UPDATE: Comcast Corp. has just reported a remarkable 18.7% surge in its theme park revenue for the third quarter, driven largely by the early operational success of its new Epic Universe park, which opened on May 22, 2023. The company announced that the attractions segment, which includes Universal Orlando, generated $2.7 billion in revenue for the quarter ending September 30, showcasing the park’s immediate impact.
Comcast’s Chief Financial Officer, Jason Armstrong, expressed excitement over the early results, highlighting how Epic Universe is enhancing guest spending and attendance at the entire resort. “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,” Armstrong stated.
Officials reported that the new park is attracting long-term visitors, contributing positively to the overall strength of the Orlando resort. According to Mike Cavanagh, Comcast’s president, there has been less “cannibalization” of existing parks, Universal Studios and Islands of Adventure, than anticipated, indicating a growing interest in the Universal brand as a whole.
As part of its growth strategy, Comcast aims to increase ride capacity at Epic Universe attractions, such as the popular Harry Potter and Battle at the Ministry rides. “Our focus now is just driving increased ride capacity. It’s a new park and very technologically advanced,” Cavanagh explained, emphasizing the need to refine operations for optimal guest experiences.
Despite the excitement, Comcast did not release specific attendance figures for the parks during its earnings call. Notably absent from discussions were the recent launch of the year-round haunt attraction, Universal Horror Unleashed, in Las Vegas and the tragic incident involving a visitor’s death after riding the Stardust Racers roller coaster.
The overall performance of Comcast remains robust, with total revenues reaching $31.2 billion for the quarter, marking a 2.7% year-over-year increase. Cavanagh highlighted the significance of the sports segment, stating, “Last week’s NBA tip-off marked the start of one of the biggest stretches of live sports in our history,” with a record audience for an NBA opening doubleheader.
Looking ahead, Comcast is poised for a busy season, with major sporting events like the Super Bowl and Winter Olympics scheduled in the coming months, further solidifying sports as a cornerstone of their media business.
As the excitement continues to build around Epic Universe and its contributions to Comcast’s financial success, industry analysts and theme park enthusiasts alike will be closely monitoring attendance and revenue trends in the upcoming months. Stay tuned for more updates on this developing story.
