ORLANDO, Fla. — Universal’s theme parks business remain strong as “robust” guest demand continued to fuel its rebound from the pandemic.
What You Need To Know
- Universal's theme parks continue to thrive
- Revenue for the parks division rose more than 40% to $2.1 billion in the third quarter
- Comcast executives said the growth was due to increased attendance and guest spending at its U.S. parks
- RELATED: Universal Orlando set to open Epic Universe by summer 2025
In the latest earnings report released Thursday, parent company Comcast said the theme parks generated $2.1 billion in revenue in the third quarter, a 42% jump from the same quarter last year.
The division, which is under the NBCUniversal umbrella, saw increased attendance and guest spending at its parks in Florida, California and Japan.
The parks division’s adjusted EBITDA jumped 89% to $819 million, its “highest adjusted EBITDA on record,” according to the company.
Comcast executives also highlighted success at Universal Orlando, which delivered "its highest level of EBITDA for a third quarter" despite park closures as a result of Hurricane Ian at the end of September.
As the parks continue to thrive, the company is hard at work on Epic Universe, a new theme park in Orlando.
"I'm especially excited for Epic Universe to open in the summer of 2025, which will transform Universal Orlando into a weeklong destination," Comcast CEO Brian Roberts said in an investors call after the earnings were released.
After a hitting pause on construction of Epic Universe in early 2020 due to the COVID-19 pandemic, Universal resumed work on the park in March of 2021. That same year, Universal opened a number of new attractions at its parks, including Super Nintendo World at Universal Studios Japan, The Secret Life of Pets: Off the Leash at Hollywood and Jurassic World Velocicoaster at Universal's Islands of Adventure.
"We're seeing clear evidence that the investments we made throughout the pandemic continue to pay off," Roberts said of the park division's results.
Universal will next open a version of Super Nintendo World at Hollywood in early 2023. A version of the land is also planned for Orlando's new park.