Universal Orlando sets Q1 earnings record: Travel Weekly

Attendance at Universal’s domestic theme parks in Florida and California are back to pre-pandemic levels, and the Universal Orlando Resort generated the highest earnings before interest, taxes, depreciation and amortization (EBITDA) on record for a first quarter, according to Comcast CFO Michael Cavanagh.

“We continue to see exceptional demand at our domestic parks,” he said.

Theme park revenue was $1.56 billion, an increase of 152% from $619 million in last year’s Q1, when Universal was limiting capacity due to the pandemic in the Orlando and Japan parks. The California park was closed and Beijing had not yet opened. 

In the first quarter of 2022, Covid’s impacts were more pronounced internationally, the CFO said. Japan had capacity restrictions in place for most of the quarter, but they lifted in March and the past month has seen a “very strong rebound” with attendance at pre-pandemic levels. In Beijing, demand has been high, but attendance was impacted by Covid-19 and travel restrictions. 

Comcast CEO Brian Roberts called the recovery of theme parks “fantastic.”

Roberts said he was particularly excited for guests to see attractions that opened during the pandemic, like the VelociCoaster in Orlando. 

“Our investments are significantly expanding the potential of our theme parks business, which will remain an important and exciting growth engine for years to come,” Roberts said.

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