It is unfortunately true to say that the SeaWorld family of parks have had a rocky time financially over the last few years. SeaWorld has been trying to fight its way back slowly but surely by offering aggressive special deals and through investing heavily in new attractions. It was positive news when the 2018 annual attendance report showed a 16% increase although this growth then slowed down considerably in 2019 with only a 1% rise.
Due to the COVID-19 pandemic SeaWorld Entertainments closed their parks on March 16. The parks group, which owns and operates not only the SeaWorld parks, but also Busch Gardens, Aquatica parks and Discovery Cove, were reported to be in serious trouble following the parks closure.
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.
Back in March, SeaWorld reported positive attendance and revenue gains in most recent financial results. According to SeaWorld’s latest financial release, attendance at their theme parks during the last quarter of 2019 increased 2.2%, to 4.7 million guests from the fourth quarter of 2018. Serge Rivera, Chief Executive Officer of SeaWorld Entertainment, Inc made the following statement:
“We are pleased to report a strong finish to the year with record-setting performance in the fourth quarter and fiscal year. Despite continued unfavorable weather during the quarter, we continued to grow attendance and total revenue per capita and executed on our cost and efficiency initiatives. Our strategic focus on new rides, attractions and events in every park every year, improved marketing, communications and pricing strategies and a relentless focus on cost efficiency initiatives has resulted in significant increases in attendance, revenue, and Adjusted EBITDA over the last two years.”
Last week, SeaWorld announced Preliminary Second Quarter Results for 2020. So, it isn’t going to be a surprise for anyone to hear that in the second quarter of 2020 during a time when theme parks were closed due to the COVID-19 that the current report is going to look somewhat different than it would have looked if we were in a normal climate.
Key Introduction Points of Report
Here are the key points that are outlined in the introduction to the report:
- Attendance since the parks reopened in June has been impacted by capacity limitations, fewer operating days per week, limited marketing spend and a reduced events line-up.
- Total attendance trends for the parks that have reopened has increased 14% from the week ended June 28 (the first full week these parks were open) to the most recent week ended July 26.
- The Discovery Cove Park is showing strong trends for for 2021 bookings and states that 2021 forward bookings for Discovery Cove as of July 19, 2020 are 169% higher than 2020 bookings as of the same time one year ago.
- The report says that the Company believes attendance will strengthen as special events and interactive experiences are reintroduced as well as when the marketing spend increases.
Preliminary Results
The report reminds readers that these results are indeed preliminary as “given the timing of these estimates, the Company has not completed its customary financial closing and review procedures, and as a result its estimates are subject to change.”
So in the second quarter of 2020 (April-June):
- Attendance was 0.3 millon guests. Decline of 6.2 million guests compared to second quarter of 2019.
- Total revenue is expected to be $18 million compared to $406 million in second quarter of 2019.
- Admission per capita is expected to increase by approximately 2% to $35.94 compared to $35.25 in the second quarter of 2019 which is mostly due to higher prices for admission.
- In-park capita is expected to increase by around 10% due to increased sales of products and higher prices and fees.
- Annual Passes for those reopened parks has increased 13% since the end of May and has increased 8% across all parks over the same time period.
- Net loss is expected to be approximately $105 million with adjusted EBITDA loss expected to be approximately $54 million.
- Average monthly burn of $12 million.
There are no surprises in this report regarding the decline in attendance and revenue during the second quarter of 2020. It is certainly encouraging to see a 13% increase in the Annual Pass Holder base and the increase 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.
To read the full report click here.To find out about the latest news regarding new rides be sure to read on…
New attraction opening update
Included in the report is a list of measures the Company has taken for the safety of guests, employees and animals and in order to “to appropriately manage costs and expenditures, and to provide liquidity in response to the temporary park closures related to COVID-19.”
It is clearly stated that one of these measures has been:
“postponed to 2021 the opening of rides that were still under construction and originally scheduled to open in 2020”
There have been many rumors regarding the opening of scheduled new attractions for 2020 and this now confirms what many have already thought for a number of weeks and will no doubt include the postponement to 2021 of the following:
- Ice Breaker at SeaWorld Orlando
- Iron Gwazi at Busch Gardens Tampa
- Pantheon at Busch Gardens Williamsburg
- Emperor at SeaWorld San Diego
Some could argue that this may not apply to Iron Gwazi at Busch Gardens Tampa as it was pretty much ready to go and therefore may fall out of the “still under construction” umbrella. We will bring you the lastest news regarding this as it is announced.
Busch Gardens Williamsburg reopening update
Although the full theme park won’t be reopening just yet, Busch Gardens Williamsburg have announced that they are hosting a special ticketed outdoor event named “Coasters and Craft Brews”, Thursdays – Sundays, August 6 – 23, which will highlight a range of experiences including a number of coasters for guests to ride. The current list includes Loch Ness Monster, Griffon, InvadR, Le Catapult and Finnegan’s Flyer.
On their official site it says that “guests can enjoy plenty of open space as they explore the charm of select villages including Ireland, Scotland, France and New France, before they take in the thrills of their favorite iconic coasters. A variety of craft and local brews, savory BBQ cuisine, and more food and beverage options will be available for purchase at select dining locations.”
The reservation process for this event opened on July 30, and each guest must have a reservation as well as a valid ticket. Single-day tickets can be purchased for $44.99 per person.
It states that “those who already hold an active Membership, Annual Pass, Fun Card, or previously purchased Single-Day Ticket and wish to attend can simply make a reservation for the date desired.”
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, Aug. 7 – Men in Black
- Saturday, Aug. 8 – Ferris Bueller’s Day Off
- Friday, Aug. 14 – Footloose
- Saturday, Aug. 15 – Despicable Me
- Saturday, Sept. 5 – Grease
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 and Saturday evening through September 6 starting July 24. 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.
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