Universal confirmed that business is down at its Orlando theme parks this year, but strong performance at the company's other locations again pushed the Universal theme parks to record earnings in the second quarter.
Overall, Universal parent Comcast reported overall theme park segment revenue was up 22% in the second quarter of 2023 compared to the same period in 2022, to $2.2 billion. Adjusted earnings before interest, taxes, depreciation and amortization [adjusted EBITDA] for the parks was up 31.8% for the quarter, to a company-record $833 million.
"Parks... continue to be such a great story for us," Comcast President Michael Cavanagh said. "Our teams have consistently introduced new and innovative attractions, leveraging both our owned or licensed IP. We opened Super Nintendo World at both Universal [Studios] Hollywood and Japan, which helped drive the record results in the quarter."
In addition to the record performance for the quarter in Hollywood and Osaka, Cavanagh also noted record profitability at Universal Studios Beijing, which opened in 2021. In Orlando, Cavanagh said, "we're obviously down on attendance, which was kind of unprecedented coming off Covid, so we're not surprised by that softening. That said, we're at levels of attendance and per cap [spending] being better [than pre-pandemic], so overall, we feel good about what we're seeing in in Orlando.
"With a stronger dollar, you still are seeing softness of international attendance, which continues to be about 30% lower than pre-pandemic levels. We expect that to continue, and on the domestic side, it's just been a rebalancing with cruise lines back and people - the flip side of the [strong] dollar - doing some international travel."
Comcast Chairman and CEO Brian L. Roberts expressed optimism about the company's future developments in Orlando and across the country.
"We were just down in Orlando recently looking at Epic Universe progress, and it's spectacular. What's coming in 2025, we have the two parks, the smaller parks in Vegas and outside Dallas [too], so we're looking for growth in this area."
Previously: Universal Parks Announces Expansions in Texas and Vegas
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We are talking about taking a trip out to California and seeing the studio tours, then visiting USH. I think I want to wait for the new coaster, however.
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Glad to see Hollywood get a well deserved attendance boost. I've always been a huge fan of USH but the last 15 years has seen the park grow and become so much better. The investment continues with the Fast and Furious coaster which promises to be unique and an awesome addition.