Gabrielle Russon
May 22 can’t get here fast enough for Comcast.
Universal’s U.S. theme park attendance dipped in the third quarter compared to the record-breaking attendance from post-COVID pandemic travel surges, Comcast executives said. Also hurting attendance this Summer was that Universal didn’t open many major new rides as it invests heavily in Epic Universe, which is set to open in May.
Theme park revenue fell 5% to $2.3 billion, compared to $2.4 billion in the same time period in 2023.
When asked by an analyst about the park’s impact, Comcast President Mike Cavanagh did not give a specific number regarding how much Epic Universe could affect the company’s bottom line next year.
“It is our most ambitious parks experience we’ve ever put together, right?” he said. “Think about ticket pricing at a premium level, but consistent with the market in Orlando.”
But the company’s leaders believe Epic will revolutionize the theme park industry and are betting it will be more than worth the investment. Comcast plans to spend $150 million in the next two quarters leading up to the grand opening, the company said Thursday.
Cavanagh said Epic will “be the most groundbreaking park ever introduced in the United States.”
“This park will offer a level of immersion that is unmatched, transporting guests to expansive worlds featuring more than 50 awe-inspiring attractions, entertainment, dining and shopping experiences,” Cavanagh said. “Once Epic opens, Universal Orlando will be transformed into a week’s long vacation.”
Tickets are already for sale.
Epic Universe has five lands. The gateway into the park is Celestial Park, a grassy, park-like land. Other lands include locations devoted to fan-favorite intellectual property of Harry Potter’s Wizarding World, Super Nintendo World, How to Train Your Dragon and Dark Universe of Universal Monsters.
Overall, Comcast’s third-quarter earnings exceeded Wall Street expectations.
The company’s revenue rose nearly 7% to $32 billion compared with the same period last year.
The company did not disclose the financial impact of Hurricane Milton, which closed Universal theme parks early one day and the entire next day earlier this month.
The Walt Disney Co. is scheduled to release its earnings on Nov. 14.
