As per the latest quarterly results from Comcast Corp., the attendance at Universal theme parks in Florida and California saw a decline in the second quarter. The company’s president, Mike Cavanagh, mentioned that the decrease in attendance was a result of normalization following a post-lockdown boom in 2022 and 2023. During those years, the theme parks experienced record-high attendance, benefitting from the rebound in tourism and travel.
Cavanagh highlighted that the normalization of park visitation was influenced by the opening of other travel options such as cruises and international tourism. Consequently, theme park revenue dropped by 10.6% in the quarter, amounting to $1.98 billion. Adjusted earnings before interest, taxes, depreciation, and amortization also decreased by 24.1%, totaling $632 million. The decline was mainly attributed to lower attendance at Universal’s domestic parks and the absence of new attractions.
One of the significant factors affecting park attendance was the shortage of new attractions at Universal theme parks. The last major addition in California was the opening of Super Nintendo World in February 2023, while Florida’s most recent attraction was the Jurassic World VelociCoaster in 2021. Cavanagh acknowledged the role of new attractions in driving visitor numbers and emphasized the need for continuous innovation to maintain visitor interest.
Despite the current trend of lower attendance, Cavanagh anticipates a positive impact from the opening of Universal’s third theme park in Orlando, Epic Universe. The new park is expected to attract more visitors, extend the duration of stays at Universal’s Orlando campus, and increase guest spending. Consumer response to the details unveiled about Epic Universe has been overwhelmingly positive, with foot traffic and enthusiasm at the preview center exceeding expectations.
In addition to Epic Universe, Universal has exciting developments on the horizon, including two new attractions slated for later this year. Fast & Furious – Supercharged, a roller coaster at Universal Studios Hollywood, and Donkey Kong Country at Universal Studios Japan are anticipated to draw visitors. Furthermore, projects like the Universal Kids Resort in Texas and Universal Horror Unleashed in Las Vegas’ Area15 showcase the company’s commitment to expanding its offerings and driving long-term growth in the theme park sector.
While Universal theme parks faced a decline in attendance in the second quarter, the company remains optimistic about the future. With new attractions, the upcoming opening of Epic Universe, and a strong focus on innovation and expansion, Universal is poised to attract more visitors and enhance the overall guest experience in the long run.