John Hodulik
Right. So Epic, obviously, a lot of excitement around Epic. Just can you give us an update in terms of sort of overall - sort of, first of all, progress, timing and the opening and just the sort of spending we can expect to get there?
Jeff Shell
Yeah, we're right on track, literally right on track. So we expect to open it in '25. I don't think we've said the exact date that we're opening in, but we will have an impact on '25 that will open in time for the summer of '25. I think it's perfect timing given the demand constraints in Orlando right now, new airline terminal. You know, what Disney is seeing and what we're seeing as far as hotel bookings and - and there's clearly a demand supply imbalance, and I think we're opening a theme park right in the right time in that.
We're also - it's also very interesting that park is close to the convention center. So it's an interesting experiment for us. We believe we can get the attendance we need just on the basis of the demand in the market, but it's also going to be interesting to see as the convention business comes back to we - the park is built so that you can come into one land and not the whole park and are we going to get night time convention business, which is kind of an interesting experiment for us.
But we're right on track as far as spending. We're not - we're worried earlier on because of raw materials costs and steel and things like that. We're not largely past that now. We're now what they call going vertical. I was down there a couple of weeks ago, and everything is coming out of the ground. So all the infrastructure is in, a lot of the steel is in, and now it's just a question of - of building out our peak spend will be in '23 as far as cash, but that was always what we planned. So everything is right on track with Epic. So I'm feeling good about it.
John Hodulik
And just overall in the segment, I mean, obviously, people are worried about the macroeconomic situation. I mean how much visibility do you think you have? I mean, if we see a meaningful slowdown in the economy in mid-year, would you expect to see some that sort of roll through the park segment?
Jeff Shell
Of course. I mean the two parts of our business that are most susceptible to the macro environment or advertising that we talked about and theme parks. And right now, there's a question of why is there weakness in the advertising market, but we're not seeing in the theme park business. I think it's - I think - by the way, there's also a traditional - if you look at travel to theme parks, you can kind of break it down in three segments. There's people who come for the day.
Let's talk about Florida a very just same part, people come for the day from the surrounding area, don't stay overnight. There's people who drive in for a couple of nights. You come from Atlanta, you come from Jacksonville and there's people who fly there, right? People who fly there are coming there as part of the vacation that they plan for a while, whatever.
Generally, the second bucket is tied to fuel prices. Gas prices go up and the amount of people that drive view [ph] park go down. That's been true for 20 years until the last couple of months where rising fuel prices really haven't had any impact on the attendance of that segment. And by the way, as they have come down over the last couple of weeks, it hasn't been any impact, it's just still strong.
So my personal belief is that people were sick of being home, looking to get out of their house, had disposable income that they've saved during COVID and nothing is going to stop them from taking their family vacation and don't necessarily want to travel internationally yet, don't necessarily feel comfortable with that. And we're just seeing the benefits of that. And it may be that, that offsets some of the macro uncertainty.
Comcast Corporation (NASDAQ:NASDAQ:CMCSA) UBS 50th Annual Global TMT Conference December 5, 2022 9:10 AM ETCompany ParticipantsJeff Shell - Chief Executive...
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