Gabrielle Russon
Hurricane Ian couldn’t damper Universal theme parks, which were still cash cows despite Orlando parks closing for two days from the storm last month.
Company executives announced Universal Orlando broke a new record for its highest EBITDA ever for a third quarter despite the costly storm that wrecked havoc in Fort Myers and caused flooding in Central Florida.
The revelation came as Comcast released its latest earning reports that showed the theme park division revenue skyrocketing 42% to $2.1 billion for the third quarter, compared to 2021’s third quarter when the pandemic’s effects were stronger on the parks.
For Universal, strong attendance and higher guest spending are the rewards after the company added Nintendo World to its attractions portfolio and opened a new Jurassic World-themed coaster last year in Orlando.
“We’re seeing clear evidence that the investments we made throughout the pandemic continue to pay off,” Comcast CEO Brian Roberts told investors during Thursday morning’s earnings call “And I’m especially excited for Epic Universe to open in the summer of 2025, which will transform Universal Orlando into a weeklong destination.”
Roberts didn’t reveal any new rides or theming coming to Epic Universe, Universal’s third theme park gate in Orlando that is currently being built not far from the Orange County Convention Center.
The company is ramping up its capital spending as the theme parks add new attractions and are making “significant progress in building Epic Universe,” said Mike Cavanagh, Comcast’s chief financial officer who was recently promoted to president as well.
“We had record profits in the theme parks business and record profits in the studio business,” Cavanagh went on to say. “And those are the results of us putting tremendous energy and effort and capital back into our businesses.”
Next month, the Walt Disney Company and SeaWorld Entertainment are scheduled to follow suit and release their latest earnings.
The competition between Disney and Universal is only going to intensify when Universal opens Epic Universe — a 750-acre property with hotel rooms, restaurants in addition to theme park rides.
A new industry report that estimates theme park attendance showed Universal’s Islands of Adventure and Universal Studios Florida surpassed three of the Disney World parks in attendance last year. Still king, however, is Disney World’s Magic Kingdom. The Magic Kingdom is estimated to be the busiest theme park in the world with just under an estimated 13 million visitors in 2021, according to the report released earlier this month by Themed Entertainment Association/AECOM.
