ORLANDO, Fla. – SeaWorld Entertainment is taking more steps to lessen the impact of the coronavirus pandemic on its business.
- SeaWorld takes steps to lessen coronavirus impact
- Recently secured $227.5 in loans
- Company exploring additional "cost-reduction" measures
The Orlando-based company recently secured $227.5 million in loans, according to an SEC filing Tuesday.
With the additional loan, SeaWorld said it has enough cash to survive through the 2021, even if its theme parks don’t reopen this year. SeaWorld’s parks have been closed since mid-March.
Previously, SeaWorld furloughed 95 percent of its workers, stopped all advertising and marketing spending, and cut pay for some of its executives as a way to save money.
The company said it’s looking for other “cost-reduction” measures while the parks are closed but didn’t provide details on what those measures would be.
The parks, while closed, cost SeaWorld about $25 million a month, the company said in the filing.
Prior to park closures, SeaWorld’s attendance was up 9 percent in the first two months of the year. During that time, it generated $121 million in revenue, a $13 million increase compared to the first two months of 2019.
SeaWorld expects to report between $150 million to $155 million in revenue for the first quarter.
“I am proud of our team and thankful for their resilience during these uncertain times,” interim CEO Marc Swanson said in a statement. “We are fully committed to successfully navigating through this current environment, reopening our parks and welcoming back our guests as soon as it’s safe and permitted.”
Swanson stepped in as interim CEO earlier this month after Sergio Rivera resigned, citing disagreements with the board as the reason for his departure.
SeaWorld also said it is working to extend expiration dates or provide other offerings on season passes in light of the park closures.
Other theme parks such as Disney and Universal have paused payments for its annual passes.