ORLANDO, Fla. —Universal's theme park business is strong as the division continues its pandemic recovery, according to the latest earnings report released by parent company Comcast.
What You Need To Know
- Universal theme parks strong as pandemic recovery continues
- Parks revenue jumped 65% to $1.8 billion in the second quarter of 2022
- Growth was attributed to higher attendance and increased spending at parks in U.S., Japan
For the second quarter of 2022, theme park revenue jumped 65% to $1.8 billion.
Universal Orlando also generated its highest adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) on record for any quarter, according to Comcast. Earlier this year, the company said the resort had generated the highest adjusted EBITDA for a first quarter in its history.
Executives attributed revenue growth at the parks to higher attendance and increased spending by guests at Universal Orlando, Universal Studios Hollywood and Universal Studios Japan.
The report also shows improved results at the parks compared to the prior year, when some of Universal’s parks were still operating with capacity limits or COVID-19 measures. In an investors' call after earnings were released, Comcast Chief Executive Officer Brian Roberts said attendance at the domestic parks have been above prepandemic levels. That boost comes despite international visitation levels not yet returning to what they were previously.
During the call, Roberts also mentioned Epic Universe, the new theme park being built in Orlando. The company is "full steam ahead" on the project, according to Roberts.
“I cannot be more excited for how this park will bring new experiences to our visitors,…” he said.
The park, scheduled to debut in 2025, will be Universal’s largest U.S. theme park when it opens. It will feature rides and attractions based on content from Illumination and DreamWorks. Epic Universe will also feature the Nintendo-themed land, Super Nintendo World. A version of the land will also open at Universal Studios Hollywood in California early next year.