1
Credit: Inside The MagicUnited Parks and Resorts (formerly known as SeaWorld Entertainment) reports some unfortunate and scary numbers and results from the 2023 fiscal year, potentially signaling hardships ahead.
Read this next: Disney+ Revives Beloved Remake Amid ‘Snow White’s’ Scandal
United Parks and Resorts Experiencing Decline in Attendance, Revenue – Hardships Ahead?
United Parks & Resorts, formerly SeaWorld Entertainment Inc, has released its financial results for the fourth quarter of 2023 and the full fiscal year. There are many SeaWorld theme parks around the globe, one being based in Orlando.
United Parks & Resorts (formerly SeaWorld Entertainment) released its fiscal 2023 results:
– Total revenue decreased by $4.7M to $1.72B
– Net income fell 19.6% to $234.2M
– Attendance fell 1.5% to 21.6 million visitors (however attendance was up in Q4 with 5 million visitors) pic.twitter.com/JyA5JpsBxo— Ashley Carter (@AshleyLCarter1) February 28, 2024
United Parks & Resorts (formerly SeaWorld Entertainment) released its fiscal 2023 results:
– Total revenue decreased by $4.7M to $1.72B
– Net income fell 19.6% to $234.2M
– Attendance fell 1.5% to 21.6 million visitors (however attendance was up in Q4 with 5 million visitor)
During the last quarter of 2023, SeaWorld theme parks greeted a record 5 million guests, marking an increase of approximately 23,000 visitors compared to the fourth quarter of 2022.
However, despite the surge in attendance, total revenue saw a slight dip to $389 million, representing a decrease of $1.6 million from the same period in 2022. Adjusted EBITDA also experienced a decline, falling to $150.4 million, down by $3.2 million from Q4 2022.
Read this next: Confirmed: Disney World Adds New Restriction, Ending 53-Year Run
Throughout 2023, United Parks & Resorts welcomed 21.6 million guests, reflecting a 1.5 percent decrease from 2022. Total revenue for the fiscal year declined by $4.7 million to $1,726.6 million, while net income dropped by $57 million to $234.2 million. Adjusted EBITDA similarly decreased by 2 percent to $713.5 million.
In a statement, Marc Swanson, CEO of United Parks & Resorts, once again attributed the declines in theme park attendance and revenue to adverse weather conditions.
“We estimate that weather-related factors and calendar shifts resulted in a decrease of approximately 75,000 visits in the fourth quarter and over 370,000 visits for the full year,” he noted.
Read this next: Confirmed: ‘Stranger Things’, ‘Wednesday’ and Others “Not Returning” to Netflix
Swanson emphasized that while attendance levels for fiscal 2023 remained below those achieved in 2019, primarily due to a decline in international and group attendance, the company remains optimistic about a recovery to pre-COVID levels. He added, “We are still more than 3 million visitors below our historically high attendance of approximately 25 million guests achieved in 2008.”
Looking ahead, SeaWorld parks are set to introduce several new attractions and experiences this year, including the Penguin Trek coaster at SeaWorld Orlando, a jellyfish exhibit at SeaWorld San Diego, and Catapult Falls at SeaWorld San Antonio.
In the earnings statement, Swanson confirmed that “our new rides and attractions are all currently scheduled to open before the peak summer season.” Hopefully, these new rides will boost attendance rates and revenue for the theme park giant in 2024.