Comcast’s theme park business has been one of the company’s steady performers in recent years. But on Tuesday, the company reported that revenue and attendance was down at Universal’s theme parks in the second quarter of 2024.
The earnings report released Tuesday showed that parks revenue dropped nearly 11% to about $1.98 billion, compared to the same period in 2023.
Executives blamed the dip on lower attendance at its domestic parks, which previously saw a record-breaking surge in 2022 and 2023 following the pandemic.
“More recently other travel options, including cruises and international tourism, given the strength of the dollar, have experienced their own surge in demand which caused visitation rates at our parks to normalize,” Comcast president Michael Cavanagh said in an earnings call with investors.
Despite the dip, the company is still confident in its parks business, according to Cavanagh, and looking forward to its new Epic Universe theme park next year.
“We couldn’t be more excited about the opening of Epic Universe in 2025,” Cavanagh said. “As we’ve been releasing new details about Epic’s five immersive worlds, the consumer reaction has been tremendous. And recently, we opened an Epic Universe preview center in Orlando, and the foot traffic and the guest enthusiasm have been off the charts.”
The themed lands at Epic Universe will include Celestial Park, Super Nintendo World, How to Train Your Dragon – Isle of Berk, Dark Universe and The Wizarding World of Harry Potter – Ministry of Magic. The park will also feature restaurants, shops and an a hotel.
Comcast executives are hoping the addition of the new park will have a big impact the parks business.
“So we look forward to Epic Universe having a meaningful impact by driving incremental attendance, longer visits and higher per cap spending once the park opens in 2025.”
