ORLANDO, Fla. — Universal’s theme parks soared in the first quarter of 2022 with increased revenue and attendance: another sign the business continues to rebound from the pandemic, according to an earnings report released Thursday by parent company Comcast.
What You Need To Know
- Universal's theme park had increased revenue and strong attendance in the first quarter
- Comcast execs said the parks division's pandemic recovery shows "no signs of slowing down"
- Parks generated $1.6 billion in the quarter, a 152% increase from the same quarter last year
- Execs attributed the growth to "execptional" demand at domestic parks and continued investment in new attractions
“Our recovery from the pandemic at theme parks has been fantastic and shows no signs of slowing down,” Comcast chief executive officer Brian Roberts said in a statement.
For the quarter, parks revenue increased $941 million to $1.6 billion, a 152% increase from the same quarter last year, when parks were still operating with capacity limits.
Universal Orlando reported its best first quarter ever after it generated its highest adjusted EBITDA on record.
The growth at the theme parks was attributed to “exceptional demand” at Universal Orlando in Florida and Universal Studios Hollywood in California, with attendance reaching pre-pandemic levels. Executives also touted the company's continued investment in new attractions.
“The main thing we’ve done during the pandemic in our theme parks is we’ve continued to invest in them,” NBCUniversal CEO Jeff Shell said. “We’ve added major attractions at all of our parks. We didn’t really slow it down much during the pandemic.”
Executives also expressed excitement about the company’s theme parks business going forward, sharing a few details about its upcoming Epic Universe park in Orlando, which is expected to open by summer 2025.
The new park will be “anchored by Super Nintendo World” and “other key attractions,” Shell said.
Universal opened a Super Nintendo World at Universal Studios Japan last year, with a version of the land on track to open at Universal Studios Hollywood in California next year.