Well, it has definitely been a rollercoaster for SeaWorld Entertainments over the last few years and this year seems to have had many ups and downs for the company. Back in April, after theme parks were closed, due to the COVID-19 pandemic, there were reports that SeaWorld were in serious trouble.
Luckily, in early May it was reported that SeaWorld were taking new measures to stay afloat during closure and had secured enough loans to survive the year. In line with government guidelines and with new health and safety measures in place, a phased reopening of its parks with reduced capacity began with Aquatica in Texas as of June 6. SeaWorld Orlando, Busch Gardens Tampa, Aquatica and Discovery Cove closely followed on June 11 and although SeaWorld Orlando was reported to have had a rough reopening day, it continues operating daily apart from Tuesdays and Thursdays.
SeaWorld’s preliminary results which were released at the end of July for the second quarter of 2020 (April-June), unsurprisingly looked bleak, considering majority of the three months the theme parks were shut due to COVID-19.
SeaWorld’s second Quarter 2020 results
On August 10, SeaWorld released their actual results for the second quarter of 2020 (April-June), confirming what had already been floated in the preliminary results:
- Attendance was 0.3 million guests, a decline of 6.2 million guests from the second quarter of 2019.
- Total revenue was $18.0 million, a decline of $388.0 million from the second quarter of 2019.
- Net loss was $131.0 million, a decline of $183.7 million from the second quarter of 2019.
- Adjusted EBITDA was a loss of $53.8 million, a decline of $203.5 million from the second quarter of 2019.
This report also included the results for the first 6 months of 2020, which reads as follows:
- Attendance was 2.6 million guests, a decline of 7.2 million guests from the first six months of 2019.
- Total revenue was $171.6 million, a decline of $455.0 million from the first six months of 2019.
- Net loss was $187.5 million, a decline of $203.2 million from the first six months of 2019.
- Adjusted EBITDA was a loss of $84.7 million, a decline of $250.8 million from the first six months of 2019.
The Interim CEO of SeaWorld Entertainment, Inc, Marc Swanson said:
“I am extremely proud of our team’s performance during this unprecedented and challenging time. Together, we have taken significant actions to reduce our costs, carefully manage our cash flows, fortify our balance sheet and liquidity position, implement enhanced health and safety protocols for our employees, guests and animals and successfully re-open and welcome guests back to nine of our twelve parks.”
Although there were no surprises in this report regarding the decline in attendance and revenue during the second quarter of 2020. It confirmed the encouraging news, outlined in the preliminary results, that there has been an increase in the Annual Pass Holder base and in Discovery Cove bookings for 2021. Hopefully this enthisiasm for visiting SeaWorld parks in 2021 will continue to increase especially when heading into next year when the following new attractions are now set to open at the SeaWorld parks across the US:
- Ice Breaker at SeaWorld Orlando
- Iron Gwazi at Busch Gardens Tampa
- Pantheon at Busch Gardens Williamsburg
- Emperor at SeaWorld San Diego
SeaWorld Announces Closing of Senior Secured Notes
On August 5, SeaWorld Entertainments Inc announced it had successfully secured a “private offering of $500.0 million aggregate principal amount of second-priority senior secured notes due 2025”.
This is good news for SeaWorld’s financial position and it is reported that proceeds from the issuance of the notes will be used to repay outstanding borrowings, for working capital and other general corporate purposes.
Could SeaWorld Be Looking to Buy a Failed Theme Park?
Earlier this week, The OC Register reported that on a call with analysts, Marc Swanson, Interim CEO of SeaWorld Entertainment, Inc said that due to their recently required $500 million secured notes offer it gave the increased flexibility to invest in the future.
It was implied that SeaWorld could be looking to purchase a property, such as a water park, hotel or something like that to potentially convert into a Sesame Place. At a time when unfortunately many of these types of properties may struggle to survive in the current financial climate, it may be a good time for SeaWorld to swoop in and extend there offerings going forward.
In the recent Second Quarter of 2020 financial report, Marc Swanson said:
“With the completion of our recent notes offering and covenant adjustment, we have significantly strengthened our balance sheet and liquidity position – providing us enhanced operating flexibility, the ability to continue to make long-term investments in our business and the capacity to take advantage of strategic opportunities that may arise from market dislocations.”
It will be exciting to see where this leads for SeaWorld and as always to keep up with the news from SeaWorld, Walt Disney World, Disneyland, Universal Orlando, Busch Gardens and all other theme parks in the US and around the World, check out our News Page and Facebook Page.
Although SeaWorld had a rocky opening back in June, it is staying open and is indeed hosting a number of events during the next few months including modified Halloween and Christmas offerings…
Latest Events at SeaWorld Orlando and Busch Gardens Tampa
Currently SeaWorld Parks are offering a number of events to try to entice guests back to the parks. SeaWorld Orlando is offering guests the opportunity to join them for their Flicks and Fireworks event. It costs $50 per vehicle which includes a firework display and movie viewing for all seated passengers. There is a food truck service which begins at 7:45pm and the movie follows the 9:00pm firework display.
The chosen movie for the upcoming weekends include:
- Friday, August 21 – Abominable
- Saturday, August 22 – Endgame
- Friday, August 28 – The Lion King
- Saturday, August 29 – The Goonies
- Friday, September 4 – Toy Story 4
- Saturday, Sept. 5 – Grease
- Sunday, September 6 – Moana
To reserve tickets go to their official website.
SeaWorld Orlando also recently announced that they would host the Electric Ocean Remix with Fireworks Display. This event will be held every Friday, Saturday and Sunday evening through September 6. Guests are promised an evening of electrifying dance music, ending in a fireworks display which has been named “Light Up The Sky” including music, lights and pyrotechnics bringing the theme of the sea to the sky.
At a time when vigilant health and safety measures are in place due to COVID-19, park capacity is having to be carefully managed therefore reservations for this event must be made through their official website.
Busch Gardens Tampa kicked off its month of Summer Nights weekends today, where the park is opening until 10pm each Friday, Saturday and Sunday evening between July 17 – August 16.
The event is featuring a new laser and fireworks show as well as the option to purchase seasonal food. Needless to say, during a time when capacity needs to be managed very carefully, all guests are required to make a reservation before visiting the park.
For full details and to book tickets, visit Busch Gardens official site where they are currently offering discounted ticket prices.
Busch Gardens Tampa are also offering two other ways to try to entice guests back to the park in the coming weeks including a Sesame Street’s Big Bird physically-distant photo op and a Wildly Amazing, An Inside Look at Animal Care show at the Stanleyville theater. Guests will learn first-hand from the zoological team that cares for echidnas, parrots, komodo dragons, cheetahs and more. It will also aim to help you discover what you can do at home to help their wild counterparts.
For further information on this event and to make a reservation, visit their official website.
Earlier this week, SeaWorld announced its modified Halloween and Christmas offerings for 2020. Halloween Spooktacular will run on select dates between September 19 – November 1, 2020 from 11.00am – 8.00pm. Due to the current climate where operating dates and hours seem to be subject to change, for the full line up of possible dates and opening hours, check out the official calendar.
Guests can meet Sesame Street Friends including Elmo, The Count, Cookie Monster and more in the Halloween parade and dance party and there promises to be plenty of opportunities for trick-or-treating for candy and goodies throughout the park.
For further information regarding this Halloween Spooktacular event, special packages, to book tickets, to reserve entry, to read the health and safety guidelines and measures which are being implemented in the park, SeaWorld Orlando’s official site.
SeaWorld’s Christmas Celebration festive event will take place on select dates at SeaWorld Orlando between November 21 – December 31, 2020. Due to the current climate where operating dates and hours seem to be subject to change, for the full line up of possible dates and opening hours, check out the official calendar.
SeaWorld Orlando will be transformed into a winter wonderland (including over 3 million lights) where you can enjoy live shows, festive shopping and foods. Guests will be able to experience:
- The Sesame Street® Christmas Parade
- Spectacular seasonal shows like O’Wondrous Night and Winter Wonderland on Ice
- Rub noses with Rudolph the Red-Nosed Reindeer and pals
- Head to Wild Arctic and visit Santa himself
For further information regarding SeaWorld’s Christmas Celebration event, special packages, to book tickets, to reserve entry, to read the health and safety guidelines and measures which are being implemented in the park, visit SeaWorld Orlando’s official site.
