Comcast 3rd Quarter 2023 Theme Park Record EPITDA Fiscal Results

[Mad Dog]

From Comcast: "Theme Parks Adjusted EPITDA increased 20% to $983 million. It's the highest adjusted EPITDA on record".
Revenue: 2023 $2.418 Billion vs. 2022 $2.07 Billion ...a 17.2% Increase
Operating Expenses: 2023 $1.435 Billion vs. 2022 $1.244 Billion......
From Comcast: "The increase in operating expenses was due to higher costs associated with increased guest attendance"......................These are third Quarter 2023 Results.
.....From Comcast: "Revenue for Theme Parks increased, driven by higher revenue at our International Parks, which had covid-19 restrictions
in the prior year period, and higher revenue at our domestic theme parks, including USH due to the continued success of Super Nintendo World, partially offset by lower revenue at our theme park in Orlando which continued to be above comparable pre pandemic 2019 levels. "

 

[Jamesh22]

From Comcast: "Theme Parks Adjusted EPITDA increased 20% to $983 million. It's the highest adjusted EPITDA on record".
Revenue: 2023 $2.418 Billion vs. 2022 $2.07 Billion ...a 17.2% Increase
Operating Expenses: 2023 $1.435 Billion vs. 2022 $1.244 Billion......
From Comcast: "The increase in operating expenses was due to higher costs associated with increased guest attendance"......................These are third Quarter 2023 Results.
.....From Comcast: "Revenue for Theme Parks increased, driven by higher revenue at our International Parks, which had covid-19 restrictions
in the prior year period, and higher revenue at our domestic theme parks, including USH due to the continued success of Super Nintendo World, partially offset by lower revenue at our theme park in Orlando which continued to be above comparable pre pandemic 2019 levels. "

They also noted that USH had it's most profitable quarter ever so will be interesting to see if they finally break the 10m attendance mark this year.

 

[Jerroddragon]

I don't want everything new to be Nintendo.....but I hope Universal see's Nintendo as a thing they can add every few years and see a big bump in attendance and merch

Bring Pokemon, Zelda, more Mario, Animal Crossing and heck if you can do more special events Nintendo fans will pay extra to meet Samous, Captain Falcon and other "rarer" Nintendo characters. I'm just saying Nintendo fans are insane and loveeee spending money

 

[GAcoaster]

Most profitable doesn't necessarily equate with highest attendance. Like Disney, it could be higher profits on lower attendance numbers. That's the beauty of Universal's current model for expansion-- lot's of high profit food and merchandise is as important as the attractions. Harry Potter started it, now Nintendo had continued that, along with Simpsons, Despicable Me, etc.

People are willing to spend major money on unique and interesting things, much more than on generic theme park food and merchandise, and across a wide range of price points including some real high end (high profit) shtuff!

 

[Jerroddragon]

Most profitable doesn't necessarily equate with highest attendance. Like Disney, it could be higher profits on lower attendance numbers. That's the beauty of Universal's current model for expansion-- lot's of high profit food and merchandise is as important as the attractions. Harry Potter started it, now Nintendo had continued that, along with Simpsons, Despicable Me, etc.

People are willing to spend major money on unique and interesting things, much more than on generic theme park food and merchandise, and across a wide range of price points including some real high end (high profit) shtuff!

I mean, I would like hard numbers but in past reports USH and USJ attendance were up.

While I;m excited for Christmas, I'm also dreading the crowds at USH. I think it's going to be a mad house but every time I've gone recently I've seen a sign telling people the theme park is sold out, so while I don't see them referencing it here I'd be very suprised if attendance isn't up along with I'd love numbers on USH HHN because if this is not the most packed year, I would like to know which has more people then this year's event

 

[Mad Dog]

Most profitable doesn't necessarily equate with highest attendance. Like Disney, it could be higher profits on lower attendance numbers. That's the beauty of Universal's current model for expansion-- lot's of high profit food and merchandise is as important as the attractions. Harry Potter started it, now Nintendo had continued that, along with Simpsons, Despicable Me, etc.

People are willing to spend major money on unique and interesting things, much more than on generic theme park food and merchandise, and across a wide range of price points including some real high end (high profit) shtuff!

Reading between the lines using business speak: Yes, less 2023 revenue at Orlando than 2022 quarter, but above pre pandemic revenue, probably is primarily due to the huge price increases at Orlando since 2019. I'd guess Orlando attendance is down again like last quarter. For the second fiscal report in a row, by the wording of the second and third quarter reports, it sounds like USH and International parks (finally free of covid closings) are leading the increased attendance. The fact that Comcast keeps mentioning, and zeroing in, on the success of Nintendo USH in their quarterly reports indicates they are overtly pleased with what Nintendo brings. Clear indication more Nintendo will be on the way.

 

[Cup_Of_Coffee]

Reading between the lines using business speak: Yes, less 2023 revenue at Orlando than 2022 quarter, but above pre pandemic revenue, probably is primarily due to the huge price increases at Orlando since 2019. I'd guess Orlando attendance is down again like last quarter. For the second fiscal report in a row, by the wording of the second and third quarter reports, it sounds like USH and International parks (finally free of covid closings) are leading the increased attendance. The fact that Comcast keeps mentioning, and zeroing in, on the success of Nintendo USH in their quarterly reports indicates they are overtly pleased with what Nintendo brings. Clear indication more Nintendo will be on the way.

Ya, Nintendo is the future on the resort in a major way.

 

[Mad Dog]

Ya, Nintendo is the future on the resort in a major way.

Potter Jr.

 

[Cup_Of_Coffee]

Potter Jr.

Dare I say Sr. The difference is their brand isn’t related to 1 IP or center storyline.

 

[Jerroddragon]

Potter Jr.

While I do love Potter stuff

The Difference is you can do much more different theming. I mean look at DK land compared to SNW, they are like cousins while HP stuff always feels like an extension of the first land, which makes sense its all in the same world. Pokemon has many different regions and vibes, same with Zelda because many games take place in different "times/eras".

Like besides being Video games most of Nintendo stuff has pretty different art styles. So I'm excited to see what and who they choose to come to the parks, especially after Pokemon/Zelda which will be huge but think the general public is going to love Kirby and animal crossing of they come to the park

 

[PerceptiveCoot]

Ya, Nintendo is the future on the resort in a major way.

They're probably foaming at the mouth for ways to do Animal Crossing merchandise.

 

[Mad Dog]

While I do love Potter stuff

The Difference is you can do much more different theming. I mean look at DK land compared to SNW, they are like cousins while HP stuff always feels like an extension of the first land, which makes sense its all in the same world. Pokemon has many different regions and vibes, same with Zelda because many games take place in different "times/eras".

Like besides being Video games most of Nintendo stuff has pretty different art styles. So I'm excited to see what and who they choose to come to the parks, especially after Pokemon/Zelda which will be huge but think the general public is going to love Kirby and animal crossing of they come to the park

My Potter Jr. comment referred to success and popularity of the IP. Theming is kind of apples and oranges comparison.

 

[Jerroddragon]

They're probably foaming at the mouth for ways to do Animal Crossing merchandise.

Pokemon

Thats where the real money is....people still collect the cards. Not just Adults, kids as well.

Pokemon has over 500 Pokemon, not including Shiny/costume Varieties.

Also if they make a digital game that allows you to level up your favorite Pokemon.....the amount of hours AP will spend in the parks will be insane.


Also back on Topic, Peacock lost half a billion dollars, why are companies allowed to waste money on this? I don't get it are share holders fine with money just being burned when Netflix would literally PAY money for the Office to be on its service

 

[Jake S]

Also back on Topic, Peacock lost half a billion dollars, why are companies allowed to waste money on this? I don't get it are share holders fine with money just being burned when Netflix would literally PAY money for the Office to be on its service

because the stock market cares about future earnings more than current earnings. that's why ESPN is a "dead weight" for Disney even though it continues to be profitable. it's just not as profitable as it was/isn't forecasted to make more profit in the future.

 

[Mad Dog]

Pokemon

Thats where the real money is....people still collect the cards. Not just Adults, kids as well.

Pokemon has over 500 Pokemon, not including Shiny/costume Varieties.

Also if they make a digital game that allows you to level up your favorite Pokemon.....the amount of hours AP will spend in the parks will be insane.


Also back on Topic, Peacock lost half a billion dollars, why are companies allowed to waste money on this? I don't get it are share holders fine with money just being burned when Netflix would literally PAY money for the Office to be on its service

Because all the Studios were sold a bill of goods on streaming. It won't ever be profitable unless they start cutting production to the bone, and most of the competition streaming services exit the market. Anyone that was in the Home Entertainment media business could have told them this would happen, and, guess what, they did tell them a decade or so ago. They just didn't listen. It's like how all those gold digger internet companies collapsed at the turn of the century. They thought all you had to do was set up shop, and everyone would multi click their services. The profit model doesn't work if there's lots of competing companies and an overkill of production.

 

[Jerroddragon]

because the stock market cares about future earnings more than current earnings. that's why ESPN is a "dead weight" for Disney even though it continues to be profitable. it's just not as profitable as it was/isn't forecasted to make more profit in the future.

I mean will it ever be profitable?

Literally the office was getting 80-100 million from Netflix. That's ONE show, if they gave out the rest of their titles I feel like it's easily over a billion a year and......the app is at negative 5000 million meaning it would have to earn 1.5 Billion to be worth what they could make right now...today

 

[Jake S]

I mean will it ever be profitable?

it took uber more than a decade and more than $30 billion in losses to turn a profit.

so, I don't know! but it doesn't appear to matter!

I personally love late-stage capitalism and all its many benefits.

 

[Jerroddragon]

it took uber more than a decade and more than $30 billion in losses to turn a profit.

so, I don't know! but it doesn't appear to matter!

I personally love late-stage capitalism and all its many benefits.

I mean Peacock is not a benefit. I used to have the Office on Netflix a much better app......but thats just my thoughts

What do I know but I know if I was in charge I would rather make money on the products we have them waste them in an app no one asked for.

 

[Mad Dog]

I mean Peacock is not a benefit. I used to have the Office on Netflix a much better app......but thats just my thoughts

What do I know but I know if I was in charge I would rather make money on the products we have them waste them in an app no one asked for.

That's what's probably going to happen, down the line, with most of these streaming services. Heck, if you have a number of them they're costing you as much as cable, and less selection. I'm guessing Disney is betting that they'll be one of the last men standing, and to finally make money at some point in time. Peacock probably has a harder road, though they added a decent number of subscribers this past quarter. Still losing a ton of money though. What was troubling to financial analysts though, was the substantial loss of Broadband customers for Comcast. Good thing for Disney and Comcast that theme parks are making excellent profits.

 

[wutisgood]

all of these services were competing for sub growth while spending money consolidating content. With fewer players on the market and subscriber growth slowing they are all raising prices now as expected from anyone with a brain. They will raise prices until they make the same money they used to from cable. The difference is subscribers will now fluctuate at times due to cancellations/signups around some content. Just like cable the people who know how to share passwords around the bans will do so just like people whose parents had cable and otherwise go to the high seas for the few shows they like. There is a certain portion of the population that will always pay for a service if it is convenient no matter the premium and just like cable they will continue to subsidize everyone else.

On the Nintendoland front I interacted with a number of guests in LA that told me it was a miserable experience. Bill burr even ranted about it (rich people absolutely despise not being able to skip the line. Which they still can on VIP tours but not express which I expect is a reason the line is still so long and why universal had such increases in profits..) With the hhn ticket on my recent trips crowds were low. I bought the band did all the mini games and boss fight and went on mario kart 3 times. I just loved the ride and everything about the land. Universal crushed this as far as my experience was. I could also see it being a bad experience if crowds get long enough.