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25 Apr 2018
New attractions drive profits as Universal reports strong Q1
BY
Tom Anstey
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Universal has benefited from the timing of spring holidays, as well as the continued success of Volcano Bay in Orlando, Minion Park in Japan and the new Wizarding World of Harry Potter
Continued impressive results from Universal's theme park division has fueled strong revenue's for Comcast's first quarter, with theme park revenues increasing by 14.5 per cent. For Q1, revenues for the operator at its parks were US$1.28bn (€1.04bn, £918m) – an increase from the US$1.12bn (€918m, £803m) recorded the year previously. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) showed profits for the quarter significantly up, rising from US$397m (€325.3m, £284.6m) in 2017, to US$495m (€405.5m, £354.8m) in 2018 – a 24.6 per cent jump.
Higher per capita spending has been attributed for the rise, with Universal also benefiting from the timing of spring holidays, as well as the continued success of Volcano Bay in Orlando, Minion Park in Japan and the new Wizarding World of Harry Potter attraction at its Hollywood park.
For Comcast, the parent company of Universal, revenue grew 10.7 per cent to US$22.79bn (€18.67bn, £16.33bn), with profits up 3.3 per cent to US$7.24bn (€5.93bn, £5.19bn).
"Comcast NBCUniversal is off to a great start in 2018 with more than 10 per cent revenue growth in the first quarter," said Brian Roberts, chair and chief executive at Comcast.
"Universal delivered double-digit EBITDA growth, fueled by impressive results at our theme parks, as well as our TV businesses' successful broadcasts of the NFL's Super Bowl LII and the 2018 PyeongChang Olympics.
"I’m proud of our teams across Comcast NBCUniversal and believe we are well-positioned for the future."
Universal's next major theme park project will be its Nintendo attractions, coming to Japan in 2020, with later additions in the US. in 2016, the company broke ground on its US$7.4bn (€6.9bn £5.9bn) Chinese venture – Universal’s largest ever theme park project. The operator is also expected to soon announce a new theme park development in Orlando, after acquiring a large chunk of land near its existing parks for a rumoured third park.
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