July 23, 2009 (FinancialWire) — Amusement park operator Cedar Fair Entertainment Co. (NYSE: FUN) said it has finalized an agreement to sell 87 acres of undeveloped land adjacent to its Canada’s Wonderland property near Toronto. The company said it expects to see net proceeds of around $50 million.

The company said it anticipates the transaction will close in the third quarter. Cedar Fair plans to use the net proceeds to reduce its term debt.

Cedar Fair also updated results through July 19, noting preliminary revenues were $452.6 million, down approximately $62.3 million, or 12%, when compared with the same period a year ago.

Sandusky, Ohio-based Cedar Fair owns and operates 11 amusement parks, six outdoor water parks, one indoor water park and five hotels.

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