This morning, Comcast/NBC held a call to discuss the second quarter. Read on for details.
We reported earlier today that Universal has decided to pause the development of their fourth Orlando park, Epic Universe, until such time as the world is more certain.
During that same call, executives expressed that while attendance is down quite a bit, it still remains financially viable to continue to operate their parks.
They also highlighted that guest satisfaction with their parks is at an all time high.
However, NBC Universal CEO Jeff Shell discussed how theme park operations and earnings losses have hit the company hardest during the pandemic when compared to other divisions.
Theme park revenue for the company fell 94% to $87 million for the second quarter. Universal closed their Florida parks in March and reopened them in early June.
However, the future looks a little brighter for Universal when one takes into account that the second quarter ended in June, when parks had only been open for around 2 weeks. The hadn’t had very much time to make up that revenue yet.
Universal Orlando usually has their very successful Halloween Horror Nights to look forward to, but unfortunately the event has been canceled for the year.
Universal Parks and Resorts is only part of the picture at NBC/Comcast. Their overall earnings took a 12% hit during the second quarter of 2020, with revenue around 23.7 billion according to the Orlando Sentinel.
Comcast stock prices took a hit around 4% or $.065 per share when compared to the same period last year.
Like Disney, Comcast is lucky to have diversified revenue streams that allow one section of the business, such as theme parks, to take a big hit without desecrating the company’s overall financial picture.
What do you think of this news? Will Universal Orlando see an improved third quarter, even without the lucrative Halloween Horror Nights? Let us know in the comments on Facebook and in our Facebook group!
-Rebecca W Davis
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