9.50	%
	200,000		5.64	%
	200,000		5.57	%
	100,000		5.60	%
	100,000		5.60	%
Total $'s / Average Rate	$	1,000,000	5.62	%	$	255,825	7.32	%

Effects of Derivative Instruments on Income and Other Comprehensive Income (Loss):

(In thousands):	Amount of Gain (Loss) recognized in OCI  on Derivatives (Effective Portion)					Amount and Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)							Amount and Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion)
	Twelve months ended 12/31/12		Twelve months ended 12/31/11				Twelve months ended 12/31/12			Twelve months ended 12/31/11				Twelve months ended 12/31/12		Twelve months ended 12/31/11
Interest rate swaps	$	140	$	(35,353	)	Interest Expense	$	(12,027	)	$	(3,023	)	Net effect of swaps	$	—	$	47,987

(In thousands):	Amount and Location of Gain (Loss) Recognized in Income on Derivative
Derivatives not designated as Cash Flow Hedging Relationships
		Twelve months ended 12/31/12			Twelve months ended 12/31/11
Interest rate swaps (1)	Net effect of swaps	$	—		$	(3,342	)
Cross-currency swaps (2)	Net effect of swaps	(4,999		)	16,098
Foreign currency swaps	Net effect of swaps	6,278			(13,665		)
		$	1,279		$	(909	)

(1) The September 2010 swaps became ineffective and were de-designated in February 2011.

(2) The cross currency swaps became ineffective and were de-designated in August 2009.

In addition to the $1.3 million of gain recognized in income on the ineffective portion of both designated and not designated derivatives noted in the table above, $16 thousand of expense representing the amortization of amounts in AOCI for the swaps and a $0.2 million foreign currency gain during the year related to the U.S. dollar denominated Canadian term loan was recorded during the fiscal year in the consolidated statements of operations. The net effect of these amounts resulted in a benefit to earnings for the year of $1.5 million recorded in “Net effect of swaps.”

For 2011, in addition to the $47.1 million of gain recognized in income on the ineffective portion of both designated and not designated derivatives noted in the table above, $33.6 million of expense representing the amortization of amounts in AOCI for the swaps and a $0.4 million foreign currency loss during the year related to the U.S. dollar denominated Canadian term loan was recorded during the fiscal year in the consolidated statements of operations. The net effect of these amounts resulted in a benefit to earnings for the year of $13.1 million recorded in “Net effect of swaps.”

The amounts reclassified from AOCI into income for the periods noted above are in large part the result of the Partnership's initial three-year requirement to swap at least 50% of its aggregate term debt to fixed rates under the terms of its 2010 Amended Credit Agreement.

XML

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2012

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt at December 31, 2012 and 2011:

(In thousands)	2012		2011
Revolving credit facility (due 2015)	$	—	$	—
Term debt (1)
February 2011 Amended U.S. term loan averaging 4.0% at 2011 (due 2011-2017)	1,131,100		1,156,100
Notes
July 2010 U.S. fixed rate note at 9.125% (due 2018)	401,080		400,279
	1,532,180		1,556,379
Less: current portion	—		15,921
	$	1,532,180	$	1,540,458

Schedule of Maturities of Long-term Debt

At December 31, 2012, the scheduled annual maturities of term debt were as follows (in thousands):

	2013		2014		2015		2016		2017		Total
U.S. Term loan maturing in 2017	$	—	$	—	$	10,100	$	11,800	$	1,109,200	$	1,131,100

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Consolidating Financial Information of Guarantors and Issuers

12 Months Ended

Dec. 31, 2012

Condensed Consolidated Financial Information [Abstract]

Consolidating Financial Information of Guarantors and Issuers

Consolidating Financial Information of Guarantors and Issuers:

Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the Partnership's 9.125% notes (see Note 5). The notes have been fully and unconditionally guaranteed, on a joint and several basis, by each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum) that guarantees the Partnership's senior secured credit facilities. There are no non-guarantor subsidiaries.

The following consolidating schedules present condensed financial information for Cedar Fair, L.P., Cedar Canada, and Magnum, the co-issuers, and each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum), the guarantors (on a combined basis), as of December 31, 2012 and December 31, 2011 and for the periods ended December 31, 2012, December 31, 2011, and December 31, 2010. In lieu of providing separate audited financial statements for the guarantor subsidiaries, the accompanying condensed consolidating financial statements have been included.

Since Cedar Fair, L.P., Cedar Canada and Magnum are co-issuers of the notes and co-borrowers under the Amended 2010 Credit Agreement, all outstanding debt has been equally reflected within each co-issuer's December 31, 2012 and December 31, 2011 balance sheets in the accompanying condensed consolidating financial statements.

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2012

(In thousands)

	Cedar Fair L.P. (Parent)		Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	25,000	$	444	$	50,173	$	3,213	$	—		$	78,830
Receivables	4		101,093		71,099		498,555		(652,559		)	18,192
Inventories	—		1,724		2,352		23,764		—			27,840
Current deferred tax asset	—		3,705		816		3,663		—			8,184
Other current assets	563		17,858		530		5,490		(16,381		)	8,060
	25,567		124,824		124,970		534,685		(668,940		)	141,106
Property and Equipment, net	439,506		1,013		268,157		843,353		—			1,552,029
Investment in Park	489,945		776,992		118,514		56,903		(1,442,354		)	—
Goodwill	9,061		—		125,942		111,218		—			246,221
Other Intangibles, net	—		—		17,835		22,817		—			40,652
Deferred Tax Asset	—		36,443		—		90		(36,533		)	—
Intercompany Receivable	877,612		1,070,125		1,116,623		—		(3,064,360		)	—
Other Assets	22,048		14,832		8,419		2,315		—			47,614
	$	1,863,739	$	2,024,229	$	1,780,460	$	1,571,381	$	(5,212,187	)	$	2,027,622
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Accounts payable	$	147,264	$	213,279	$	16,101	$	286,649	$	(652,559	)	$	10,734
Deferred revenue	—		—		4,996		34,489		—			39,485
Accrued interest	98		64		15,350		—		—			15,512
Accrued taxes	4,518		—		6,239		23,437		(16,381		)	17,813
Accrued salaries, wages and benefits	—		17,932		1,214		5,690		—			24,836
Self-insurance reserves	—		5,528		1,754		16,624		—			23,906
Other accrued liabilities	1,110		2,502		140		2,164		—			5,916
	152,990		239,305		45,794		369,053		(668,940		)	138,202
Deferred Tax Liability	—		—		63,460		129,813		(36,533		)	156,740
Derivative Liability	19,309		12,951		—		—		—			32,260
Other Liabilities	—		5,480		—		3,500		—			8,980
Long-Term Debt:
Term debt	1,131,100		1,131,100		1,131,100		—		(2,262,200		)	1,131,100
Notes	401,080		401,080		401,080		—		(802,160		)	401,080
	1,532,180		1,532,180		1,532,180		—		(3,064,360		)	1,532,180
Equity	159,260		234,313		139,026		1,069,015		(1,442,354		)	159,260
	$	1,863,739	$	2,024,229	$	1,780,460	$	1,571,381	$	(5,212,187	)	$	2,027,622

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2011

(In thousands)

	Cedar Fair L.P. (Parent)		Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	512	$	31,540	$	3,472	$	—		$	35,524
Receivables	—		62,408		69,285		412,095		(536,177		)	7,611
Inventories	—		1,547		2,703		28,819		—			33,069
Current deferred tax asset	—		6,239		772		3,334		—			10,345
Other current assets	508		13,461		1,027		7,822		(10,852		)	11,966
	508		84,167		105,327		455,542		(547,029		)	98,515
Property and Equipment, net	455,579		1,044		266,111		896,758		—			1,619,492
Investment in Park	518,819		661,251		118,385		40,481		(1,338,936		)	—
Intercompany Note Receivable	—		93,845		—		—		(93,845		)	—
Goodwill	9,061		—		123,210		111,219		—			243,490
Other Intangibles, net	—		—		17,448		22,825		—			40,273
Deferred Tax Asset	—		47,646		—		—		(47,646		)	—
Intercompany Receivable	887,344		1,084,112		1,141,302		—		(3,112,758		)	—
Other Assets	27,641		16,158		9,353		1,036		—			54,188
	$	1,898,952	$	1,988,223	$	1,781,136	$	1,527,861	$	(5,140,214	)	$	2,055,958
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	15,921	$	15,921	$	15,921	$	—	$	(31,842	)	$	15,921
Accounts payable	175,968		144,868		25,631		202,566		(536,177		)	12,856
Deferred revenue	—		—		2,891		26,703		—			29,594
Accrued interest	198		131		15,433		—		—			15,762
Accrued taxes	3,909		—		7,374		15,577		(10,852		)	16,008
Accrued salaries, wages and benefits	—		26,916		1,076		5,396		—			33,388
Self-insurance reserves	—		3,977		1,711		15,555		—			21,243
Current derivative liability	—		—		50,772		—		—			50,772
Other accrued liabilities	1,247		5,568		252		832		—			7,899
	197,243		197,381		121,061		266,629		(578,871		)	203,443
Deferred Tax Liability	—		—		58,463		122,950		(47,646		)	133,767
Derivative Liability	19,451		12,949		—		—		—			32,400
Other Liabilities	—		4,090		—		—		—			4,090
Intercompany Note Payable	—		—		—		93,845		(93,845		)	—
Long-Term Debt:
Term debt	1,140,179		1,140,179		1,140,179		—		(2,280,358		)	1,140,179
Notes	400,279		400,279		400,279		—		(800,558		)	400,279
	1,540,458		1,540,458		1,540,458		—		(3,080,916		)	1,540,458
Equity	141,800		233,345		61,154		1,044,437		(1,338,936		)	141,800
	$	1,898,952	$	1,988,223	$	1,781,136	$	1,527,861	$	(5,140,214	)	$	2,055,958

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2012

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	145,715		$	258,136		$	140,418		$	927,668		$	(403,483	)	$	1,068,454
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			10,316			84,732			—			95,048
Operating expenses	5,380			176,356			47,863			625,287			(403,483		)	451,403
Selling, general and administrative	6,495			86,615			11,135			34,066			—			138,311
Depreciation and amortization	37,660			40			18,199			71,440			—			127,339
Loss on impairment / retirement of fixed assets, net	25,997			—			6			4,333			—			30,336
Gain on sale of other assets	(862		)	—			—			(5,763		)	—			(6,625		)
	74,670			263,011			87,519			814,095			(403,483		)	835,812
Operating income (loss)	71,045			(4,875		)	52,899			113,573			—			232,642
Interest expense, net	48,524			29,328			40,870			(8,171		)	—			110,551
Net effect of swaps	(138		)	121			(1,475		)	—			—			(1,492		)
Unrealized / realized foreign currency gain	—			—			(8,998		)	—			—			(8,998		)
Other (income) expense	749			(9,507		)	2,020			6,738			—			—
(Income) loss from investment in affiliates	(89,381		)	(65,509		)	(14,170		)	(31,333		)	200,393			—
Income (loss) before taxes	111,291			40,692			34,652			146,339			(200,393		)	132,581
Provision (benefit) for taxes	10,075			(9,856		)	3,413			27,733			—			31,365
Net income	$	101,216		$	50,548		$	31,239		$	118,606		$	(200,393	)	$	101,216
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	369			—			369			—			(369		)	369
Unrealized income on cash flow hedging derivatives	139			114			21			—			(135		)	139
Other comprehensive income, (net of tax)	508			114			390			—			(504		)	508
Total Comprehensive Income	$	101,724		$	50,662		$	31,629		$	118,606		$	(200,897	)	$	101,724

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2011

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries		Eliminations			Total
Net revenues	$	141,149		$	251,064		$	126,972		$	901,120	$	(391,833	)	$	1,028,472
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			9,932			82,125		—			92,057
Operating expenses	5,491			165,409			45,765			606,019		(391,833		)	430,851
Selling, general and administrative	10,073			84,270			11,314			34,769		—			140,426
Depreciation and amortization	37,283			47			17,325			71,182		—			125,837
Loss on impairment / retirement of fixed assets, net	990			—			(61		)	1,636		—			2,565
	53,837			249,726			84,275			795,731		(391,833		)	791,736
Operating income	87,312			1,338			42,697			105,389		—			236,736
Interest expense, net	84,391			15,030			52,814			4,793		—			157,028
Net effect of swaps	(12,214		)	718			(1,623		)	—		—			(13,119		)
Unrealized / realized foreign currency loss	—			—			9,909			—		—			9,909
Other (income) expense	1,705			(7,798		)	2,349			4,699		—			955
(Income) loss from investment in affiliates	(65,701		)	(17,362		)	(10,520		)	11,998		81,585			—
Income (loss) before taxes	79,131			10,750			(10,232		)	83,899		(81,585		)	81,963
Provision (benefit) for taxes	8,385			(23,000		)	2,970			22,862		—			11,217
Net income (loss)	$	70,746		$	33,750		$	(13,202	)	$	61,037	$	(81,585	)	$	70,746
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	933			—			933			—		(933		)	933
Unrealized income (loss) on cash flow hedging derivatives	3,767			(9,499		)	291			—		9,208			3,767
Other comprehensive income (loss), (net of tax)	4,700			(9,499		)	1,224			—		8,275			4,700
Total Comprehensive Income	$	75,446		$	24,251		$	(11,978	)	$	61,037	$	(73,310	)	$	75,446

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2010

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	136,386		$	245,983		$	113,513		$	863,677		$	(381,967	)	$	977,592
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			8,917			77,702			—			86,619
Operating expenses	5,534			164,750			42,551			580,534			(381,967		)	411,402
Selling, general and administrative	15,093			71,454			10,839			36,615			—			134,001
Depreciation and amortization	36,158			95			16,246			76,357			—			128,856
Loss on impairment of goodwill and other intangibles	—			—			—			2,293			—			2,293
Loss on impairment / retirement of fixed assets, net	732			—			20			62,000			—			62,752
	57,517			236,299			78,573			835,501			(381,967		)	825,923
Operating income	78,869			9,684			34,940			28,176			—			151,669
Interest expense, net	85,313			31,460			31,835			523			—			149,131
Net effect of swaps	10,508			—			7,686			—			—			18,194
Loss on early extinguishment of debt	24,831			—			10,458			—			—			35,289
Unrealized / realized foreign currency loss	—			(3,079		)	(17,484		)	—			—			(20,563		)
Other (income) expense	750			(6,123		)	1,811			3,562			—			—
(Income) loss from investment in affiliates	(17,498		)	993			2,461			2,215			11,829			—
Income (loss) before taxes	(25,035		)	(13,567		)	(1,827		)	21,876			(11,829		)	(30,382		)
Provision (benefit) for taxes	8,017			(320		)	456			(5,483		)	—			2,670
Net income (loss)	$	(33,052	)	$	(13,247	)	$	(2,283	)	$	27,359		$	(11,829	)	$	(33,052	)
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	(6,475		)	—			(6,475		)	—			6,475			(6,475		)
Unrealized income on cash flow hedging derivatives	60,048			1,916			8,906			—			(10,822		)	60,048
Other comprehensive income, (net of tax)	53,573			1,916			2,431			—			(4,347		)	53,573
Total Comprehensive Income	$	20,521		$	(11,331	)	$	148		$	27,359		$	(16,176	)	$	20,521

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2012

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	129,402		$	30,355		$	20,829		$	143,062		$	(37,715	)	$	285,933
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	31,496			(55,458		)	2,599			(16,352		)	37,715			—
Sale of other assets	1,173			—			—			14,885			—			16,058
Capital expenditures	(33,664		)	(8		)	(14,551		)	(48,009		)	—			(96,232		)
Net cash for investing activities	(995		)	(55,466		)	(11,952		)	(49,476		)	37,715			(80,174		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Term debt payments, including early termination penalties	(14,468		)	(10,212		)	(320		)	—			—			(25,000		)
Derivative settlement	—			—			(50,450		)	—			—			(50,450		)
Intercompany (payments) receipts	—			93,845			—			(93,845		)	—			—
Distributions (paid) received	(88,939		)	126			—			—			—			(88,813		)
Capital (contribution) infusion	—			(60,000		)	60,000			—			—			—
Exercise of limited partnership unit options	—			76			—			—			—			76
Excess tax benefit from unit-based compensation expense	—			1,208			—			—			—			1,208
Net cash from (for) financing activities	(103,407		)	25,043			9,230			(93,845		)	—			(162,979		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			526			—			—			526
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	25,000			(68		)	18,633			(259		)	—			43,306
Balance, beginning of year	—			512			31,540			3,472			—			35,524
Balance, end of year	$	25,000		$	444		$	50,173		$	3,213		$	—		$	78,830

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2011

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	147,385		$	(149,801	)	$	51,510		$	187,328		$	(18,245	)	$	218,177
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	(14,404		)	(18,973		)	(4,989		)	20,121			18,245			—
Capital expenditures	(41,851		)	—			(19,344		)	(28,995		)	—			(90,190		)
Net cash from (for) investing activities	(56,255		)	(18,973		)	(24,333		)	(8,874		)	18,245			(90,190		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net payments on revolving credit loans	(23,200		)	—			—			—			—			(23,200		)
Term debt borrowings	13,246			9,357			335			—			—			22,938
Intercompany term debt (payments) receipts	—			176,343			—			(176,343		)	—			—
Term debt payments, including early termination penalties	(13,831		)	(9,763		)	(306		)	—			—			(23,900		)
Distributions (paid) received	(55,562		)	215			—			—			—			(55,347		)
Payment of debt issuance costs	(11,783		)	(8,332		)	(1,099		)	—			—			(21,214		)
Exercise of limited partnership unit options	—			5			—			—			—			5
Net cash from (for) financing activities	(91,130		)	167,825			(1,070		)	(176,343		)	—			(100,718		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			(1,510		)	—			—			(1,510		)
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	—			(949		)	24,597			2,111			—			25,759
Balance, beginning of year	—			1,461			6,943			1,361			—			9,765
Balance, end of year	$	—		$	512		$	31,540		$	3,472		$	—		$	35,524

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2010

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	82,230		$	(62,109	)	$	(3,649	)	$	41,710		$	123,933		$	182,115
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	14,840			222,495			(113,173		)	(229		)	(123,933		)	—
Capital expenditures	(26,165		)	—			(7,433		)	(38,108		)	—			(71,706		)
Net cash from (for) investing activities	(11,325		)	222,495			(120,606		)	(38,337		)	(123,933		)	(71,706		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net borrowings (payments) on revolving credit loans	(63,100		)	—			—			—			—			(63,100		)
Term debt borrowings	680,000			480,000			15,000			—			—			1,175,000
Note borrowings	—			—			399,383			—			—			399,383
Intercompany term debt (payments) receipts	699,625			(696,875		)	—			(2,750		)	—			—
Term debt payments, including early termination penalties	(1,351,464		)	(7,327		)	(208,099		)	—			—			(1,566,890		)
Distributions (paid) received	(13,891		)	57			—			—			—			(13,834		)
Return of capital	—			75,247			(75,247		)	—			—			—
Payment of debt issuance costs	(22,075		)	(11,277		)	(9,912		)	—			—			(43,264		)
Exercise of limited partnership unit options	—			7			—			—			—			7
Net cash from (for) financing activities	(70,905		)	(160,168		)	121,125			(2,750		)	—			(112,698		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			126			—			—			126
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	—			218			(3,004		)	623			—			(2,163		)
Balance, beginning of year	—			1,243			9,947			738			—			11,928
Balance, end of year	$	—		$	1,461		$	6,943		$	1,361		$	—		$	9,765

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Operating Lease Commitments and Contingencies

12 Months Ended

Dec. 31, 2012

Operating Lease Commitments and Contingencies [Abstract]

Operating Lease Commitments and Contingencies

Operating Lease Commitments and Contingencies:

Operating Lease Commitments

The Partnership has commitments under various operating leases at its parks. Minimum lease payments under non-cancelable operating leases as of December 31, 2012 are as follows (in thousands):

2013	$	6,276
2014	6,073
2015	5,687
2016	5,567
2017	5,483
Thereafter	118,000
	$	147,086

The amount due after 2017 includes the land lease at California's Great America which is renewable in 2039. Lease expense, which includes short-term rentals for equipment and machinery, for 2012, 2011 and 2010 totaled $12.0 million, $9.7 million and $9.4 million, respectively.

Contingencies

The Partnership is also a party to a number of lawsuits arising in the normal course of business. In the opinion of management, none of these matters are expected to have a material effect in the aggregate on the Partnership's financial statements.

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Consolidating Financial Information of Guarantors and Issuers (Details)	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Subsidiary guarantor ownership percentage	100.00%
Unsecured Debt [Member] | Notes Payable Due 2018 [Member]
Condensed Financial Statements, Captions [Line Items]
Stated interest rate percentage	9.125%
Subsidiary ownership percentage, guaranteeing notes	100.00%
Subsidiary guarantor ownership percentage	100.00%

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Retirement Plans

12 Months Ended

Dec. 31, 2012

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

Retirement Plans:

The Partnership has trusteed, noncontributory retirement plans for the majority of its full-time employees. Contributions are discretionary and amounts accrued were approximately $3.9 million in 2012, $3.9 million in 2011 and $4.1 million in 2010. These plans also permit employees to contribute specified percentages of their salary, matched up to a limit by the Partnership. Matching contributions, net of forfeitures, approximated $1.7 million in 2012, $1.6 million in 2011 and $1.5 million in 2010.

In addition, approximately 222 employees are covered by union-sponsored, multi-employer pension plans for which approximately $1.3 million, $1.2 million and $1.1 million were contributed for the years ended December 31, 2012, 2011, and 2010, respectively. The Partnership has no plans to withdraw from any of the multi-employer plans.  The Partnership believes that the withdrawal liability from any such withdrawal, as defined by the Multi-employer Pension Plan Amendments Act of 1980, would not be material.

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Income and Partnership Taxes

12 Months Ended

Dec. 31, 2012

Income Tax Expense (Benefit) [Abstract]

Income and Partnership Taxes

Income and Partnership Taxes:

Federal and state tax legislation in 1997 provided a permanent income tax exemption to existing publicly traded partnerships (PTP), such as Cedar Fair, L.P., with a PTP tax levied on partnership gross income (net revenues less cost of food, merchandise and games) beginning in 1998. In addition, income taxes are recognized for the amount of taxes payable by the Partnership's corporate subsidiaries for the current year and for the impact of deferred tax assets and liabilities, which represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. As such, the Partnership's "Provision for taxes" includes amounts for both the PTP tax and for income taxes on the Partnership's corporate subsidiaries.

The Partnership's 2012 tax provision totals $31.4 million, which consists of an $8.7 million provision for the PTP tax and a $22.6 million provision for income taxes. This compares to the Partnership's 2011 tax provision of $11.2 million, which consisted of a $8.3 million provision for the PTP tax and a $2.9 million provision for income taxes, and the 2010 tax provision of $2.7 million which consisted of a $7.9 million provision for the PTP tax and a $5.2 million benefit for income taxes. The calculation of the provision for taxes involves significant estimates and assumptions and actual results could differ from those estimates.

Significant components of income (loss) before taxes are as follows:

(In thousands)	2012		2011			2010
Domestic	$	112,099	$	102,716		$	(31,015	)
Foreign	20,482		(20,753		)	633
	$	132,581	$	81,963		$	(30,382	)

The provision (benefit) for income taxes is comprised of the following:

(In thousands)	2012			2011			2010
Income taxes:
Current federal	$	(1,081	)	$	399		$	1,174
Current state and local	743			894			1,748
Current foreign	(4,152		)	(2,381		)	6,493
Total current	(4,490		)	(1,088		)	9,415
Deferred federal, state and local	8,844			5,206			(8,883		)
Deferred foreign	18,266			(1,189		)	(5,781		)
Total deferred	27,110			4,017			(14,664		)
	$	22,620		$	2,929		$	(5,249	)

The provision (benefit) for income taxes for the Partnership's corporate subsidiaries differs from the amount computed by applying the U.S. federal statutory income tax rate of 35% to the Partnership's income (loss) before taxes.

The sources and tax effects of the differences are as follows:

(In thousands)	2012			2011			2010
Income tax provision (benefit) based on the U.S. federal statutory tax rate	$	46,403		$	28,687		$	(10,634	)
Partnership loss (income) not deductible (includible) from (in) corporate income	(21,273		)	(16,188		)	4,115
State and local taxes, net of federal income tax benefit	3,455			1,938			(930		)
Valuation allowance	(6,030		)	(10,460		)	4,425
Tax credits	(2,100		)	(1,791		)	(2,706		)
Nondeductible expenses and other	2,165			743			481
	$	22,620		$	2,929		$	(5,249	)

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Significant components of deferred tax assets and liabilities as of December 31, 2012 and 2011 are as follows:

(In thousands)	2012			2011
Deferred tax assets:
Options and deferred compensation	$	7,741		$	10,236
Accrued expenses	4,519			3,841
Foreign tax credits	31,162			40,439
Tax attribute carryforwards	10,948			20,209
Derivatives	10,661			6,808
Intangibles	—			508
Other	4,126			1,789
Deferred tax assets	69,157			83,830
Valuation allowance	(11,253		)	(17,283		)
Net deferred tax assets	57,904			66,547
Deferred tax liabilities:
Property	(193,923		)	(184,969		)
Intangibles	(3,865		)	—
Foreign currency translation	(8,672		)	(5,000		)
Deferred tax liabilities	(206,460		)	(189,969		)
Net deferred tax liability	$	(148,556	)	$	(123,422	)

As of December 31, 2012, the Partnership had $31.2 million of foreign tax credit carryforwards available for U.S. federal income tax purposes. During 2012, the Partnership claimed a refund for foreign taxes paid in previous years. The recovery of prior year taxes resulted in a redetermination of the foreign tax credit carryforwards and a $6.1 million reduction in the valuation allowance related to these carryforwards. Also during 2012, the Partnership utilized the federal tax net operating loss carryforward and updated its long term estimates of domestic and foreign source income. As of December 31, 2012, a $11.3 million valuation allowance has been recorded to reflect uncertainties regarding the use of the remaining available foreign tax credits before they begin expiring in 2016.

Additionally, as of December 31, 2012, the Partnership had $10.9 million of tax attribute carryforwards consisting of alternative minimum tax credits ($0.8 million), general business credits ($4.8 million) and the tax effect of state net operating loss carryforwards ($5.3 million). Alternative minimum tax credits do not expire. The general business credits will begin to expire in 2027. The state net operating loss carryforwards will expire from 2017 to 2027. The Partnership expects to fully realize these tax attribute carryforwards. As such, no valuation allowance has been recorded relating to these tax attribute carryforwards.

As of December 31, 2012, the Partnership adjusted its deferred tax assets and liabilities to reflect the impact of changes to the enacted statutory tax rates in Canada ($1.6 million tax provision).

The net current and non-current components of deferred taxes recognized as of December 31, 2012 and 2011 in the consolidated balance sheets are as follows:

(In thousands)	2012			2011
Net current deferred tax asset	$	8,184		$	10,345
Net non-current deferred tax liability	(156,740		)	(133,767		)
Net deferred tax liability	$	(148,556	)	$	(123,422	)

The Partnership has recorded deferred tax assets of $2.2 million and $2.6 million as of December 31, 2012 and 2011, respectively, to account for the tax effect of derivatives and foreign currency translation adjustments included in Other Comprehensive Income.

The Partnership has unrecognized income tax benefits as of December 31, 2012. The following is a reconciliation of beginning and ending amounts unrecognized tax benefits:

	(in thousands)
Balance, beginning of year	$	—
Increase from current year tax positions	1,100
Increase from prior year's tax positions	—
Decrease from settlements with taxing authority	—
Decrease from expiration of statute of limitations	—
Balance, end of year	$	1,100

At December 31, 2012 a total of $1.1 million of unrecognized tax benefits was recorded for state and local income tax positions, there were no unrecognized tax positions during 2011 or 2010. If recognized, the tax benefits would decrease the Partnership taxes by $1.1 million.

The Partnership recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. Related to the unrecognized tax benefits noted, the Partnership accrued interest of $0.3 million and penalties of $0.2 million during 2012. The Partnership does not anticipate a significant change to the amount of unrecognized tax benefits over the next 12 months.

The Partnership and its corporate subsidiaries are subject to taxation in the U.S., Canada and various state and local jurisdictions. The tax returns of the Partnership are subject to examination by state and federal tax authorities. With few exceptions, the Partnership and its corporate subsidiaries are no longer subject to examination by the major taxing authorities for tax years before 2009.

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Fair Value Measurements

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements:

The FASB's ASC 820 "Fair Value Measurement" emphasizes that fair value is a market-based measurement that should be determined based on assumptions (inputs) that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable, and valuation techniques used to measure fair value should maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Accordingly, the FASB’s ASC 820 establishes a hierarchal disclosure framework that ranks the quality and reliability of information used to determine fair values. The hierarchy is associated with the level of pricing observability utilized in measuring fair value and defines three levels of inputs to the fair value measurement process—quoted prices are the most reliable valuation inputs, whereas model values that include inputs based on unobservable data are the least reliable. Each fair value measurement must be assigned to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety.

The three broad levels of inputs defined by the fair value hierarchy are as follows:

• Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

• Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

• Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The table below presents the balances of liabilities measured at fair value as of December 31, 2012 and 2011 on a recurring basis:

(In thousands)	Total			Level 1		Level 2			Level 3
December 31, 2012
Interest rate swap agreements (1)	$	(32,260	)	$	—	$	(32,260	)	$	—
Total	$	(32,260	)	$	—	$	(32,260	)	$	—
December 31, 2011
Interest rate swap agreements (1)	$	(32,400	)	$	—	$	(32,400	)	$	—
Cross-currency swap agreements(2)	(37,617		)	—		(37,617		)	—
Foreign currency swap agreements (2)	(13,155		)	—		(13,155		)	—
Total	$	(83,172	)	$	—	$	(83,172	)	$	—

(1) Included in "Derivative Liability" on the Consolidated Balance Sheet

(2) Included in "Current derivative liability" on the Consolidated Balance Sheet

Fair values of the interest rate and cross-currency swap agreements are determined using significant inputs, including the LIBOR and foreign currency forward curves, that are considered Level 2 observable market inputs. In addition, the Partnership considered the effect of its credit and non-performance risk on the fair values provided, and recognized an adjustment decreasing the derivative liabilities by approximately $0.9 million as of December 31, 2012. The Partnership monitors the credit and non-performance risk associated with its derivative counter-parties and believes them to be insignificant and not warranting a credit adjustment at December 31, 2012.

At the end of the third quarter in 2012, the Partnership concluded based on operating results, as well as updated forecasts, and changes in market conditions, that a review of the carrying value of long-lived assets at Wildwater Kingdom was warranted. After performing its review, the Partnership determined that a portion of the park's fixed assets were impaired. Based on Level 3 unobservable valuation assumptions and other market inputs, the assets were marked to a fair value of $19.8 million, resulting in an impairment charge of $25.0 million for operating and non-operating assets during the quarter.

There were no assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2011.

A relief-from-royalty model is used to determine whether the fair value of trade-names exceeds their carrying amount. The fair value of the trade-names is determined as the present value of fees avoided by owning the respective trade-name.

In 2010, the Partnership concluded based on operating results, as well as updated forecasts, that a review of the carrying value of long-lived assets at California's Great America was warranted. After performing its review, the Partnership determined that a portion of the park's fixed assets, the majority of which were originally recorded with the PPI acquisition, were impaired. As a result, it recognized $62.0 million of fixed-asset impairment during 2010.

After completing its 2010 annual review of indefinite-lived intangibles for impairment, the Partnership concluded that a portion of trade-names originally recorded with the PPI acquisition were impaired. As a result, the Partnership recognized approximately $2.3 million of trade-name impairment during 2010.

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Consolidating Financial Information of Guarantors and Issuers Cash Flows (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Condensed Financial Statements, Captions [Line Items]
NET CASH (FOR) FROM OPERATING ACTIVITIES	$ 285,933	$ 218,177	$ 182,115
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	0	0	0
Gain (Loss) on Sale of Properties	16,058
Capital expenditures	(96,232)	(90,190)	(71,706)
Net cash from (for) investing activities	(80,174)	(90,190)	(71,706)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Payments for (Proceeds from) Derivative Instrument, Financing Activities	(50,450)	0	0
Net borrowings on revolving credit loans		(23,200)	(63,100)
Intercompany term debt (payments) receipts			0
Term debt borrowings	0	22,938	1,175,000
Note borrowings	0	0	399,383
Term debt payments, including early termination penalties	(25,000)	(23,900)	(1,566,890)
Intercompany (payments) receipts	0	0
Distributions (paid) received	(88,813)	(55,347)	(13,834)
Proceeds from Contributions from Parent	0
Return of capital			0
Payment of debt issuance costs	0	(21,214)	(43,264)
Exercise of limited partnership unit options	76	5	7
Excess Tax Benefit from Share-based Compensation, Financing Activities	1,208	0	0
Net cash (for) financing activities	(162,979)	(100,718)	(112,698)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	526	(1,510)	126
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	43,306	25,759	(2,163)
Balance, beginning of period	35,524	9,765	11,928
Balance, end of period	78,830	35,524	9,765
Cedar Fair L.P. (Parent) [Member]
Condensed Financial Statements, Captions [Line Items]
NET CASH (FOR) FROM OPERATING ACTIVITIES	129,402	147,385	82,230
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	31,496	(14,404)	14,840
Gain (Loss) on Sale of Properties	(1,173)
Capital expenditures	(33,664)	(41,851)	(26,165)
Net cash from (for) investing activities	(995)	(56,255)	(11,325)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Payments for (Proceeds from) Derivative Instrument, Financing Activities	0
Net borrowings on revolving credit loans		(23,200)	(63,100)
Intercompany term debt (payments) receipts			699,625
Term debt borrowings		13,246	680,000
Note borrowings			0
Term debt payments, including early termination penalties	(14,468)	(13,831)	(1,351,464)
Intercompany (payments) receipts	0	0
Distributions (paid) received	(88,939)	(55,562)	(13,891)
Proceeds from Contributions from Parent	0
Return of capital			0
Payment of debt issuance costs		(11,783)	(22,075)
Exercise of limited partnership unit options	0	0	0
Excess Tax Benefit from Share-based Compensation, Financing Activities	0
Net cash (for) financing activities	(103,407)	(91,130)	(70,905)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	0	0	0
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	25,000	0	0
Balance, beginning of period	0	0	0
Balance, end of period	25,000	0	0
Co-Issuer Subsidiary (Magnum) [Member]
Condensed Financial Statements, Captions [Line Items]
NET CASH (FOR) FROM OPERATING ACTIVITIES	30,355	(149,801)	(62,109)
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	(55,458)	(18,973)	222,495
Gain (Loss) on Sale of Properties	0
Capital expenditures	(8)	0	0
Net cash from (for) investing activities	(55,466)	(18,973)	222,495
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Payments for (Proceeds from) Derivative Instrument, Financing Activities	0
Net borrowings on revolving credit loans		0	0
Intercompany term debt (payments) receipts			(696,875)
Term debt borrowings		9,357	480,000
Note borrowings			0
Term debt payments, including early termination penalties	(10,212)	(9,763)	(7,327)
Intercompany (payments) receipts	93,845	176,343
Distributions (paid) received	126	215	57
Proceeds from Contributions from Parent	(60,000)
Return of capital			75,247
Payment of debt issuance costs		(8,332)	(11,277)
Exercise of limited partnership unit options	76	5	7
Excess Tax Benefit from Share-based Compensation, Financing Activities	1,208
Net cash (for) financing activities	25,043	167,825	(160,168)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	0	0	0
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	(68)	(949)	218
Balance, beginning of period	512	1,461	1,243
Balance, end of period	444	512	1,461
Co-Issuer Subsidiary (Cedar Canada) [Member]
Condensed Financial Statements, Captions [Line Items]
NET CASH (FOR) FROM OPERATING ACTIVITIES	20,829	51,510	(3,649)
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	2,599	(4,989)	(113,173)
Gain (Loss) on Sale of Properties	0
Capital expenditures	(14,551)	(19,344)	(7,433)
Net cash from (for) investing activities	(11,952)	(24,333)	(120,606)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Payments for (Proceeds from) Derivative Instrument, Financing Activities	(50,450)
Net borrowings on revolving credit loans		0	0
Intercompany term debt (payments) receipts			0
Term debt borrowings		335	15,000
Note borrowings			399,383
Term debt payments, including early termination penalties	(320)	(306)	(208,099)
Intercompany (payments) receipts	0	0
Distributions (paid) received	0	0	0
Proceeds from Contributions from Parent	60,000
Return of capital			(75,247)
Payment of debt issuance costs		(1,099)	(9,912)
Exercise of limited partnership unit options	0	0	0
Excess Tax Benefit from Share-based Compensation, Financing Activities	0
Net cash (for) financing activities	9,230	(1,070)	121,125
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	526	(1,510)	126
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	18,633	24,597	(3,004)
Balance, beginning of period	31,540	6,943	9,947
Balance, end of period	50,173	31,540	6,943
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
NET CASH (FOR) FROM OPERATING ACTIVITIES	143,062	187,328	41,710
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	(16,352)	20,121	(229)
Gain (Loss) on Sale of Properties	14,885
Capital expenditures	(48,009)	(28,995)	(38,108)
Net cash from (for) investing activities	(49,476)	(8,874)	(38,337)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Payments for (Proceeds from) Derivative Instrument, Financing Activities	0
Net borrowings on revolving credit loans		0	0
Intercompany term debt (payments) receipts			(2,750)
Term debt borrowings		0	0
Note borrowings			0
Term debt payments, including early termination penalties	0	0	0
Intercompany (payments) receipts	(93,845)	(176,343)
Distributions (paid) received	0	0	0
Proceeds from Contributions from Parent	0
Return of capital			0
Payment of debt issuance costs		0	0
Exercise of limited partnership unit options	0	0	0
Excess Tax Benefit from Share-based Compensation, Financing Activities	0
Net cash (for) financing activities	(93,845)	(176,343)	(2,750)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	0	0	0
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	(259)	2,111	623
Balance, beginning of period	3,472	1,361	738
Balance, end of period	3,213	3,472	1,361
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
NET CASH (FOR) FROM OPERATING ACTIVITIES	(37,715)	(18,245)	123,933
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	37,715	18,245	(123,933)
Gain (Loss) on Sale of Properties	0
Capital expenditures	0	0	0
Net cash from (for) investing activities	37,715	18,245	(123,933)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Payments for (Proceeds from) Derivative Instrument, Financing Activities	0
Net borrowings on revolving credit loans		0	0
Intercompany term debt (payments) receipts			0
Term debt borrowings		0	0
Note borrowings			0
Term debt payments, including early termination penalties	0	0	0
Intercompany (payments) receipts	0	0
Distributions (paid) received	0	0	0
Proceeds from Contributions from Parent	0
Return of capital			0
Payment of debt issuance costs		0	0
Exercise of limited partnership unit options	0	0	0
Excess Tax Benefit from Share-based Compensation, Financing Activities	0
Net cash (for) financing activities	0	0	0
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	0	0	0
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	0	0	0
Balance, beginning of period	0	0	0
Balance, end of period	$ 0	$ 0	$ 0

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Summary of Significant Accounting Policies Narrative (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Gain (Loss) on Sale of Other Assets	$ 6,625,000	$ 0	$ 0
Unrealized / realized foreign currency gain (loss)	(8,998,000)	9,909,000	(20,563,000)
Unrealized foreign currency gain on U.S.-dollar denominated notes	9,181,000	(8,753,000)
Depreciation and amortization	127,300,000	125,800,000	128,900,000
Gain Loss on Retirement and Impairment of Property Plant and Equipment	(30,336,000)	(2,565,000)	(62,752,000)
Decrease in accumulated depreciation due to retirement of ride		8,790,000
Self-insurance reserves	23,906,000	21,243,000
Advertising expense	55,400,000	53,000,000	51,800,000
Wildwater Kingdom [Member]
Impairment of Long-Lived Assets Held-for-use	$ 25,000,000

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Income Before Taxes (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Domestic	$ 112,099	$ 102,716	$ (31,015)
Foreign	20,482	(20,753)	633
Income (loss) before taxes	$ 132,581	$ 81,963	$ (30,382)

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Property, Plant and Equipment. Weighted Average Useful Lives

The weighted average useful lives combining both methods are approximately:

Land improvements	21 years
Buildings	25 years
Rides	18 years
Equipment	9 years

Schedule of Weighted Average Number of Units

For purposes of calculating the basic and diluted earnings per limited partner unit, no adjustments have been made to the reported amounts of net income (loss). The unit amounts used are as follows:

	2012		2011		2010
(In thousands except per unit amounts)
Basic weighted average units outstanding	55,518		55,345		55,316
Effect of dilutive units:
Unit options (Note 7)	43		—		—
Phantom units (Note 7)	334		541		—
Diluted weighted average units outstanding	55,895		55,886		55,316
Net income (loss) per unit - basic	$	1.82	$	1.28	$	(0.60	)
Net income (loss) per unit - diluted	$	1.81	$	1.27	$	(0.60	)

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Deferred Tax Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Significant components of income (loss) before taxes are as follows:

(In thousands)	2012		2011			2010
Domestic	$	112,099	$	102,716		$	(31,015	)
Foreign	20,482		(20,753		)	633
	$	132,581	$	81,963		$	(30,382	)

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes is comprised of the following:

(In thousands)	2012			2011			2010
Income taxes:
Current federal	$	(1,081	)	$	399		$	1,174
Current state and local	743			894			1,748
Current foreign	(4,152		)	(2,381		)	6,493
Total current	(4,490		)	(1,088		)	9,415
Deferred federal, state and local	8,844			5,206			(8,883		)
Deferred foreign	18,266			(1,189		)	(5,781		)
Total deferred	27,110			4,017			(14,664		)
	$	22,620		$	2,929		$	(5,249	)

Schedule of Effective Income Tax Rate Reconciliation

The sources and tax effects of the differences are as follows:

(In thousands)	2012			2011			2010
Income tax provision (benefit) based on the U.S. federal statutory tax rate	$	46,403		$	28,687		$	(10,634	)
Partnership loss (income) not deductible (includible) from (in) corporate income	(21,273		)	(16,188		)	4,115
State and local taxes, net of federal income tax benefit	3,455			1,938			(930		)
Valuation allowance	(6,030		)	(10,460		)	4,425
Tax credits	(2,100		)	(1,791		)	(2,706		)
Nondeductible expenses and other	2,165			743			481
	$	22,620		$	2,929		$	(5,249	)

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities as of December 31, 2012 and 2011 are as follows:

(In thousands)	2012			2011
Deferred tax assets:
Options and deferred compensation	$	7,741		$	10,236
Accrued expenses	4,519			3,841
Foreign tax credits	31,162			40,439
Tax attribute carryforwards	10,948			20,209
Derivatives	10,661			6,808
Intangibles	—			508
Other	4,126			1,789
Deferred tax assets	69,157			83,830
Valuation allowance	(11,253		)	(17,283		)
Net deferred tax assets	57,904			66,547
Deferred tax liabilities:
Property	(193,923		)	(184,969		)
Intangibles	(3,865		)	—
Foreign currency translation	(8,672		)	(5,000		)
Deferred tax liabilities	(206,460		)	(189,969		)
Net deferred tax liability	$	(148,556	)	$	(123,422	)

Schedule of Net Current and Noncurrent Components of Deferred Taxes

The net current and non-current components of deferred taxes recognized as of December 31, 2012 and 2011 in the consolidated balance sheets are as follows:

(In thousands)	2012			2011
Net current deferred tax asset	$	8,184		$	10,345
Net non-current deferred tax liability	(156,740		)	(133,767		)
Net deferred tax liability	$	(148,556	)	$	(123,422	)

Summary of Income Tax Contingencies

The following is a reconciliation of beginning and ending amounts unrecognized tax benefits:

	(in thousands)
Balance, beginning of year	$	—
Increase from current year tax positions	1,100
Increase from prior year's tax positions	—
Decrease from settlements with taxing authority	—
Decrease from expiration of statute of limitations	—
Balance, end of year	$	1,100

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Income and Partnership Taxes Narrative (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 300,000
Provision (benefit) for taxes	31,365,000	11,217,000	2,670,000
Provision for the PTP tax	8,700,000	8,300,000	7,900,000
Provision (benefit) pertaining to corporate subsidiaries	22,620,000	2,929,000	(5,249,000)
U.S. federal statutory income tax rate	35.00%
Foreign tax credit carryforwards available for U.S. federal income tax purposes	31,162,000	40,439,000
Change in deferred tax asset valuation allowance in 2011	6,100,000
Deferred tax assets, valuation allowance	11,253,000	17,283,000
Tax attribute carryforwards	10,948,000	20,209,000
Alternative minimum tax credits	800,000
General business credits	4,800,000
State net operating loss carryforwards	5,300,000
Deferred tax assets, other comprehensive income (loss)	2,200,000
Deferred Tax Liabilities, Other Comprehensive Income		2,600,000
Unrecognized Tax Benefits, Income Tax Penalties Accrued	200,000
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions	1,100,000
Unrecognized Tax Benefits	$ 1,100,000	$ 0

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Derivative Financial Instruments Balance Sheet Location (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012 Designated As Hedging [Member]	Dec. 31, 2011 Designated As Hedging [Member]	Dec. 31, 2012 Not Designated As Hedging [Member]	Dec. 31, 2011 Not Designated As Hedging [Member]	Dec. 31, 2012 Interest Rate Swap [Member] Designated As Hedging [Member]	Dec. 31, 2011 Interest Rate Swap [Member] Designated As Hedging [Member]	May 31, 2011 Foreign Currency Swap [Member]	Dec. 31, 2012 Foreign Currency Swap [Member] Not Designated As Hedging [Member]	Dec. 31, 2011 Foreign Currency Swap [Member] Not Designated As Hedging [Member]	Dec. 31, 2012 Cross-Currency Swap [Member] Not Designated As Hedging [Member]	Dec. 31, 2011 Cross-Currency Swap [Member] Not Designated As Hedging [Member]	Dec. 31, 2012 Cash Flow Hedging [Member] Interest Rate Swap [Member]	Oct. 31, 2009 Cash Flow Hedging [Member] Interest Rate Swap [Member] Designated As Hedging [Member]	Dec. 31, 2012 Cash Flow Hedging [Member] Cross-Currency Swap [Member]	Aug. 31, 2009 Cash Flow Hedging [Member] Cross-Currency Swap [Member] Designated As Hedging [Member]	Dec. 31, 2012 September 2010 Swaps [Member] Cash Flow Hedging [Member] Forward-Starting Interest Rate Swap [Member]	Sep. 25, 2011 September 2010 Swaps [Member] Cash Flow Hedging [Member] Forward-Starting Interest Rate Swap [Member]	Feb. 28, 2011 September 2010 Swaps [Member] Cash Flow Hedging [Member] Forward-Starting Interest Rate Swap [Member]	Oct. 30, 2011 September 2010 and March 2011 Swaps [Member] Cash Flow Hedging [Member] Forward-Starting Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Required Percentage To Swap Term Debt To Fixed Rate Debt									50.00%
Current derivative liability	$ 0	$ (50,772,000)								$ 0	$ (13,155,000)	$ 0	$ (37,617,000)
Derivative liability	32,260,000	32,400,000					32,260,000	32,400,000
Derivative assets (liabilities), at fair value, net	(32,260,000)	(83,172,000)	(32,260,000)	(32,400,000)	0	(50,772,000)
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax															91,800,000		15,100,000	6,000,000		7,200,000
Amount of hedged item														$ 800,000,000		$ 268,700,000			$ 600,000,000		$ 600,000,000

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Consolidated Statements of Partners' Equity (USD $) In Thousands, except Per Share data, unless otherwise specified	Total	Limited Partners [Member]	General Partner [Member]	Special L.P. Interests [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Cumulative Foreign Currency Translation Adjustment [Member]	Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Beginning balance, value at Dec. 31, 2009		$ 195,831	$ (1)			$ 2,422	$ (89,703)
Beginning balance, units at Dec. 31, 2009		55,234
Partnership distribution declared, per unit	$ 0.25
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Limited partnership unit options exercised, units		42
Issuance of limited partnership units as compensation		58
Net income (loss)	(33,052)	(33,052)	0
Partnership distribution declared (2012 - $1.60; 2011 - $1.00; 2010 - $0.25)		(13,834)	0
Income recognized for limited partnership unit options		(89)
Limited partnership unit options exercised, value		7
Tax effect of units involved in option exercises and treasury unit transactions		545
Issuance of limited partnership units as compensation		639
Foreign currency translation adjustment, tax	(2,952)
Unrealized loss on cash flow hedging derivatives, tax	(5,825)
Current year activity, net of tax ($210) in 2012, $5,508 in 2011, ($5,825) in 2010 at Dec. 31, 2010	60,048						60,048
Ending balance, value at Dec. 31, 2010	121,628	150,047	(1)	5,290	(33,708)	(4,053)	(29,655)
Current year activity, net of tax ($213) in 2012, $245 in 2011, ($2,952) in 2010) at Dec. 31, 2010	(6,475)					(6,475)
Ending balance, units at Dec. 31, 2010		55,334
Partnership distribution declared, per unit	$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Limited partnership unit options exercised, units		0
Issuance of limited partnership units as compensation		12
Net income (loss)	70,746	70,745	1
Partnership distribution declared (2012 - $1.60; 2011 - $1.00; 2010 - $0.25)		(55,347)	0
Income recognized for limited partnership unit options		(239)
Limited partnership unit options exercised, value		5
Tax effect of units involved in option exercises and treasury unit transactions		127
Issuance of limited partnership units as compensation		180
Foreign currency translation adjustment, tax	245
Unrealized loss on cash flow hedging derivatives, tax	5,508
Current year activity, net of tax ($210) in 2012, $5,508 in 2011, ($5,825) in 2010 at Dec. 31, 2011	3,767						3,767
Ending balance, value at Dec. 31, 2011	141,800	165,518	0	5,290	(29,008)	(3,120)	(25,888)
Current year activity, net of tax ($213) in 2012, $245 in 2011, ($2,952) in 2010) at Dec. 31, 2011	933					933
Ending balance, units at Dec. 31, 2011		55,346
Partnership distribution declared, per unit	$ 1.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Limited partnership unit options exercised, units		16
Issuance of limited partnership units as compensation		256
Net income (loss)	101,216	101,215	1
Partnership distribution declared (2012 - $1.60; 2011 - $1.00; 2010 - $0.25)		(88,813)	0
Income recognized for limited partnership unit options		345
Limited partnership unit options exercised, value		76
Tax effect of units involved in option exercises and treasury unit transactions		1,208
Issuance of limited partnership units as compensation		2,920
Foreign currency translation adjustment, tax	(213)
Unrealized loss on cash flow hedging derivatives, tax	(210)
Current year activity, net of tax ($210) in 2012, $5,508 in 2011, ($5,825) in 2010 at Dec. 31, 2012	139						139
Ending balance, value at Dec. 31, 2012	159,260	182,469	1	5,290	(28,500)	(2,751)	(25,749)
Current year activity, net of tax ($213) in 2012, $245 in 2011, ($2,952) in 2010) at Dec. 31, 2012	$ 369					$ 369
Ending balance, units at Dec. 31, 2012		55,618

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Long-Term Debt

12 Months Ended

Dec. 31, 2012

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt:

Long-term debt at December 31, 2012 and 2011:

(In thousands)	2012		2011
Revolving credit facility (due 2015)	$	—	$	—
Term debt (1)
February 2011 Amended U.S. term loan averaging 4.0% at 2011 (due 2011-2017)	1,131,100		1,156,100
Notes
July 2010 U.S. fixed rate note at 9.125% (due 2018)	401,080		400,279
	1,532,180		1,556,379
Less: current portion	—		15,921
	$	1,532,180	$	1,540,458

(1) These average interest rates do not reflect the effect of interest rate swap agreements entered into on variable-rate term debt (see Note 6).

In July 2010, the Partnership issued $405 million of 9.125% senior unsecured notes ("the notes"), maturing in 2018, in a private placement, including $5.6 million of original issue discount to yield 9.375%. Concurrently with this offering, the Partnership entered into a new $1,435.0 million credit agreement (the 2010 Credit Agreement), which includes a $1,175.0 million senior secured term loan facility and a $260.0 million senior secured revolving credit facility. The net proceeds from the offering of the notes, along with borrowings under the 2010 Credit Agreement, were used to repay in full all amounts outstanding under the Partnership's previous credit facilities. The facilities provided under the 2010 Credit Agreement are collateralized by substantially all of the assets of the Partnership.

In February 2011, the Partnership amended its 2010 Credit Agreement (as so amended, the “Amended 2010 Credit Agreement”) to extend the maturity date of the U.S. term loan portion of the credit facilities by one year. The extended U.S. term loan matures in December 2017 and bears interest at a rate of LIBOR plus 300 bps, with a LIBOR floor of 100 bps. In May 2012, the Partnership prepaid $16.0 million of long-term debt to meet its obligation under the Excess Cash Flow ("ECF") provision of the Credit Agreement. As a result of this prepayment as well as the August 2011 $18.0 million debt prepayment and a $9.0 million optional prepayment made in September 2012, the Partnership has no scheduled term-debt principal payments until the first quarter of 2015.

Cedar Fair, L.P., Canada’s Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the notes and co-borrowers of the senior secured credit facilities. Both the notes and senior secured credit facilities have been fully and unconditionally guaranteed, on a joint and several basis, by each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum). There are no non-guarantor subsidiaries.

Revolving Credit Loans    Terms of the Amended 2010 Credit Agreement include a combined $260.0 million facility. Under the agreement, the Canadian portion of the revolving credit facility has a limit of $15.0 million U.S. denominated loans made under the revolving credit facility bear interest at a rate of LIBOR plus 400 basis points (bps) (with no LIBOR floor). Canadian denominated loans made under the Canadian portion of the facility also bear interest at a rate of LIBOR plus 400 bps (with no LIBOR floor). The revolving credit facility, which matures in July of 2015, also provides for the issuance of documentary and standby letters of credit. As of December 31, 2012, no borrowings under the revolving credit facility were outstanding and standby letters of credit totaled $16.4 million. After letters of credit, the Partnership had $243.6 million of available borrowings under its revolving credit facility as of December 31, 2012. The maximum outstanding balance during 2012 was $187.1 million under the revolving credit facility. The Amended 2010 Credit Agreement requires the Partnership to pay a commitment fee of 50 bps per annum on the unused portion of the credit facilities.

Term Debt    The credit facilities provided under the Amended 2010 Credit Agreement include a $1,175.0 million U.S. term loan maturing on December 15, 2017. As of December 31, 2012, the U.S. term loan, bore interest at a rate of LIBOR plus 300 bps, with a LIBOR floor of 100 bps.

At December 31, 2012, the scheduled annual maturities of term debt were as follows (in thousands):

	2013		2014		2015		2016		2017		Total
U.S. Term loan maturing in 2017	$	—	$	—	$	10,100	$	11,800	$	1,109,200	$	1,131,100

The fair value of the term debt at December 31, 2012, was approximately $1,117.1 million, based on borrowing rates available as of that date to the Partnership on long-term debt with similar terms and maturities. The fair value of the term debt at December 31, 2011, was approximately $1,159.3 million, based on borrowing rates available to the Partnership on long-term debt with similar terms and maturities at December 31, 2011.

The Partnership may prepay some or all of its term debt maturing in 2017 without premium or penalty at any time.

Notes    The notes issued by the Partnership in July 2010 require semi-annual interest payments in February and August, with the principal due in full on August 1, 2018. The notes may be redeemed, in whole or in part, at any time prior to August 1, 2014 at a price equal to 100% of the principal amount of the notes redeemed plus a “make-whole” premium together with accrued and unpaid interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. Prior to August 1, 2013, up to 35% of the notes may be redeemed with the net cash proceeds of certain equity offerings at 109.125%.

The fair value of the notes at December 31, 2012, was approximately $353.8 million based on borrowing rates available to the Partnership as of that date on notes with similar terms and maturities. The fair value of the notes at December 31, 2011, was approximately $368.1 million, based on borrowing rates available to the Partnership as of that date on notes with similar terms and maturities.

Covenants    The 2010 Amended Credit Agreement requires the Partnership to maintain specified financial ratios, which if breached for any reason, including a decline in operating results due to economic or weather conditions, could result in an event of default under the agreement. The most critical of these ratios is the Consolidated Leverage Ratio. As of December 31, 2012 this ratio is set at 6.0x Consolidated Total Debt (excluding the revolving debt)-to-Consolidated EBITDA. As of December 31, 2012, the Partnership’s Consolidated Total Debt (excluding revolving debt)-to-Consolidated EBITDA (as defined) ratio was 3.94x, providing $133.6 million of Consolidated EBITDA cushion on the Consolidated Leverage Ratio. The Partnership was also in compliance with all other covenants as of December 31, 2012.

The 2010 Amended Credit Agreement also includes provisions that allow the Partnership to make restricted payments of up to $20.0 million annually at the discretion of the Board of Directors. These restricted payments are not subject to any specific covenants. Additional restricted payments are allowed to be made based on an Excess-Cash-Flow formula, should the Partnership’s pro-forma Consolidated Leverage Ratio be less than or equal to 4.50x Consolidated Total Debt (excluding the revolving debt)-to-Consolidated EBITDA. Per the terms of the indenture governing the notes, the ability to make restricted payments is permitted should the Partnership's trailing-twelve-month Total-Indebtedness-to-Consolidated-Cash-Flow Ratio be less than or equal to 4.75x Consolidated Total Indebtedness (including average revolving debt)-to-Consolidated EBITDA, measured on a quarterly basis.

In addition to the above mentioned covenants and provisions, the 2010 Amended Credit Agreement contains an initial three-year requirement that at least 50% of the Partnership's aggregate term debt and senior notes be subject to either a fixed interest rate or interest rate protection.

The Partnership's policy is to capitalize interest on major construction projects. In 2012, interest payments of $1.3 million were capitalized, as compared to interest of $1.8 million in 2011 and $1.8 million capitalized in 2010.

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Termination of Agreement with Private Equity Firm (Details) (Contract Termination [Member], USD $) In Millions, unless otherwise specified	3 Months Ended	4 Months Ended	12 Months Ended
	Jun. 27, 2010	Apr. 06, 2010	Dec. 31, 2010
Contract Termination [Member]
Restructuring Cost and Reserve [Line Items]
Merger termination costs paid	$ 6.5	$ 16.0	$ 10.4

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Operating Lease Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2012

Operating Lease Commitments and Contingencies [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Minimum lease payments under non-cancelable operating leases as of December 31, 2012 are as follows (in thousands):

2013	$	6,276
2014	6,073
2015	5,687
2016	5,567
2017	5,483
Thereafter	118,000
	$	147,086

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Long-Term Debt Narrative (Details) (USD $)	3 Months Ended		12 Months Ended
	Sep. 30, 2012	Sep. 25, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	May 30, 2012
Debt Instrument [Line Items]
Fair value of term debt			$ 1,117,100,000	$ 1,159,300,000
Available borrowings under revolving credit facility			243,600,000
commitment fee on unused portion of credit facilities			50.00%
Early repayment of senior debt	9,000,000	18,000,000
Current maturities of long-term debt			0	15,921,000		16,000,000
Subsidiary guarantor ownership percentage			100.00%
Fair value of notes			353,800,000	368,100,000
Interest payments capitalized			1,300,000	1,800,000	1,800,000
Notes Payable Due 2018 [Member] | Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Face amount			405,000,000
Stated interest rate percentage			9.125%
Subsidiary guarantor ownership percentage			100.00%
Redemption percentage of original face amount			100.00%
Debt Instrument Early Call Date Percentage Of Notes Availabe For Redemption			35.00%
Debt Instrument Early Call Date Premium Price Percentage			109.125%
Original Issue Discount [Member] | Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Unamortized discount			5,600,000
Effective interest rate percentage			9.375%
2010 Credit Agreement [Member]
Debt Instrument [Line Items]
Face amount			1,435,000,000
2010 Credit Agreement [Member] | Canadian Revolving Credit Facility, USD [Member]
Debt Instrument [Line Items]
Line Of Credit Facility Interest Rate Margin Over Libor At Period End			4.00%
2010 Credit Agreement [Member] | Canadian Revolving Credit Facility, CAD [Member]
Debt Instrument [Line Items]
Line Of Credit Facility Interest Rate Margin Over Libor At Period End			4.00%
Amended 2010 Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument revised consolidated leverage ratio requirement			6
Debt Instrument Consolidated Leverage Ratio			3.94
Debt Instrument Ebitda Cushion On Consolidated Leverage Ratio			133,600,000
Pro-forma consolidated leverage ratio			4.5
Total-Indebtedness-to-Consolidated-Cash-Flow Ratio requirement, period of measurement, annual			12 months
Total-Indebtedness-to-Consolidated-Cash-Flow Ratio requirement			4.75
Total-Indebtedness-to-Consolidated-Cash-Flow Ratio requirement, period of measurement, quarterly			3 months
Length of initial agreement covenant requirement (years)			3 years
Aggregate term debt and senior notes subject to interest rate protection requirement			50.00%
Amended 2010 Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument Restricted Payment			20,000,000
Amended 2010 Credit Agreement [Member] | Canadian Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			15,000,000
Amended 2010 Credit Agreement [Member] | Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Face amount			1,175,000,000
Interest rate, LIBOR floor			1.00%
Length of maturity date extension (years)			1 year
Debt Instrument Interest Rate Margin Over Libor At Period End			3.00%
Amended 2010 Credit Agreement [Member] | Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Face amount			260,000,000
Maximum outstanding revolving credit balance during period			187,098,000
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Standby letters of credit outstanding, amount			$ 16,400,000

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Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation    The consolidated financial statements include the accounts of the Partnership and its subsidiaries, all of which are wholly owned. Intercompany transactions and balances are eliminated in consolidation.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency    The financial statements of the Partnership's Canadian subsidiary are measured using the Canadian dollar as its functional currency. Assets and liabilities are translated into U.S. dollars at current currency exchange rates, while income and expenses are translated at average monthly currency exchange rates. Translation gains and losses are included as components of accumulated other comprehensive loss in partners' equity.

In 2012, the Partnership recognized a $9.0 million benefit to earnings for unrealized/realized foreign currency gains, $9.2 million of which represented an unrealized foreign currency gain on the U.S.-dollar denominated debt held at its Canadian property. In 2011, the Partnership recognized a $9.9 million charge to earnings for unrealized/realized foreign currency losses, $8.8 million of which represented an unrealized foreign currency loss on the U.S.-dollar denominated notes held at its Canadian property. All other transaction gains and losses included in the 2012, 2011 and 2010 consolidated statements of operations were not material.

Segment Reporting, Policy [Policy Text Block]

Segment Reporting Each of the Partnership's parks operates autonomously, and management reviews operating results, evaluates performance and makes operating decisions, including the allocation of resources, on a property-by-property basis. In addition to reviewing and evaluating performance of the business at the individual park level, the structure of the Partnership's management incentive compensation systems are centered around the operating results of each park as an integrated operating unit. Therefore, each park represents a separate operating segment of the Partnership's business. Although the Partnership manages its parks with a high degree of autonomy, each park offers and markets a similar collection of products and services to similar customers. In addition, the parks all have similar economic characteristics, in that they all show similar long-term growth trends in key industry metrics such as attendance, guest per capita spending, net revenue, operating costs and operating profit. Therefore, the Partnership operates within the single reportable segment of amusement/water parks with accompanying resort facilities.

Use of Estimates, Policy [Policy Text Block]

Estimates    The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during each period. Actual results could differ from those estimates.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents     The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.

Inventory, Policy [Policy Text Block]

Inventories    The Partnership's inventories primarily consist of purchased products, such as merchandise and food, for sale to its customers. Inventories are stated at the lower of cost or market using the first-in, first-out (FIFO) or average cost methods of accounting at the park level.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment    Property and equipment are recorded at cost. Expenditures made to maintain such assets in their original operating condition are expensed as incurred, and improvements and upgrades are generally capitalized. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The composite method is used for the group of assets acquired as a whole in 1983, as well as for the groups of like assets of each subsequent business acquisition. The unit method is used for all individual assets purchased. Depreciation expense totaled $127.3 million in 2012, $125.8 million in 2011, and $128.9 million in 2010. As a result of the retirements and impairments of fixed assets at our parks in 2012, a total of $30.3 million was charged to earnings and was recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statements of operations. This amount includes a $25.0 million charge for the impairment of assets at Wildwater Kingdom as discussed in Note 3. As a result of the sale of two non-core assets, $6.6 million was recorded in "Gain on sale of other assets" on the consolidated statement of operations and comprehensive income.

Under the composite depreciation method, assets with similar estimated lives are grouped together and the several pools of assets are depreciated on an aggregate basis. No gain or loss is recognized on normal retirements of composite assets. Instead, the net book value of a retired asset reduces accumulated depreciation for the composite group. Unusual retirements of composite assets could result in the recognition of a gain or loss. Under the unit method of depreciation, individual assets are depreciated over their estimated useful lives, with gains and losses on all asset retirements recognized currently in income.

As a result of the retirement of a ride from a composite group at one of the parks in 2011, $8.8 million of net book value has been recorded in accumulated depreciation, and the composite group of assets will continue to be depreciated over its original estimated useful life (ascribed upon acquisition).

The weighted average useful lives combining both methods are approximately:

Land improvements	21 years
Buildings	25 years
Rides	18 years
Equipment	9 years

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-Lived Assets    Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 360 “Property, Plant, and Equipment” requires that long-lived assets be reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying amounts of the assets. Fair value is generally determined based on a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill     FASB ASC 350 “Intangibles - Goodwill and Other” requires that goodwill no longer be amortized, but instead be tested for impairment. An impairment charge would be recognized for the amount, if any, by which the carrying amount of goodwill exceeds its implied fair value. The fair value of a reporting unit and the related implied fair value of its respective goodwill are established using a combination of an income (discounted cash flow) approach and market approach. Goodwill is reviewed annually for impairment, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. All of the Partnership's goodwill is allocated to its reporting units and goodwill impairment tests are performed at the reporting unit level. As discussed in Note 4, during 2010 the Partnership changed the testing date for its annual goodwill impairment tests from April 1 and October 1 to December 31 each year. The Partnership performed its annual goodwill impairment tests as of December 31, 2012 and concluded there was no impairment of the carrying value of the goodwill.

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Other Intangible Assets    The Partnership's other intangible assets consist primarily of trade-names and license and franchise agreements. The Partnership assesses the indefinite-lived trade-names for impairment separately from goodwill. After considering the expected use of the trade-names and reviewing any legal, regulatory, contractual, obsolescence, demand, competitive or other economic factors that could limit the useful lives of the trade-names, in accordance with FASB ASC 350, the Partnership determined that the trade-names had indefinite lives. Pursuant to FASB ASC 350, indefinite-lived intangible assets are no longer amortized, but rather are reviewed, along with goodwill, annually for impairment or more frequently if impairment indicators arise. The Partnership's license and franchise agreements are amortized over the life of the agreement, generally ranging from five to twenty years.

Self Insurance Reserves [Policy Text Block]

Self-Insurance ReservesReserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (IBNR) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Partnership's own historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims, which are not material to our consolidated financial statements, are based upon the Partnership's own claims data history, as well as industry averages. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary. At December 31, 2012 and 2011 the accrued reserves totaled $23.9 million and $21.2 million, respectively.

Derivatives, Policy [Policy Text Block]

Derivative Financial Instruments    The Partnership is exposed to market risks, primarily resulting from changes in interest rates and currency exchange rates. To manage these risks, it may enter into derivative transactions pursuant to its overall financial risk management program. The Partnership has only limited involvement with derivative financial instruments and does not use them for trading purposes.

The Partnership accounts for the use of derivative financial instruments according to FASB ASC 815 “Derivatives and Hedging”. For derivative instruments that hedge the exposure of variability in short-term rates, designated as cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of “Other comprehensive income (loss)” and reclassified into earnings in the period during which the hedged transaction affects earnings. For the ineffective portion of a derivative, the change in fair value, if any, is reported in “Net effect of swaps” in earnings together with the changes in fair value of derivatives not designated as hedges. Derivative financial instruments used in hedging transactions are assessed both at inception and quarterly thereafter to ensure they are effective in offsetting changes in either the fair value or cash flows of the related underlying exposures.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition    Revenues on multi-day admission tickets are recognized over the estimated number of visits expected for each type of ticket, and are adjusted periodically during the season. All other revenues are recognized on a daily basis based on actual guest spending at the Partnership's facilities, or over the park operating season in the case of certain marina revenues and certain sponsorship revenues. Revenues on admission tickets for the next operating season, including season passes, are deferred in the year received and recognized as revenue in the following operating season.

Advertising Costs, Policy [Policy Text Block]

Advertising Costs    The Partnership expenses all costs associated with its advertising, promotion and marketing programs over each park's operating season, including certain costs incurred prior to the season that are amortized over the season. Advertising expense totaled $55.4 million in 2012, $53.0 million in 2011 and $51.8 million in 2010. Certain costs incurred through year-end for the following year's advertising programs are included in prepaid expenses.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Unit-Based Compensation    The Partnership accounts for unit-based compensation in accordance with FASB ASC 718-20 “Compensation - Stock Compensation” which requires measurement of compensation cost for all equity-based awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The Partnership uses a binomial option-pricing model for all grant date estimations of fair value.

Income Tax, Policy [Policy Text Block]

Income Taxes    The Partnership's legal structure includes both partnerships and corporate subsidiaries. As a publicly traded partnership, the Partnership is subject to an entity-level tax (the "PTP tax"). Accordingly, the Partnership itself is not subject to corporate income taxes; rather, the Partnership's tax attributes (except those of the corporate subsidiaries) are included in the tax returns of its partners. The Partnership's corporate subsidiaries are subject to entity-level income taxes.

Neither the Partnership's financial reporting income, nor the cash distributions to unitholders, can be used as a substitute for the detailed tax calculations that the Partnership must perform annually for its partners. Net income from the Partnership is not treated as “passive income” for federal income tax purposes. As a result, partners subject to the passive activity loss rules are not permitted to offset income from the Partnership with passive losses from other sources.

The Partnership's corporate subsidiaries account for income taxes under the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future book and tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are determined using enacted tax rates expected to apply in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income at the time of enactment of such change in tax rates. Any interest or penalties due for payment of income taxes are included in the provision for income taxes. The Partnership's total provision for taxes includes PTP taxes owed (see Note 9).

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Unit    For purposes of calculating the basic and diluted earnings per limited partner unit, no adjustments have been made to the reported amounts of net income (loss). The unit amounts used are as follows:

	2012		2011		2010
(In thousands except per unit amounts)
Basic weighted average units outstanding	55,518		55,345		55,316
Effect of dilutive units:
Unit options (Note 7)	43		—		—
Phantom units (Note 7)	334		541		—
Diluted weighted average units outstanding	55,895		55,886		55,316
Net income (loss) per unit - basic	$	1.82	$	1.28	$	(0.60	)
Net income (loss) per unit - diluted	$	1.81	$	1.27	$	(0.60	)

Weighted average unit options of 11,600, 63,000, and 304,000 were excluded from the diluted earnings per unit calculation as they were anti-dilutive for 2012, 2011, and 2010, respectively

Comparability of Prior Year Financial Data, Policy [Policy Text Block]

y