Cedar Fair, L.P., doing business as the Cedar Fair Entertainment Company, is a publicly traded partnership headquartered at its Cedar Point amusement park in Sandusky, Ohio. The company owns and operates eleven amusement parks, two outdoor water parks, one indoor water park, and five hotels. Cedar Fair also manages Gilroy Gardens under contract with the city of Gilroy, California. Cedar Point opened in 1870 as a recreational area. The park was developed over the years going through only a few managements. The park belonged to the Cedar Point Pleasure Company. In 1974, Cedar Point Pleasure Company proposed building an amusement park in Cambridge Township, Michigan on the former Frontier City amusement park site. Those plans were abandoned in 1975. Three years later, Cedar Point acquired Valleyfair. The name Cedar Fair then was derived from the names of both parks, "Cedar" coming from Cedar Point and "Fair" coming from Valleyfair. Cedar Fair was founded in 1983 then went public on April 29, 1987. The first acquisition of the new Cedar Fair company came in 1992 when Cedar Fair bought Dorney Park from Harris Weinstein. Cedar Fair also bought Worlds of Fun from Hunt-Midwest in 1995. One of the biggest acquisitions came in 1997 when Cedar Fair bought Knotts Berry Farm from the Knott family. This marked the first time Cedar Fair operated a year-round amusement park. Several new water park properties named Knotts Soak City have opened around the southern California area since the acquisition which included Buena Park in 1999, Chula Vista in 2000 and Palm Springs in 2001. Michigans Adventure in Muskegon, Michigan and was purchased for $27.6 million in 2001.