What happened

Cedar Fair (FUN) shareholders lost ground to the market last month as their stock fell 14% compared to a 1.8% boost in the S&P 500, according to data provided by S&P Global Market Intelligence.

The decline added to significant losses for the regional theme park specialist, with shares down nearly 50% through the first half of 2020.

So what

Early in the month, investors pushed shares higher on rising optimism about Cedar Fair's critical summer roller coaster season. With COVID-19-related social distancing restrictions being lifted, its locations seemed ready to get right back to entertaining guests, although at reduced capacities initially.

A roller coaster.

Image source: Getty Images.

That enthusiasm reversed itself later in the month as new outbreaks gained steam across the country.

Now what

Cedar Fair isn't alone in this challenge, as rivals like Six Flags and Walt Disney also risk dramatically lower attendance and revenue during the peak vacation season this year. Yet the company's focus on in-person entertainment still means the stock will rise and fall along with changing projections about the threat of COVID-19 in the U.S. That's why shareholders should brace for more volatility ahead for this consumer discretionary specialist.