Attendance ticked up slightly at the SeaWorld and Busch Gardens theme parks in the third quarter of 2022, the company reported this morning. Combined attendance at SeaWorld's 12 gates rose by about 100,000 guests to 7.3 million during the three months ending September 30, 2022.
The small increase helped fuel a big increase in revenue. Total revenue per capita rose 6.8% to $77.05, driven by a 10.4% increase in in-park spending by theme park visitors. That helped SeaWorld post total revenues of $565.2 million for the quarter, up 8.4% from the same period in 2021.
With costs not rising as fast as the company's revenue, SeaWorld posted a 31.8% increase in net income for the quarter, to $134.6 million. Adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] was up 3.4%, to $274.2 million.
"I am happy to report our sixth consecutive quarter of record financial results," SeaWorld Entertainment, Inc. CEO Marc Swanson said. "While we achieved records for revenue, net income and Adjusted EBITDA in the quarter, these results still do not reflect a normalized operating environment and we still have significant scope to improve our execution and our financial results. We had a meaningful impact from adverse weather in the quarter, including Hurricane Ian, that we estimate led to 90,000 less guest visits during the quarter; international and group visitation are still not back to pre-Covid levels; our staffing is still not at optimized levels; and inflationary pressures continue to impact our costs. We are pleased with the growth in total revenue and total revenue per capita during the quarter which continued to demonstrate our pricing power and the strength of consumer spending in our parks."
"Looking ahead, we are very excited about our plans for 2023 and the investments that we have made and will be making that we expect will drive meaningful growth and new records in revenue and Adjusted EBITDA," Swanson said. For 2023, SeaWorld has announced the following new attractions:
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