UPDATE: Comcast Corp. has just announced a remarkable 18.7% surge in theme park revenue for the third quarter, driven by the early success of its newly opened Epic Universe. The company revealed this significant milestone in a report released on October 26, 2023, showcasing a total of $2.7 billion in revenue for the quarter ending on September 30.
The debut of Epic Universe on May 22 has proven to be a game-changer for Comcast’s theme park segment, which includes the popular Universal Orlando. Jason Armstrong, Comcast’s Chief Financial Officer, expressed enthusiasm about the park’s early performance, stating,
“We’re really pleased with the early results from Epic, which are driving higher per-cap spending and attendance across the entirety of Universal Orlando.”
This boost is crucial as it indicates a growing interest in the resort, particularly among visitors looking to extend their stays.
Comcast President Mike Cavanagh emphasized that Epic Universe has not negatively impacted attendance at existing parks, such as Universal Studios and Islands of Adventure. He noted,
“The full resort of Orlando is very strong,”
and highlighted that there has been less “cannibalization” than previously anticipated.
Looking ahead, Comcast executives are focused on increasing ride capacity for popular attractions, such as the highly anticipated Harry Potter and Battle at the Ministry. “Our focus now is just driving increased ride capacity,” Cavanagh stated, indicating a commitment to enhancing customer experience at the technologically advanced park.
Despite not releasing specific attendance figures, Comcast reported a 13.1% increase in adjusted EBITDA, signifying that the operational costs of Epic Universe are being more than compensated by its revenue. This financial success is even more noteworthy against the backdrop of the broader company’s performance; Comcast registered $31.2 billion in total revenue for the quarter, marking a 2.7% year-over-year increase.
In addition to the theme park success, Comcast’s ventures in broadband, wireless, streaming, and sports media were also highlighted during the earnings call. Cavanagh pointed out that the recent NBA season kickoff attracted the largest audience for an NBA opening doubleheader since 2010, further illustrating Comcast’s strong position in live sports broadcasting.
As the Super Bowl, Winter Olympics, and NBA All-Star Weekend approach, Cavanagh noted that sports will remain a cornerstone of Comcast’s media strategy. The company is gearing up for a pivotal winter and spring season, with events like the World Cup set to air on Telemundo in June 2024.
With the momentum of Epic Universe and a busy sports calendar ahead, Comcast is poised for a promising year, making this news vital for investors and theme park enthusiasts alike. Expect to see more developments as Comcast continues to optimize its offerings and expand its attractions in the coming months.
