SeaWorld Entertainment posts net loss of $312 million for 2020

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.

“People gotta eat.”

One of the best things about Six Flags Worlds of Adventure was the Busch food was still served over on the Wildlife side