UPDATE: Comcast Corp. announced a significant surge in its quarterly revenue, driven by the success of its newly opened Epic Universe theme park. The company’s attractions segment, which includes Universal Orlando, reported a remarkable 18.7% increase in revenue, totaling $2.7 billion for the quarter ending September 30, 2023.
Officials confirmed the early months of Epic Universe, which debuted on May 22, are exceeding expectations. “We’re really pleased with the early results from Epic, which are driving higher per-capita spending and attendance across the entirety of Universal Orlando,” said Jason Armstrong, Comcast’s chief financial officer.
The new park is attracting more weeklong visitors, enhancing the overall appeal of the Orlando resort. Mike Cavanagh, Comcast president, stated, “The full resort of Orlando is very strong,” noting less than expected “cannibalization” of Universal Studios and Islands of Adventure. This suggests that Epic Universe is adding value rather than detracting from existing attractions.
Looking ahead, executives are focused on increasing ride capacity for popular attractions like Harry Potter and the Battle at the Ministry. “It’s a new park and very technologically advanced,” Cavanagh explained. “We’ve been holding back a little bit to make sure the experience is what we want it to be.” He anticipates that the park will fully scale up in the coming months, driving increased attendance and profitability.
The adjusted EBITDA for the theme park segment rose by 13.1% this quarter, indicating that operational costs are being more than offset by revenue. Notably, no specific attendance figures were released during the conference call, which also did not address the August opening of Universal Horror Unleashed in Las Vegas or the unfortunate death of a visitor at Epic Universe.
In addition to the theme park success, Comcast reported a total revenue of $31.2 billion across its various segments, marking a year-over-year increase of 2.7%. Cavanagh emphasized the significance of live sports for the company, mentioning the recent NBA season opener that attracted the largest audience for an NBA opening doubleheader since 2010.
As Comcast prepares for a busy sports season, highlighted by the Super Bowl and Winter Olympics, the focus will remain on enhancing their media offerings and driving audience engagement. “Sports remains a cornerstone of our media business,” Cavanagh stated, reinforcing the company’s commitment to delivering live sports content.
With the ongoing developments at Epic Universe and its impact on Universal Orlando, the future looks promising for Comcast as it navigates the evolving landscape of entertainment and attractions.
