Credit: Inside the MagicComcast CFO Jason Armstrong recently boasted about the success of Universal Studios Hollywood, Universal Orlando Resort, Universal Studios Japan, Universal Studios Singapore, and Universal Beijing Resort. The NBCUniversal executive noted that the theme park division took a significant risk investing so much in construction like SUPER NINTENDO WORLD and Epic Universe during COVID-19 shortages and price increases but said it paid off.
While Universal Orlando Resort, Universal Studios Hollywood, and Universal Parks worldwide expanded, their main competitor canceled projects and slashed budgets. Walt Disney World Resort shrunk its 50th Anniversary Celebration, abandoning EPCOT expansions like the Play Pavilion, a Mary Poppins (1964) ride, and a Spaceship Earth overhaul. One of the Central Florida Disney park’s largest investments, the first-of-its-kind Star Wars: Galactic Starcruiser hotel, permanently closed just months after opening.
Meanwhile, the Universal parks are ever-expanding. Universal Studios Florida will premiere a new family-friendly area, Dreamworks Land, later this year. In 2025, the Universal Resort will open its third theme park: Epic Universe. The massive undertaking features lands inspired by the Classic Universal Monsters, Nintendo, the Wizarding World of Harry Potter, How to Train Your Dragon (2010), and more.
Armstrong discussed the company’s decision to continue construction during this week’s Morgan Stanley Tech, Media & Telecom Conference. He acknowledged that NBCUniversal took a risk when executives decided to power through inflation and other COVID-19 delays.
Journalist Ashley Carter (@AshleyLCarter1) attended the virtual conference and shared Armstrong’s comments on X (formerly Twitter).
“During the Morgan Stanley TMT conference, Comcast CFO Jason Armstrong talked about the company’s confidence in its park business, how it made a ‘real bet’ on the parks in the pandemic and ‘invested aggressively,’” Carter wrote.” ‘…between what we’ve done over the last few years, which is really aggressively refreshing attractions, adding new lands, adding new attractions, and then ultimately adding new parks—that’s in the pipeline ahead of us—we feel really good about the parks business.’”
Armstrong: "…between what we've done over the last few years, which is really aggressively refreshing attractions, adding new lands, adding new attractions, and then ultimately adding new parks—that's in the pipeline ahead of us—we feel really good about the parks business." pic.twitter.com/msBcEsaHTY
— Ashley Carter (@AshleyLCarter1) March 6, 2024
Armstrong said that the Chairman and Chief Executive Officer of Universal Destinations & Experiences, Mark Woodbury, convinced executives to bet on Universal parks during the pandemic. He accurately predicted that “the other side” of COVID-19 closures would see a boom in revenge travel.
Comcast CFO Jason Armstrong said the parks were a question mark during the pandemic, but he credits Mark Woodbury and team for convincing executives “what the other side” would look like.
Armstrong: “…and we actually put on the gas in investing through that timeframe to set ourselves up for when experiences came back, we were going to be the ones with fresh new attractions, something to go see in the parks.”
Armstrong: "…and we actually put on the gas in investing through that timeframe to set ourselves up for when experiences came back, we were going to be the ones with fresh new attractions, something to go see in the parks."
— Ashley Carter (@AshleyLCarter1) March 6, 2024
Universal Studios is also expanding to two more destinations in the coming years. A smaller, family-friendly theme park called Universal Kids Resort is under construction in Frisco, Texas. A year-round Halloween Horror Nights experience called “Universal Horror Unleashed” will join the booming tourism economy in Las Vegas, Nevada.
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