After a record-breaking year in 2023, attendance normalized at Universal's domestic theme parks in the second quarter, which ended June 30. During an earnings call on Tuesday, Comcast executives said revenue dropped nearly 11% to just under $2 billion. That's below what analysts predicted."Two-thirds of the decline was driven by our domestic parks due to lower attendance compared to last year. Largely reflecting two factors. Normalization in demand post-Covid, combined with the timing of domestic attractions," said Jason Armstrong, the Chief Financial Officer of Comcast. "The fact we originally planned to have Epic opened this year, but Covid pushed it back. And so, we have a lull in the action. We haven't started a new, big attraction since Veloci-Coaster in 2021," Cavanagh explained.Cavanagh said they aren't worried about the drop in revenue because they expect Universal's new theme park, Epic Universe, to bring in a lot of cash next year."We couldn't be more excited about, and confident, in the long-term trajectory in the parks business particularly as we look ahead to next year with Epic Universe, which is truly looking unbelievable," Cavanagh said.Comcast executives say there's a lot of excitement building for Epic. There's new information coming out about the five worlds, and the preview center at Universal CityWalk gives guests a 3-D view of the 700-acre park.Comcast believes when Epic opens, the company will rack up big time."The trends that we are experiencing will likely continue until we get to Epic opening up sometime next year," Cavanagh said. Chopper 2 flew over the construction site and captured new theming elements."The attention to detail they put in here is phenomenal and we can see the theming is right there is crazy," said Daniel Leavelle, owner of Midway Mayhem.Leavelle, who's helped build many attractions in the United States including Orlando, says it's amazing watching the new park come together."Everything I've seen in my experience, they're ahead of schedule. All of the theming elements, which take the most time to actually construct, they're taking care of that now," he said.Signs are up on some of the attractions. The landscape is bright and green. The Grand Helios hotel is even taking shape. You can see some of the intricate details featured on different elements."It's real feet on the pavement, doing real work. So, there's magicians that are working on this. There's people that are able to bring out theming elements that I've never seen before. It's absolutely incredible and it might even be Epic," Leavelle says.
ORLANDO, Fla. —
After a record-breaking year in 2023, attendance normalized at Universal's domestic theme parks in the second quarter, which ended June 30.
During an earnings call on Tuesday, Comcast executives said revenue dropped nearly 11% to just under $2 billion. That's below what analysts predicted.
Advertisem*nt
"Two-thirds of the decline was driven by our domestic parks due to lower attendance compared to last year. Largely reflecting two factors. Normalization in demand post-Covid, combined with the timing of domestic attractions," said Jason Armstrong, the Chief Financial Officer of Comcast.
"The fact we originally planned to have Epic opened this year, but Covid pushed it back. And so, we have a lull in the action. We haven't started a new, big attraction since Veloci-Coaster in 2021," Cavanagh explained.
Cavanagh said they aren't worried about the drop in revenue because they expect Universal's new theme park, Epic Universe, to bring in a lot of cash next year.
"We couldn't be more excited about, and confident, in the long-term trajectory in the parks business particularly as we look ahead to next year with Epic Universe, which is truly looking unbelievable," Cavanagh said.
Comcast executives say there's a lot of excitement building for Epic. There's new information coming out about the five worlds, and the preview center at Universal CityWalk gives guests a 3-D view of the 700-acre park.
Comcast believes when Epic opens, the company will rack up big time.
"The trends that we are experiencing will likely continue until we get to Epic opening up sometime next year," Cavanagh said.
Chopper 2 flew over the construction site and captured new theming elements.
"The attention to detail they put in here is phenomenal and we can see the theming is right there is crazy," said Daniel Leavelle, owner of Midway Mayhem.
Leavelle, who's helped build many attractions in the United States including Orlando, says it's amazing watching the new park come together.
"Everything I've seen in my experience, they're ahead of schedule. All of the theming elements, which take the most time to actually construct, they're taking care of that now," he said.
Signs are up on some of the attractions. The landscape is bright and green. The Grand Helios hotel is even taking shape. You can see some of the intricate details featured on different elements.
"It's real feet on the pavement, doing real work. So, there's magicians that are working on this. There's people that are able to bring out theming elements that I've never seen before. It's absolutely incredible and it might even be Epic," Leavelle says.
