* Discussion of differences between amusement parks (traditional vs. theme parks), concession operators, carnivals & fairs (SIC codes of major segments, no. of companies), family entertainment centers, mini-golf; services offered by each; history & development of the industry; destination vs. regional parks; evolution of parks to fit shifting demographics.

Executive Overview Of Major Findings 9-29

* Discussion of industry definition/segments, factors affecting demand, key issues and 18 recent developments/future trends (competition, capital investment, 1998 attendance, acquisitions, revenues, park prices, fairs, ride technology, intl. market, industry ties to other entertainment

sectors, etc.), industry size (receipts: 1978-2003F, 1998-99 performance, 2003 outlook—the positive/negative factors affecting growth), top 6 chains/top 50 competitors’ market share, list

of top 50 No. American parks, industry structure/key operating ratios (revenues by type, expenses, state mkt. potentials - 1997 Census.

Amusement Park Performance: 1998 Status Report 30-62

Amusement & Theme Parks

* Highlights of Amusement Business’ 1998 year-end report and trends: attendance at top 50 parks (Disneyland, Disney World, Premier Parks, Anheuser Busch, Universal Studios, Cedar Fair, others), attendance trends.

* 1992 vs. 1997 Amusement mix of parks, revenues from: admissions, games/arcades, rides, food & beverage, concerts, merchandise (IAAPA, Amusement Business), revenues by type,

by park size - 1997 (attendance)

* Analysis of operating expenses (1997 IAAPA survey), for: personnel, food/beverage, marketing, maintenance., insurance, utilities, full-time vs. part time worker wages.

* Discussion of indy. capital spending.

Waterparks

* Amusement Business’ 1998 year-end report and trends: attendance at top parks, nature & characteristics of waterparks, investment required to build, customer profile, revenues/expenses by type (1997), historical trends.

Carnivals & Fairs

* 1998 Attendance at the Top 50 Fairs in the U.S. (IAFE, Amusement Bus.), discussion of state/county agricultural fairs, factors affecting attendance, trends (move to privatization, entertainment tie-ins to celebrities, etc.)

Amusement Park Performance: 1998 Status Report Page

(continued)

Tables:

All Amusement Parks

* Amusement Parks - ranked by attendance size - 1997 (IAAPA survey -mean gross

annual revenues, by type, by parks with under/over 500,000 attendance). 32

* Adult admission prices (1997-1999, Amuse. Business) 34

* Children’s admission prices (1997-1999, Amuse. Business) 34

* Adult gate prices (1,2-day), by selected North American parks - (1999, AB) 34

* Children’s gate prices (1,2-day), by selected North American parks - (1999, AB) 35

* Percent of park revenues & expenses, by type (1997 - IAAPA) 36

Waterparks

* Mean per capital revenues & expenses, by type (1997 - IAAPA) 40

Mixed/Other Tables

* Top 50 North American amusement/theme parks, by attendance (1998 - Amusement Bus.) 45

* Top 50 Worldwide amusement/theme parks, by attendance (1998 - Amusement Bus.) 47

* No. American amusement park adult gate prices (1999, AB) 49

* No. American amusement park children’s gate prices (1999, AB) 50

* Overall operating ratios for amuse. parks (1997-operating days, length of stays, no. of

employees, comp. admissions, mean per capital revenues, expenses, total gross revenue) 51

* Overall operating ratios for amusement parks (data as above), parks with under 500,000 53

* Overall operating ratios for amusement parks (data as above), parks with over 500,000 55

* Overall operating ratios for amusement parks (data as above), all attendance categories 56

* Waterparks - operating ratios (data as above) 58

* Top 50 North American fairs, by attendance (1998 - Amusement Bus.) 60

* Amuse. park capital improvements spending, select parks (1999-2000) 62

Alternative Entertainment Options 63-84

Summary:

* Discussion of options available that compete with amusement/theme parks (based on cost,

age of attendee, season), list of potential alternate activities

* Table: Participation in various sports activities, by age group: 1996, selected recreational activities by kind

* Table: 1970-1996 - no. of U.S. participants for: amateur softball, golf rounds, bowling

* Table: 1975-1997 Motion Picture Theater Attendance

* Table: 1985-1996 Spectator sports attendance (pro baseball, basketball, football, hockey)

* Table: 1985-1996 no. of Visits to Recreation Areas

* Table: Participation in Leisure Activities in 1997 vs. 1992: % of adult population by age group

Family Entertainment Centers (FECs) 71-84

* Definition and nature of FECs and “family oriented businesses (FOBs), major trends,

results of 1998 IAFEC trade assn. survey: Demographics and Services (types of attractions/rides found in FECs - 1998), growth areas, elements found in FECs (1994-98), target market by age (1995-98), food/beverage service, the industry’s top concerns, financial: 1998/97 revenue growth, revenues by size, avg. amount spent per person, FEC operating expenses by type, financing options.

Family Entertainment Centers (continued) Page

Tables:

* FOB total revenues, % by revenue class (1995-98)

* FOB per person spending an amusement (1994-98)

* Avg. amount spent per visit, FECs overall (1994-98)

* FECs no. of salaried employees (1994-98)

* FECs major operating ratios, by attendance categories (to 75,000, 75-200,000, 200,000+):

mean annual sales by revenues sources, expenses by type, total reven., operating days, etc.)

Charts

* Total visits by amusement (1996-amuse. park, waterpark, zoos, mini-golf, FECs, camp-

grounds, historical attraction, go-karts, etc.)

* Avg. total dollars spent, by amusement (as above)

* Expected no. of visits made, by amusement (as above).

The International Amusement Park Market

* Discussion of status of various projects in: China, Latin America, Europe, investments by

major competitors, reasons for lack of investment/obstacles

* Top 10 Asian amusement/theme parks, by 1998 attendance

* Top 10 European amusement/theme parks, by 1998 attendance.

Industry Size, Growth Rate, Segments 87-97

* Discussion: factors affecting demand and park attendance, travel indicators ( no. of trips taken by Americans 1988-98, total vs. pleasure, no. of trips with children, business trips, no. of foreign travelers to U.S. 1994-2003F) - tables and major trends.

* Industry Size: discussion of main sources of data, historical growth patterns, effect of reces-

sions

* Table: estimated annual receipts of U.S. Amusement Parks: (1978-97 actual, 1998-99 estd., 2003 forecast - Census data, Marketdata estimates)

* Year to Year Percent Change in Receipts of amusement parks vs. other recreational activities

(1991-1997)

* Receipts of Amuse. Parks by source of income (admissions, food, merchandise: 1991-1997)

* 1998 & 1999 industry performance and outlook, 2003 4-year forecast – factors affecting growth, rationale for estimates, key positive/negative factors affecting the industry.

* Market share/revenue estimates for top 6 chains (Disney, Premier Parks, Anheuser-Busch, Universal Studios, Cedar Fair, Viacom/Paramount Parks: 1995, 1997, 1998), for top 50 companies in the industry - 1992 (Census).

Competitor Profiles

(For each company… Description/list of parks operated, recent company developments, mergers, advertising strategies/programs, 5-year financial summary, investment/expansion plans, park attendance, headquarters and specific park addresses):

· Anheuser-Busch (Busch Entertainment Corp.) 98-105

· Premier Parks (Six Flags Entertainment) 106-112

· Viacom (Paramount Parks) 113-117

· The Walt Disney Company 118-125

· Universal Studios 125-126

Page

Economic Structure & Operating Ratios of The Industry 127-190

* Text Summary & analysis: highlights/findings of Census data and 1992 & 1997 IAAPA surveys: 1987-1992 comparisons for each of amusement parks, concession operators, carnivals & fairs sectors: (No. of Parks In Operation, 7 Legal Formats of Amusement Park Companies (corporations, proprietorships, partnerships, etc.), Sources for Initial Funding, type of Capital Expansion Projects, Personnel/Labor Costs relative to sales (part/full-time), Productivity Measures per Employee –1987 & 1992, Share of Market/Concentration Levels of Top 50 Firms, Single vs. Multiple-Unit Operations, ratios by Receipts Size of Company (Firms), ratios by employment Size of Company, ratios by Employment size of Establishments (sites), Geographic Trends and Operating Ratios: 1997/1992 Market Potential by State (analysis of new 1997 Census Data), Average Receipts per Establishment, by State, Financial Health of the Industry: composite industry income statement & balance sheet items/profitability trends. 127-139

1987 & 1992 5-Year Census Data Tables, For Each Industry Sector:

Structure of Amusement Parks 140-164

Operating Ratios, by….

* Legal Form of Organization: (corporations, proprietorships, partnerships) - 1987, 1992

* By Single vs. Multi-Unit Facilities - 1987, 1992

* Top 50 Firms’ Concentration Ratios (Market Share) - 1987, 1992

* Annual Revenue Size of Companies (under $100,000-$100 mill.) - 1987, 1992

* Employment By Size of Companies (less than 5 - 1,000+) - 1987, 1992

* Number of Amusement Parks Listed In National Yellow Pages By state - 1989-96

* Receipts & Average Receipts per establishment, by State - 1992

* Receipts & Average Receipts per establishment, by State - 1987

* Industry composite income statement & balance sheet ratios: 1994-1998.

* New 1997 Census state data - No. of amuse. park estabs. and avg. annual receipts, for 33

states, ranked by receipts size (amuse. parks, waterparks, non-waterpark parks).

Structure of Concession Operators Sector 165-177

Operating Ratios, by….

* Legal Form of Organization: (corporations, proprietorships, partnerships) - 1987, 1992

* By Single vs. Multi-Unit Facilities - 1987, 1992

* Top 50 Firms’ Concentration Ratios (Market Share) - 1987, 1992

* Annual Revenue Size of Companies (under $100,000-$100 mill.) - 1987, 1992

* Employment Size of Companies (less than 5 - 1,000+ workers) - 1987, 1992

* Receipts & Average Receipts per estab., by State - 1992

* Receipts & Average Receipts per estab., by State - 1987

Structure of the Carnivals, Circuses & Fairs Sector 178-190

Operating Ratios, by….

* Legal Form of organization: (corporations, proprietorships, partnerships) - 1987, 1992

* By Single vs. Multi-Unit Facilities - 1987, 1992

* Top 50 Firms’ Concentration Ratios (Market Share) - 1987, 1992

* Annual Revenue Size of Companies (under $100,000-$100 mill.) - 1987, 1992

* Employment Size of Companies (less than 5 - 1,000+ workers: 1987, 1992

Structure of the Carnivals, Circuses & Fairs Sector (cont’d.) Page

* Receipts & Average Receipts per estab., by State - 1992

* Receipts & Average Receipts per estab., by State - 1987

Reference Directory of Industry Information Sources 191-194

* List of relevant trade associations, trade journals, consulting firms, special reports,

writers & analysts covering the theme parks industry (name, address, phone, key contact persons)