ORLANDO, Fla. — Universal’s theme parks continue to shine for parent company Comcast as revenue and visitor attendance increased in the latest quarter.
What You Need To Know
- Universal's theme parks generated $2.1 billion in revenue in the fourth quarter
- Comcast, NBCUniversal's parent company, said the increase was due to higher attendance and visitor spending
- The company also increased capital expenditures on construction of Epic Universe, set to open in 2025
- RELATED: Universal's Epic Universe 'right on track' for 2025 opening, exec says
The theme parks division, which includes Universal Orlando Resort and Universal Studios Hollywood, generated $2.1 billion in revenue in the fourth quarter, according to an earnings report released Thursday.
For the full fiscal year, the theme parks generated $7.5 billion in revenue, a 49.3% increase over the prior year.
Universal attributed the strong performance to higher attendance and visitors spending at its parks in Orlando, Hollywood and Osaka, Japan.
“At our U.S. parks, we continue to see strong demand, with attendance and guest spending up year over year,” Comcast President Mike Cavanagh said in an investors call Thursday.
Comcast executives also talked about the company’s continued investment in the parks business.
“Given the excellent returns we have generated to date, we continue to seek ways to expand our parks,” Comcast Chief Executive Officer Brian L. Roberts said.
The company is preparing to open Super Nintendo World at Universal Studios Hollywood next month. A version of the themed land is already open at Universal Studios Japan, and it will be part of Universal’s new Epic Universe theme park, which is expected to open in Orlando in 2025.
Capital expenditures for NBCUniversal, the segment that theme parks fall under, increased to $916 million in the latest quarter as part of the company’s investment in building Epic Universe.
Earlier this month, Universal announced plans to expand its footprint in the U.S. with new concepts. The first will be a family-focused park designed for younger audiences just outside of Dallas. The other will be a year-round horror-themed experience in Las Vegas.
“These are new, innovative ways to utilize our substantial IP, including from DreamWorks and Illumination, while also extending our brand, both of which help fuel growth in all of our parks,” Roberts said.
Executives also said that the smaller, regional park concept could be replicated in other areas that don't have the space for a large-scale theme park.
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