Development of Universal's new Epic Universe theme park remains paused as the company faced a 94 percent decline in theme park revenue during the past quarter, NBCUniversal's CEO said in a conference call with investors today.
NBCUniversal's parent company, Comcast, reported its second quarter results this morning. While the company's broadband business did well, thanks to millions of Americans staying at home during the pandemic, the flip side was a near complete loss of revenue from theme parks and theatrical movies.
Universal's theme parks closed in March, with Orlando and Japan returning in June. Universal Studios Hollywood remains closed, with no sign of a reopening date. Revenue for the three months ending June 30 was $87 million, down from $1.46 billion in the same period a year earlier.
While Universal shut down construction of its two new theme parks in Orlando and Beijing when the parks closed, the company resumed construction in China in April.
"Remarkably we remain on budget and on track to open [Universal Studios Beijing] in mid-2021," NBCUniversal CEO Jeff Shell said. He also expressed optimism about the parks in Orlando and Japan.
"While attendance in both locations is much lower than our typical summer levels, we are still doing better financially than if we were closed. And even more importantly, our guest satisfaction scores are at record highs."
"As is typical in past downturns, the road back will be gradual and bumpy. But I am confident that this business will return to its historical levels of financial performance. In the meantime, we are continually adjusting our cost base and capital spend, including pausing development of our Epic Universe project in Florida, for example, until the future becomes more certain."Tweet
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