Credit: Universal Studios JapanThis morning, Comcast Corporation reported its 2023 fiscal year first quarter financial results, and it appears that its Universal Parks division business couldn’t be any better.
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Comcast Corporation, the parent company of Universal Orlando Resort and Universal Studios Hollywood, is experiencing increasing demand from Theme Park visitors, according to its earnings release from earlier today. The biggest rival to Disney Parks is showing that its Parks and Destinations division is a formidable competitor to the world’s most dominant Theme Park operator.
In the release, Comcast said its Universal Parks segment saw 25% revenue growth year-over-year. Even more impressive were its profit margins. Adjusted EBITDA (earnings before interest, taxes, depreciation, and appreciation) was up 46% year-over-year. The company would go on to say that “revenue for Theme Parks increased due to higher revenue at our international theme parks, which were negatively impacted by restrictions due to COVID-19 in the prior year period, and higher revenue at our domestic theme parks, including Universal Studios Hollywood which opened SUPER NINTENDO WORLD during the quarter.”
In addition to the strength of domestic Universal Park operations, business appears to be returning to normal in its Asian Parks. Comcast’s management would comment that international parks drove growth, with Japan rebounding and Beijing returning to profitability from post-COVID restrictions.
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Given the successful financial results, Universal appears to be doubling down on its partnership with Nintendo. The creator of The Super Mario Bros. Movie (2023) recently hinted that more films based on the Nintendo franchises would be made. Universal has proven to investors and Theme Park visitors that including well-known and popular franchises is essential for Theme Parks to increase attendance and profits.
An immersive land entirely themed to popular Nintendo characters like Mario, Luigi, and others, SUPER NINTENDO WORLD is also coming to Universal Orlando with the opening of Epic Universe in 2025, which should help boost attendance and profits even further in the future at its flagship Resort.
Are you excited about the upcoming Super Mario Brothers releases in the Parks and Theaters?