Comcast has recently published its Q2 earnings, and as expected, the company’s theme park portfolio has driven increasing profits with Universal Orlando Resort posting record-breaking Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA).
Since theme parks throughout Orlando, Central Florida have reopened post-pandemic, prices have increased across the board. From an increase in pricing across merchandise, food, and other spending, Guests visiting a theme park for their vacation are facing a more expensive experience.
But, despite the furor surrounding inflated pricing and, in some cases, for lesser perks, Guests are clearly still entering theme parks in droves. Universal Orlando Resort’s rival, Walt Disney World Resort, recently showed that Guest spending was up 40%. Of course, at Disney World, this can be attributed to adding costs onto previously free perks — namely, the divisive Disney Genie+ and Lightning Lane systems.
In a year where many more people are visiting theme parks locally and from overseas, theme park demand is at an unprecedented high. This has proven even more so with the release of Comcast’s second-quarter results, showing record business for the conglomerate’s theme park division.
Comcast said, in part:
At NBCUniversal, terrific results at theme parks fueled our growth in the quarter, and we expect our recent premieres and planned slate of content and live events from our media and studios businesses, including Jurassic World: Dominion, Minions: The Rise of Gru, Nope, Sunday Night Football and The World Cup, to make significant contributions later this year, including to our subscriber growth at Peacock.
To get into detail surrounding the success of NBCUniversal’s — a subsidiary of Comcast — theme park results, shows that Universal Orlando Resort posted record earnings:
Theme Parks Adjusted EBITDA Increased $411 Million to $632 Million, Its Highest Adjusted EBITDA on Record For a Second Quarter, Reflecting Improved Results at Each Park Compared to the Prior Year Period. Universal Orlando Generated Its Highest Adjusted EBITDA on Record for Any Quarter.
The reason for the massive growth in earnings is clear, even with the temporary closure of Universal Beijing Resort:
Theme Parks revenue increased 64.8% to $1.8 billion in the second quarter of 2022, due to higher attendance and increases in guest spending at our parks in the U.S. and Japan compared to the prior year period. Universal Beijing Resort was closed for most of the second quarter of 2022 due to local COVID-19-related prevention and control requirements, then resumed operations with restricted capacity in late June. Theme Parks Adjusted EBITDA increased $411 million to $632 million in the second quarter of 2022, reflecting higher revenue, partially offset by higher operating expenses.
So, as companies continue to post big numbers even with complaints over inflated prices, it is clear Guests are choosing to grin and bear it or just simply don’t care about the cost of a theme park vacation in Orlando. With Guest spending up and high attendance continuing into summer, the third quarter may break even more records.
Made up of Universal Studios Orlando, Universals Islands of Adventure, Universal’s Volcano Bay Water Theme Park, and Universal CityWalk, the Universal Orlando Resort is home to the Jurassic Park franchise, including Jurassic World VelociCoaster, and the Wizarding World of Harry Potter, which includes Diagon Alley, the Hogwarts Express, and Hogsmeade.
The Universal Park is also the place for Guests to experience the seasonal classic, Halloween Horror Nights, and ride attractions like Despicable Me Minion Mayhem, and Race Through New York Starring Jimmy Fallon. The Universal Parks in Florida will grow when Universal’s third gate, Universal’s Epic Universe, opens in the future.
Are you spending more in the theme parks? Let us know in the comments down below!