Attendance continues down at Universal Orlando
Written by Robert Niles
Lots of interesting stuff in Universal Orlando's third-quarter report, released today by the U.S. Securities and Exchange Commission.Tweet
Overall, ticket revenue was down 9 percent, food and beverage down 16 percent and merchandise revenue was down almost 19 percent. Universal noted that the attendance decline was greater among international visitors than domestic ones.
For the first nine months of 2009, attendance is down nearly 13 percent from 2008, from 8,838,000 admissions to 7,705,000.
(By the way, I'm hearing from inside sources that Universal is opening the checkbook wide to get Harry Potter open on time. Happy times for some contractors in the Orlando area!)
Since exercising the buy-out would "affect the company's liquidity" (in other words, completely screw Universal's bank account), the looming buy-out date was making investors nervous about refinancing the theme parks' debt. Moving that date back will help the company get the refinancing it needs, since investors will know that big hit can't possibly come before 2017. (If it ever comes at all.)
Please feel free to click to the report and post in the comments if you find anything else of interest.
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