ORLANDO, Fla. — SeaWorld Entertainment on Tuesday reported record revenue and a slight dip in visitor numbers in its first quarter.
What You Need To Know
- SeaWorld Entertainment reports record revenue in first quarter
- The Orlando, Florida-based company generated $293.3 million in revenue, an 8.4% increase
- Attendance was down slightly compared to same quarter in 2022 and the company reported a net loss of $16.5 million
- RELATED: SeaWorld reveals opening date for 'Pipeline' coaster
The Orlando, Florida-based company reported a revenue of $293.3 million, up 8.4% or $22.7 million from the first quarter of 2022. That boost was driven by higher visitor spending in the parks.
SeaWorld saw a small decrease in attendance at its parks. The company had 3.4 million visitors in the first quarter, a drop of about 25,000 visitors compared to the same period in 2022. SeaWorld blamed bad weather, especially at its California parks, and the timing of ride openings, on the lower attendance numbers. And although international visitors are starting to return, the numbers still lag behind pre-pandemic levels.
In an earnings report, SeaWorld reported a net loss of $16.5 million, but noted that it was its smallest net loss in a first quarter. It also was a $7.5 million improvement over the first quarter of last year. And adjusted EBITDA was also at a record in the first quarter, up 9% to $72.4 million.
"This is the eighth consecutive quarter where we have generated record financial results,” SeaWorld Chief Executive Officer Marc Swanson said in a statement. “We continued to drive growth in total per capita spending in the quarter, demonstrating the effectiveness of our revenue strategies, our pricing power and the strength of consumer spending in our parks.”
SeaWorld is also gearing up for the opening of its first new international theme park. SeaWorld Abu Dhabi is set to open May 23. Meanwhile, in the U.S., the company also has a number of new attractions getting ready to debut. In Orlando, Pipeline: The Surf Coaster will open to the public on May 27 and a new water play area called Turi's Kid Cove will open sometime this month at Aquatica.