Gabrielle Russon
When the world’s theme park capital reopened after the pandemic, Orlando’s attractions were packed with visitors. But that record-breaking surge is over at Universal’s theme parks, company leaders said.
Comcast reported its second-quarter earnings that showed theme park revenue dropping 11%, to about $1.98 billion, compared to the same time in 2023.
What also hurt attendance this quarter, the company acknowledged, was that Universal Orlando hasn’t opened a major ride since 2021. The company’s focus right now is building a multibillion-dollar new park from the ground up that will be called Epic Universe. The park is scheduled to open by Summer 2025 near the Orange County Convention Center.
“While the parks results are below our original expectations for the year, we still view parks as a terrific long-term growth business for us,” said Comcast President Mike Cavanagh during Tuesday’s earnings call.
“We couldn’t be more excited about the opening of Epic Universe in 2025 as we’ve been releasing new details about Epic’s five immersive worlds. The consumer reaction has been tremendous, and recently, we opened an Epic Universe preview center in Orlando, and the foot traffic and guest enthusiasm have been off the charts.”
Universal has teased information previewing new rides, restaurants and the trio of hotels that will make up Epic Universe. The theme park’s themed lands include monsters, Super Nintendo World, How to Train Your Dragon and Harry Potter.
Overall, Comcast reported $29.7 billion in revenue — a 3% decline from 2023’s second quarter. Besides its Universal theme parks, the company’s portfolio includes movies studios, NBC, streaming services and more.
“I really believe we are dealing with the competitive landscape shifts exceptionally well,” Comcast CEO Brian Roberts said during Tuesday’s call.
Universal Orlando’s biggest competitor, The Walt Disney Co., is scheduled to release its earnings on Aug. 7. The Orlando-headquartered newly renamed United Parks and Resorts, which owns SeaWorld, is also expected to announce its latest financials that same day.
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