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Universal’s theme parks have set revenue and profitability records with the division continuing to perform for the operator’s parent company Comcast
Tom Anstey | Planet Attractions | 27 Jul 2023
Universal earnings for Q2 are at an all-time high Credit: Universal
Universal’s theme parks division has set new records in revenue and profitability, with the operator’s attractions drawing US$2.2bn (€1.9bn, £1.7bn) in revenue and adjusted earnings of US$833m (€755m, £646.6m) for Q2.
Representing an earnings increase for the quarter of 22.4%, the revenue result is the highest on record for Universal, as is adjusted EBITDA, which rose 32%.
According to Universal, the results reflect growth of the company’s overseas parks in Beijing and Japan, as well as the addition of Super Nintendo World at Universal Hollywood.
“Revenue for theme parks increased driven by higher revenue at our international theme parks, which had Covid-19 related restrictions in the prior year period,” said a statement.
“Domestic theme parks revenue remained consistent primarily due to higher revenue at our theme park in Hollywood driven by the opening of Super Nintendo World, offset by lower revenue at our theme park in Orlando which continues to be above pre-pandemic levels.”
According to Universal, increased revenue at its parks “more than offset” higher operating expenses, which were primarily the result of increased guest attendance.
We generated the best quarterly adjusted EBITDA ever at theme parks, had the second-highest grossing animated film of all time in worldwide box office revenue with Super Mario Bros., and nearly doubled paid Peacock subscribers year-over-year,” said Brian Roberts, chairman and CEO of Universal’s parent company, Comcast.
“At the same time, we returned a healthy amount of capital to shareholders and maintained an enviable balance sheet. Our experienced and expert management team is executing at an exceptional level, and our long-term-oriented growth strategy is clearly working.”
This is the first quarter for Universal without an active CEO, after Jeff Shell stepped down in April following a misconduct investigation. Universal also has a number of major developments in the pipeline, including a family theme park in Frisco, Texas, and the upcoming Epic Universe in Orlando, Florida.
Earlier this year Universal’s Parks & Resorts division underwent a rebranding and is now known as Universal Destinations & Experiences. Future experiences, including the soon-to-open Villain-Con Minion Blast and upcoming DreamWorks Land, are being overseen creatively by Molly Murphy, who was recently named president of Universal Creative.
Theme park
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