Comcast First Quarter 2023 Theme Park Fiscal Results

[Mad Dog]

Comcast earnings beat analysts' predictions....
from Comcast on theme parks..."Revenue for Theme Parks increased due to higher revenue at our international theme parks and higher revenue at our domestic theme parks,
including USH which opened Super Nintendo World during the quarter. Adjusted EPITDA for theme parks increased, reflecting higher revenue, which more than offset higher operating
expenses. The increase in operating expenses was due to higher costs associated with increased guest attendance."
In Millions...First Quarter 2023........................................................First Quarter 2022....................................................Change
Revenue.................................$1,949................................................................................$1,560................................................24.9%
Operating Expenses..........$1,291................................................................................$1,109................................................16.4%
Adjusted EBITDA.................$658...................................................................................$451....................................................46%

 

[UniversalRBLX]

Good, now drive some of those funds towards proper team member training and set up programs similar to Disney instead of just throwing TMs into the fire.

 

[Mad Dog]

Something to watch concerning near future attendance at Universal & Disney theme parks in the USA.....I was reading a report on inflation and economic trends in the NY Times this morning. They quoted one of the nation's largest Travel Agencies. The company says their future bookings for Disney are down significantly due to tighter money. Most of that free covid money is gone and higher borrowing costs, especially credit cards, are restricting future purchases for travel.

 

[UniversalRBLX]

Something to watch concerning near future attendance at Universal & Disney theme parks in the USA.....I was reading a report on inflation and economic trends in the NY Times this morning. They quoted one of the nation's largest Travel Agencies. The company says their future bookings for Disney are down significantly due to tighter money. Most of that free covid money is gone and higher borrowing costs, especially credit cards, are restricting future purchases for travel.

Yup.

Frozen Ever After was a 15-minute wait last night. I was able to get a GOTG boarding group at 7:10 PM yesterday.

It's part of the reason why I question Universal's recent ridiculous AP increase. They know that bookings are soft, hotel rates have softened a bit, etc.

 

[Mad Dog]

Yup.

Frozen Ever After was a 15-minute wait last night. I was able to get a GOTG boarding group at 7:10 PM yesterday.

It's part of the reason why I question Universal's recent ridiculous AP increase. They know that bookings are soft, hotel rates have softened a bit, etc.

Yes. Finally got to ride ROTR. Unbelievable 45 minute wait posted at 3:00 PM on the 17th. Ran to the ride when I saw that. Ended up walking straight through the entire queue to the attraction start. Under 10 minutes and just a straight walk through. Rode it again that evening and a third time the following day....I have to say, by far the BEST attraction overall that I've ever rode. Love that first space ship ride with the fantastic AA pilot. That alone was better than the Millenium Falcon ride. Couldn't get Guardians Boarding groups the three times we tried at 7:00 AM though.

 

[GAcoaster]

Wow-- solid numbers for the parks! It will be interesting to see what SeaWorld's numbers look like next week.

 

[Jerroddragon]

Something to watch concerning near future attendance at Universal & Disney theme parks in the USA.....I was reading a report on inflation and economic trends in the NY Times this morning. They quoted one of the nation's largest Travel Agencies. The company says their future bookings for Disney are down significantly due to tighter money. Most of that free covid money is gone and higher borrowing costs, especially credit cards, are restricting future purchases for travel.

In a way I can't wait for that future

The parks have been packed since Covid for no real reason and this pushed hopefully Disney and others that you need to keep listening to customer and making the best shows and attractions or lose money


Congrats on Universal doing well and do they give us numbers for specific parks? Or do we have to wait for a while before seeing the Revenue and crowd increases at USH?

 

[Jake S]

The parks have been packed since Covid for no real reason

I mean, as someone who did basically nothing for two years, I'd argue they've been packed for a pretty good reason.

 

[Jerroddragon]

I mean, as someone who did basically nothing for two years, I'd argue they've been packed for a pretty good reason.

I get that to an extent but hoping the parks not always being packed just because, pushes Disney to invest more in there parks and hopefully USH success makes them as well know how to attract more people also makes them invest more.

 

[Mad Dog]

In a way I can't wait for that future

The parks have been packed since Covid for no real reason and this pushed hopefully Disney and others that you need to keep listening to customer and making the best shows and attractions or lose money


Congrats on Universal doing well and do they give us numbers for specific parks? Or do we have to wait for a while before seeing the Revenue and crowd increases at USH?

They rarely refer to specific park attendance as they did for the 4th Quarter 2022 fiscal report where they mentioned the spike in attendance at USO. That said, considering the international parks revenues jumped partly due to covid issues in 2022 Q1, and Hollywood was also mentioned, while Orlando was not....leads me to make a 'wild guess' that Orlando results were probably flat, and possibly didn't meet expectations. That, and seeing a few spring weeks in the Touring Plans that didn't really have high crowd levels, except for the weekends that are almost always crowded with locals.

 

[UniversalRBLX]

They rarely refer to specific park attendance as they did for the 4th Quarter 2022 fiscal report where they mentioned the spike in attendance at USO. That said, considering the international parks revenues jumped partly due to covid issues in 2022 Q1, and Hollywood was also mentioned, while Orlando was not....leads me to make a 'wild guess' that Orlando results were probably flat, and possibly didn't meet expectations. That, and seeing a few spring weeks in the Touring Plans that didn't really have high crowd levels, except for the weekends that are almost always crowded with locals.

Both Disney and Universal had one busy week period of crowds for Spring Break. Wait times were surprisingly low the other weeks.

Definitely starting to slow down. Heavy hotel discounts at both resorts and multiple buy-a-day get x days free.

 

[Mad Dog]

Both Disney and Universal had one busy week period of crowds for Spring Break. Wait times were surprisingly low the other weeks.

Definitely starting to slow down. Heavy hotel discounts at both resorts and multiple buy-a-day get x days free.

Yes, that's what I was seeing on TP too. President's week and a week or two in March were crazy. And Easter week for the start of the second quarter seemed busier than predicted. The rest wasn't anything to write home about.

 

[Jerroddragon]

Maybe it's more happening in Florida but here in CA at least hotel prices and how fast dinning went that DLR seems busy and I'd assume USH see's HUGE crowds from mid june until almost September

 

[Mad Dog]

Maybe it's more happening in Florida but here in CA at least hotel prices and how fast dinning went that DLR seems busy and I'd assume USH see's HUGE crowds from mid june until almost September

Orlando is way more reliant on tourism, and USH has Nintendo openings to spike demand. DLR is primarily locals, especially AP ers....Whole different ballgame.

 

[Jake S]

I can confirm that the week we were in Orlando (March 15-22) was suitably nuts.

 

[Brian G.]

Easter weekend was crazy, too.

 

[Tbad556]

Easter weekend was crazy, too.

The whole week really. The 5th (Wednesday) was a mess.

 

[GAcoaster]

Comcast stock closed up over 10% today, so Wall St. thinks they're doing something right despite the whole personnel kerfuffle last week.

 

[Jerroddragon]

Comcast stock closed up over 10% today, so Wall St. thinks they're doing something right despite the whole personnel kerfuffle last week.

I mean Universal parks are overall up with SNW seems to be a hit online (i know here people have complaints but the general sense is people like or love it)
Mario Movie is about to hit a billion dollars this weekend and Nintendo said this is just the start for Nintendo Films.
Megan was a big hit and FF has a film coming out this year and Puss in Boots while not doing amazing numbers shows there is still interest for more Shrek.

 

[quinnmac000]

Something to watch concerning near future attendance at Universal & Disney theme parks in the USA.....I was reading a report on inflation and economic trends in the NY Times this morning. They quoted one of the nation's largest Travel Agencies. The company says their future bookings for Disney are down significantly due to tighter money. Most of that free covid money is gone and higher borrowing costs, especially credit cards, are restricting future purchases for travel.

I don't think you can solely attribute that to disney bookings....there is the other big elephant in the room which includes many organizations advicing not to travel to Florida for numerous reasons.