For the quarter, revenue was $154 million, a decline of $144 million or 48%. Total revenue for the year was $431.8 million, down $966.5 million from 2019. SeaWorld also experienced a decline in attendance at its parks. For the fourth quarter, the company said it had 2.2 million visitors, down 53% from same period in 2019. Overall, for the year, attendance was just 6.4 million visitors, down 72% from 2019. The company reported a net loss of $45.5 million for the quarter and $312 million for the year.
Read more from Spectrum News 13.
On the Q4 investors call Marc Swanson said:
So, as far as the parks that are open year round now, so notably, SeaWorld in Texas, Sesame Place [and] Busch Gardens, Williamsburg. One of the things that gave us a lot of confidence in moving to that model is the efficiencies that we've learned to operate by during COVID. So we have gotten a lot more efficient in our operations. We've gotten a lot more creative, nimble, flexible, all the things I've talked about to be able to run things that are compelling, but also at an efficient cost base and cost structure.
And we've done different things like drive throughs. We've done other like special events at our parks. We will continue to do these things. So to answer your question, I do think they are sustainable.
I think SeaWorld (and Six Flags) deserve some credit for their adaptability over the past year. Both have experimented with additional operating days and new in-park and drive-through events. In contrast, Cedar Fair closed several parks in the Fall and plans to keep all parks shuttered until May (aside from the food events at Knotts). Cedar Fair largely missed out on improving demand over the Halloween period, while SeaWorld and Six Flags both had successful Fall events.
They couldn’t pay their construction vendors last year, they don’t pay a dividend and they had a huge loss. Yet the stock price is soaring. It makes no sense.
I'm surprised based on the amount of money I dropped at their Seven Seas Food and Drink Festival a few weeks ago.... :)
In all seriousness, I was really impressed with it and it was on par with Epcot's Food & Wine, just smaller in scale. But the food quality and F&B selections were excellent. We had an awesome day and Mako was a walk on and one of the best B&M hypers out there....especially with a few beers in you....
The Busch parks have always done food and beverage pretty well, even across the various ownership changes and structures over the last two decades. I'm not sure how that culture persisted so consistently, but I could see it for the year that I was there too.
Jeff - Editor - CoasterBuzz.com - My Blog
“People gotta eat.”
Hobbes: "What's the point of attaching a number to everything you do?"
Calvin: "If your numbers go up, it means you're having more fun."
You must be logged in to post