Attendance and revenue dropped at the SeaWorld and Busch Gardens theme park chain during the late summer months, the company reported today.
United Parks & Resorts reported that attendance at its theme parks dropped 3.4%, to 6.8 million guests, during the three-month period ending September 30. Total revenue dropped 6.2%, to $511.9 million, compared with the same period one year ago. For the year to date, overall attendance is down 1.5% compared with 2024, to 16.4 million guests, though CEO Marc Swanson noted that SeaWorld Orlando's attendance is up for the year.
"We are obviously not happy with the results we delivered in the quarter," Swanson said. "Performance during the quarter was negatively impacted by an unfavorable calendar shift, poor weather during peak holiday periods, a decline in international visitation and less than optimal execution. The consumer environment in the U.S. appears to be inconsistent, as has been outlined by a number of other leisure and hospitality businesses. Nonetheless, we can and expect to do better."
Swanson noted a slight increase in in-park per capita spending (which can be attributed to higher prices), as well as strong ticket sales for its Howl-O-Scream events in Orlando and San Diego, which Swanson said posted record attendance this year. Much of that attendance will fall into United Parks' fourth quarter financial report, in three months.
Despite the losses, United Parks continue to spend millions to buy back its shares, in an attempt to boost United Parks' stock price. The company has bought 635,000 shares, for an aggregate total of approximately $32.2 million, from the beginning of the third quarter through November 4.
United Parks also is considering dealing some of its real estate, Swanson said.
"On real estate, we continue to discuss alternatives with potential partners, and have recently received specific proposals that we are actively evaluating. We own over 2,000 acres of valuable real estate in desirable locations, including approximately 400 acres of undeveloped land adjacent to our parks, including significant developable land in Orlando," Swanson said. "We do not believe that public markets have or are giving credit and valuable, 100%-owned real estate assets."
I would have been surprised if they didn't blame the weather.
Shocker, United blaming bad weather for poor results instead of looking at things they can control like customer service, antiquated surcharges, and declining quality. 3Q25 had an extra week in it (FY25 - 10/1/24 through 9/30/25 - is actually a 53 week year FWIW), so this nonsense with "unfavorable calendar shift" is a bunch of boloney, and a tiring refrain from a company that refuses to change the way they do business and instead preaches "hope" that customers suddenly come back and open their wallets. As many wise men have said, "hope" is not a strategy.
What should be really concerning to them is that while their attendance dropped 3.4%, revenue dropped nearly twice as much (6.2%). That means the people that were showing up were spending far less than previous periods. This despite the chain tacking on a "because we can fee" to every transaction that is PURE PROFIT - a tactic that has finally spurred lawsuits against the company. The fact of the matter is United Parks needs to get its act together, or they could be in BIG trouble.
Has anyone done a statistical analysis of their reports? I would be curious to know how many in a row have blamed the weather. It has to be a lot, if you throw in COVID with the weather, we probably get back to 2019.
You reap what you sow. Treat your employees better, run ride ops properly and do away with all the ridiculous hidden fees!
I think the only reason this attendance drop could be considered acceptable is Epic Universe. Besides that, no matter how much they blame the weather, they need to make some changes.
Busch gardens Tampa recently announced a new Lion and Hyena exhibit. Is that enough to draw in guests? After two years of family -targeted additions, is another one really what they need? How long is it going to be before they announce what will replace Scorpion/Flume?
The real headline here is that they're exploring their options regarding real estate. That's probably going to be the final nail in the coffin for any onsite hotels and we might be on the verge of seeing a United Park close. If any were on the chopping block, I believe Sesame Place San Diego would be the first to go.
I always get a kick out of when theme park CEOs give reasons for disappointing earnings, and when trying to justify it, give reasons that are not reassuring to investors at all.
"Bad weather"....so is the weather going to get better? Because as far as I know, your biggest parks are in Orlando/California/Texas, the three hottest parts of the country, and all the scientists have been saying for decades that the weather is only going to get worse.
"The consumer environment in the U.S. appears to be inconsistent"...so...people don't have money? Is this projected to get better or worse over the next few years? As far as I know everyone is expecting this problem to get worse.
"Less than optimal execution"...so basically you're saying your management isn't good...AGAIN? This guy has said this in many earnings calls that they should have done a better job. He has been in charge of the company for like 6 years, I guess its nice that he's admitting he's not doing a good job, but still you've been in charge 6 years and still don't have things running properly?
"Less than optimal execution" to me seems like coded language for: "we're not cutting labor fast enough when the park isn't busy" (which is a BS), and "I want to lay more people off but haven't figured out how to replace them with AI yet."
TBH I don't think attendance really means that much because United gives away so many tickets for free, and I don't think quarterly earnings calls mean as much as they are made out to be. But why on earth would you sell land in Orlando? Their property is landlocked and its like the most valuable undeveloped property in the theme park industry. Selling off land in Orlando would make it virtually impossible for them to ever expand. Very shortsighted.
In 2022, United opened new coasters (three of them fairly major rides) at four of their parks with a Screamin' Swing at the fifth, plus new waterpark attractions at three of their waterparks and a full rebrand of Aquatica San Diego to Sesame Place. In 2023, we got two major coasters, one smaller coaster, a Screamin' Swing, and a waterpark attraction (plus the entirety of SeaWorld Yas Island, but I think that's treated separately by the company). 2024 brought one major coaster, one smaller coaster, one coaster refurbishment, one coaster-like flume ride, and four different waterpark projects scattered around the chain. So, how did 2025 compare to three consecutive years of pretty strong capital investment? We got one major coaster, one smaller coaster, a mediocre flying theater, a half-assed refurb, and the reopening of a kids area, plus a couple smaller things scattered around.
Yeah...that's a pretty significant downgrade. On top of that, the parks have gotten more expensive, operations have gotten less reliable, and the economy has shifted to favor regional parks rather than semi-destination properties like most of what United operates. It's no surprise attendance is down, as the tourism market has dried up and the chain hasn't given their regular visitors reason to return. You can blame it on the calendar, you can blame it on the weather, and you can blame it on America, but ultimately that's a smokescreen for a chain investing in stock buybacks rather than the guest experience in order to make themselves appear in a better position than they actually are. Why was Orlando specifically mentioned? Probably because it's the only one doing better this year, but probably more because Epic is right next door than anything United has done.
Will things get better? I honestly don't know. I want United to be successful, because there was a time when I would have ranked them third after Herschend and Universal in the hierarchy of theme park operators. However, when my most recent visit to my local United park (SeaWorld San Diego) saw 10-20 minute waits for rides despite one train ops across the board, and when that was two years ago and things have apparently declined since then, it's difficult to see an out. With next year's current attraction slate looking to be a single small coaster, a dark ride of questionable quality, refurbishments of existing animal exhibits, and whatever mystery project Busch Gardens Williamsburg is announcing this weekend, I'm not holding my breath on things changing anytime soon.
Endlessly giving away free tickets, free money, free front of line access, free samples, etc. to passholders like Halloween candy ... and is it really any surprise that in-park spend per guest is down? How do you ever reign in that endless goodie giveaway? What happens when you stop offering endless bribes for passholders to spin the turnstiles?
I've often said it is like United Parks creates ways NOT to take my money. Ridiculously long lines, apathetic employees, items out of stock, stands and locations closed.
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Buying back shares and selling off land certainly seems like a winning strategy!