Comcast First Quarter 2024 Report

[Mad Dog]

This is probably the weakest Comcast Theme Park Quarterly Report (Excluding covid time) that I can recall. Adjusted 2024 EBITDA was down 3.9% from the first quarter in 2023. (In Millions) 2024 $623 vs, $658 in 2023. Comcast report says it was due to higher operating expenses mainly attributable to an increase in costs of marketing and promotions. Revenue was slightly up in 2024 first quarter $1,979 (in millions) vs. $1,949 in 2023 first quarter. What's most concerning with this report is that very little mention was made of the theme parks, which is opposite of what we generally hear during these quarterly announcements. And the numbers appear weak in lieu of the fact that Beijing and Japan are now running full throttle as opposed to the past report. Comcast did not mention US parks results, but I'd guess they weren't all that great in relation to the final revenue numbers that include increased prices. Good chance there was an attendance drop at the USO parks and hotels which would explain all the cost cutting going on.

 

[Jerroddragon]

This is probably the weakest Comcast Quarterly Report (Excluding covid time) that I can recall. Adjusted 2024 EBITDA was down 3.9% from the first quarter in 2023. (In Millions) 2024 $623 vs, $658 in 2023. Comcast report says it was due to higher operating expenses mainly attributable to an increase in costs of marketing and promotions. Revenue was slightly up in 2024 first quarter $1,979 (in millions) vs. $1,949 in 2023 first quarter. What's most concerning with this report is that very little mention was made of the theme parks, which is opposite of what we generally hear during these quarterly announcements. And the numbers appear weak in lieu of the fact that Beijing and Japan are now running full throttle as opposed to the past report. Comcast did not mention US parks results, but I'd guess they weren't all that great in relation to the final revenue numbers that include increased prices. Good chance there was an attendance drop at the US parks and hotels which would explain all the cost cutting going on.

Interesting

While right now USH is not that busy, for the most part it has been for the last few months. I hope the 60th helps but yeah if they can't make money selling early access, VIP (which I've seen sold out wayyyy more now then pre covid) and what not for USH then I don't know what they can do

I will admit, I rarely eat at the parks and will do the dinning pass for the 60th once but....sorry I'm not really interested most of the time in what they offer the Nintendo drinks are 13 bucks and most meals are 16+ bucks..
I'd really want to see the numbers behind the systems because from the people I follow in Florida as well those parks seem healthy with the amount of people coming


Maybe we could see a midyear haunt event to help make some extra cash or the rumored ticketed events for the summer. Also hopefully Epic does well, I know I'm going within the first few months of opening

Also PS. Employees still are getting paid the bar minimum at least here in CA. They really need/want more so no idea how they can operate if at the current wages they can barley make money

 

[Mad Dog]

Interesting

While right now USH is not that busy, for the most part it has been for the last few months. I hope the 60th helps but yeah if they can't make money selling early access, VIP (which I've seen sold out wayyyy more now then pre covid) and what not for USH then I don't know what they can do

I will admit, I rarely eat at the parks and will do the dinning pass for the 60th once but....sorry I'm not really interested most of the time in what they offer the Nintendo drinks are 13 bucks and most meals are 16+ bucks..
I'd really want to see the numbers behind the systems because from the people I follow in Florida as well those parks seem healthy with the amount of people coming


Maybe we could see a midyear haunt event to help make some extra cash or the rumored ticketed events for the summer. Also hopefully Epic does well, I know I'm going within the first few months of opening

Also PS. Employees still are getting paid the bar minimum at least here in CA. They really need/want more so no idea how they can operate if at the current wages they can barley make money

What's also troubling is that Easter was early in 2024, which generally helps first quarter theme park attendance. With that in mind, second quarter has a chance to be very soft. USF really needs to get Dreamworks, Parade, Night Show to open if they want a decent second quarter result. If that stuff doesn't open until July, Orlando second quarter will be iffy. Comcast quoted that expense increase was primarily due to increased marketing and promotion costs. Most probably that was to spur ticket sales, since they haven't done much in the way of Epic ads yet.

 

[Brian G.]

 

[Jerroddragon]

There we go, glad USH saw growth....because that's what I've seen as someone who has been going as an adultish person for the past 16ish years for sure the crowds seem very healthy for what used to be the slow season

 

[Mad Dog]

This is actually now 5 straight flat or down quarterly reports for Orlando. Hollywood and Nintendo seem to be carrying the US end. I'm guessing results will get better for Orlando once they open Dreamworks/Parade/Night Show. USO especially really needs refreshed. The Minion attraction is lots of fun but it doesn't seem to attract much of a crowd for a new attraction. Bottom line is theme parks need a continual flow of new experiences. When they pause, or revert to efficiency committees, the bottom line suffers. Epic is still too little known to out of state tourists to have much effect, though that might start changing soon once the marketing begins in earnest. Dreamworks/Parade/ Night Show will come just in time. Hopefully for USF management that stuff will reverse the trend and prevent a significant revenue drop in the six or seven months before Epic opens.

 

[Jerroddragon]

This is actually now 5 straight flat or down quarterly reports for Orlando. Hollywood and Nintendo seem to be carrying the US end. I'm guessing results will get better for Orlando once they open Dreamworks/Parade/Night Show. USO especially really needs refreshed. The Minion attraction is lots of fun but it doesn't seem to attract much of a crowd for a new attraction. Bottom line is theme parks need a continual flow of new experiences. When they pause, or revert to efficiency committees, the bottom line suffers. Epic is still too little known to out of state tourists to have much effect, though that might start changing soon once the marketing begins in earnest. Dreamworks/Parade/ Night Show will come just in time. Hopefully for USF management that stuff will reverse the trend and prevent a significant revenue drop in the six or seven months before Epic opens.

I hope your right but....I doubt many are making plan's for this summer.

WDW is bringing Splash back which is cool but will people fly for that? And Universal while I'm sure people will enjoy thew new Dreamworks area....if your like me that will be there i a year when Epic opens.

I hope I'm wrong and USF has a great year but I don't think the resort has a big draw this year with how much traveling costs now and inflation hitting people pretty hard.

 

[Nico]

I’m not surprised to see the Florida parks dip. Although, I don’t know if my first instinct is to point to a lack of new attractions. Larger contexts and all that.

 

[Mad Dog]

I hope your right but....I doubt many are making plan's for this summer.

WDW is bringing Splash back which is cool but will people fly for that? And Universal while I'm sure people will enjoy thew new Dreamworks area....if your like me that will be there i a year when Epic opens.

I hope I'm wrong and USF has a great year but I don't think the resort has a big draw this year with how much traveling costs now and inflation hitting people pretty hard.

All the discount deals from WDW and USO kind of confirm that bookings are soft. USO gets a lot of locals, especially on every Saturday. They'll need Central Floridians to show up to salvage the summer. Too late to get tourist bookings for Dreamworks/Parade/Night Show without an opening date. Tiana is the type of attraction that will attract out of state tourists. But without a firm opening date, it's probably too late to get unbooked tourists for this summer. Floridians will make or break this summer, if they're curious enough to come outdoors from their air conditioning . I'm thinking Dreamworks/Parade/Night show will help Fall 2024/Winter 2024/Spring2025 mostly, if they're lucky.

 

[OrlLover]

I’m not surprised to see the Florida parks dip. Although, I don’t know if my first instinct is to point to a lack of new attractions. Larger contexts and all that.

I’m not surprised as WDW was having the same issues. Florida as whole actually had lower tourist numbers.

However this isn’t too concerning in my opinion as it wasn’t a significant drop.

 

[Tomfoolery]

null

 

[Jake S]

Florida was among the first to open in COVID so everyone rushed there. Now guests are seeking other vacation and leisure options

right. we're talking about a "down period" that is in line with pre-covid numbers.

 

[OhHaiInternet95]

right. we're talking about a "down period" that is in line with pre-covid numbers.

Good to hear. I think everyone expected this year to be slow regardless of the economic outlook.