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Universal Orlando reports most profitable quarter in its history despite having no international visitors

Universal’s theme park attendance has surged in Q3, with Universal Orlando at the forefront after recording its most profitable quarter ever




Universal Orlando enjoyed its most profitable quarter ever   Credit: Aditya Vyas on Unsplash

Comcast’s theme park division has soared following a tough 2020, with third-quarter revenues up a staggering 276% to US$1.4bn.

An increase from US$385m in 2020 - a period where theme park attendance was strictly limited thanks to COVID-19 - Universal Orlando led the charge, with the park reporting the most profitable quarter in its history despite the fact an ongoing travel ban meant practically no international visitors were able to come to the park.

Comcast CEO Brian Roberts shared the news during an earnings call, praising the operator’s theme parks for bouncing back so strongly.

“I'd like to highlight our theme parks, especially Orlando, which just reported the most profitable quarter in its history,” said Roberts. “In Hollywood, we continue to see recovery and we had a very successful and exciting opening of Universal Beijing Resort on September 20. I also look forward to COVID related restrictions easing in Osaka, which could happen soon.”

Earnings for Universal’s parks overall came in at US$434m, with that figure including US$130m of pre-opening costs for Universal Beijing.

“This was our most profitable quarter since the pandemic began in the Q1 of 2020, driven by improved operating results at our US parks, including strong domestic attendance and per caps that were above pre-pandemic levels, while Universal Orlando delivered its highest EBITDA for any quarter in its history,” said Mike Cavanagh, chief financial officer at Comcast.

“At Universal Studios Japan, results were challenging as we continue to operate under a government capacity restriction, keeping attendance below 2019 levels. Last, we opened Universal Beijing on September 20, where the initial demand has been positive. While our parks offer a great experience year-round, we expect some seasonality given Beijing's weather conditions with lower attendance in the fall and winter and more in spring and summer.

“Overall on parks, we’re encouraged by the continued recovery, but getting back to and then exceeding pre-pandemic levels of EBITDA will likely require an improvement in international visitation.”


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Universal Orlando reports most profitable quarter in its history despite having no international visitors | Planet Attractions

news

Universal Orlando reports most profitable quarter in its history despite having no international visitors

Universal’s theme park attendance has surged in Q3, with Universal Orlando at the forefront after recording its most profitable quarter ever




Universal Orlando enjoyed its most profitable quarter ever   Credit: Aditya Vyas on Unsplash

Comcast’s theme park division has soared following a tough 2020, with third-quarter revenues up a staggering 276% to US$1.4bn.

An increase from US$385m in 2020 - a period where theme park attendance was strictly limited thanks to COVID-19 - Universal Orlando led the charge, with the park reporting the most profitable quarter in its history despite the fact an ongoing travel ban meant practically no international visitors were able to come to the park.

Comcast CEO Brian Roberts shared the news during an earnings call, praising the operator’s theme parks for bouncing back so strongly.

“I'd like to highlight our theme parks, especially Orlando, which just reported the most profitable quarter in its history,” said Roberts. “In Hollywood, we continue to see recovery and we had a very successful and exciting opening of Universal Beijing Resort on September 20. I also look forward to COVID related restrictions easing in Osaka, which could happen soon.”

Earnings for Universal’s parks overall came in at US$434m, with that figure including US$130m of pre-opening costs for Universal Beijing.

“This was our most profitable quarter since the pandemic began in the Q1 of 2020, driven by improved operating results at our US parks, including strong domestic attendance and per caps that were above pre-pandemic levels, while Universal Orlando delivered its highest EBITDA for any quarter in its history,” said Mike Cavanagh, chief financial officer at Comcast.

“At Universal Studios Japan, results were challenging as we continue to operate under a government capacity restriction, keeping attendance below 2019 levels. Last, we opened Universal Beijing on September 20, where the initial demand has been positive. While our parks offer a great experience year-round, we expect some seasonality given Beijing's weather conditions with lower attendance in the fall and winter and more in spring and summer.

“Overall on parks, we’re encouraged by the continued recovery, but getting back to and then exceeding pre-pandemic levels of EBITDA will likely require an improvement in international visitation.”


 



© Kazoo 5 Limited 2022