Comcast reports financial gains for Universal theme parks in third quarter of 2023
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From the company press release for 2023Q3 results:
Revenue [up about 17% to $2.4 billion] for Theme Parks increased driven by higher revenue at our international theme parks, which had COVID-19 related restrictions in the prior year period, and higher revenue at our domestic theme parks, including Universal Studios Hollywood due to the continued success of Super Nintendo World, partially offset by lower revenue at our theme park in Orlando which continued to be above comparable pre-pandemic 2019 levels.
Adjusted EBITDA [up about 20% to $983 million] for Theme Parks increased, reflecting higher revenue, which more than offset higher operating expenses. The increase in operating expenses was due to higher costs primarily associated with increased guest attendance.
They kinda buried the lede there, but it says Orlando is back on the way down while still in the "revenge travel" range. Anecdotally it seems like that's where Disney is too. I think I saw an extra months promo for Florida passes, but I might be wrong. That's kinda what I've been waiting for, but I also want the premier tier passes that have express after 4. Unfortunately, there's still an awful lot of hours that are closing at 7, and if they close at 6 again in January, that's just not worth it.
Jeff - Editor - CoasterBuzz.com - My Blog
Yeah, but they have turned it slowly into a multi-billion dollar bottom-line boost worldwide, not quite the Disney numbers but it's better than 15 years ago. I'm curious if the rumors of them buying back PortAdventura pan out.
I know myself and many people I talk to are waiting for Epic Universe, but we are fairly in the know compared to the GP. Hopefully, they start promoting it early and don't bodge it like IoA.
It's staggering how little Vivendi invested in those parks during their ownership. They were like museum pieces for a long time. Not sure what Blackstone's role in that was, but they got out at the right time, 2011, when the Potter stuff made it a big deal.
Jeff - Editor - CoasterBuzz.com - My Blog
Speaking of investment.
I am still surprised by the numbers for Japan, especially judging by the way the park looks compared to the Disney parks in Japan, or even IoA.
Yes it got Nintendo first, but the rest looks like Studios Orlando with even less updates, it still has Universal Monster rock show.
But it's the 3rd most visited park in the world.
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