Universal Orlando crowds return as Epic Universe gets ready for big opening

Attendance at Universal theme parks returned by the end of 2024 after a summer slowdown, the company disclosed Thursday.

“We finished the year strong across our parks globally after having experienced some temporary headwinds in the middle of the year,” Comcast President Michael Cavanagh said Thursday as the company released fourth-quarter earnings.

Universal theme parks revenue remained flat with $2.37 billion in revenue, up 0.1% from the same time period last year.

In late October, the company said theme park revenue dropped 5% in the third quarter. Universal was hurt by no big summer ride openings to help drive attendance.

Thursday’s earnings beat Wall Street estimates but that wasn’t enough to offset broadband subscriber losses. Comcast stock prices dipped in premarket trading. Overall, the company’s revenue rose to $31.92 billion, up 2% from the same time period last year.

The company highlighted Universal Orlando as one of the parks in its portfolio with improved attendance. Comcast did not provide an attendance breakdown with detailed numbers.

This quarter’s improved theme park financials, however, is good news for Comcast as it invests heavily into building a new theme park in Orlando. Epic Universe’s official grand opening is May 22. 

“We couldn’t be more excited for the launch of Epic,” said Comcast Chief Financial Officer Jason Armstrong. “We’ve also been clear we will have significant costs leading up to this opening, with over $100 million, or the vast majority, landing in the first quarter.”

The company has set expectations high, touting Epic as the most technologically advanced park ever built yet one that still remains an actual park with trees and lush landscaping.

Located in the shadow of the Orange County Convention Center, away from the two other existing Universal Orlando theme parks, Epic Universe will feature five lands. Some of the lands are based on fan-favorite intellectual property of Harry Potter’s Wizarding World, Super Nintendo World, How to Train Your Dragon and Dark Universe of Universal Monsters.

“Theme parks will be supercharged by the opening of Epic Universe,” Cavanagh said.

The Walt Disney Co. is scheduled to release its quarterly earnings Wednesday.

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