Ever since 2012, the hits have kept on coming for SeaWorld. Despite the fact that SeaWorld Orlando is currently the least expensive major theme park to visit in central Florida, has an annual passholder program with serious perks, and offers some truly aggressive deals and discounts, SeaWorld has really been struggling over the past few years, hitting attendance lows in 2014, 2015, 2016, and 2017. However, after years and years of bad news, it looks like things may finally be turning around for good for SeaWorld.
After a really good second quarter, and an even better third quarter, it looks like SeaWorld is continuing to build on its positive momentum, with its fourth quarter and year-ending results showing big gains in attendance, revenue and more.
Attendance continues to grow year over year
Image: SeaWorld
Though attendance at SeaWorld parks have been on a downward slump since 2013, it looks like SeaWorld is starting to recover. After positive gains in the second and third quarter, attendance once again increased year over year, hitting 4.6 million visitors (across all parks) up about 300,000 from 2017’s fourth quarter. For the entire 2018 year, 22.6 million guests visited SeaWorld parks, up 9 percent year-over-year.
During an earnings call SeaWorld Cheif Operating Officer John Reilly said a “We are pleased with our strong fourth quarter and full year financial performance. Throughout the fourth quarter and fiscal year, we have been focused on improving our execution with more effective pricing strategies, enhanced marketing and communications initiatives and the introduction of more compelling new rides, attractions and events. These efforts have led to strong attendance and revenue growth on a quarterly and annual basis”
Image: Jeremy Thompson, Flickr (license)
Another factor that could be contributing to higher attendance is lower admissions prices, as SeaWorld continues to market itself as a budget alternative to Disney and Universal. However, even though revenue from admission may be down due to lowering prices, there’s still more good news for SeaWorld where the finances are concerned…
Revenue continues to climb, and SeaWorld expects this trend to continue
Image: SeaWorld
According to SeaWorld’s financial report, revenue for last year rose to $1.37 billion, up 8.6 percent from the previous year. In addition, adjusted earnings for the quarter also increased to $64.6 million, an improvement of $16.2 million, or 33 percent, from 2017.
This is definitely a positive trend, and SeaWorld has said they expect the good new to keep coming, aiming for $475 million to $500 million in adjusted earnings by 2020,after which SeaWorld will have several new attractions open across its family of parks, and SeaWorld Orlando will (hopefully) see increased traffic from guests visiting nearby Walt Disney World who are stopping by this park on their way to or from Star Wars: Galaxy’s Edge.
SeaWorld’s new CEO won’t be making any dramatic changes to current business strategy
Image: SeaWorld
Just last month SeaWorld named former Carnival Cruise Lines executive Gus Antorcha as its new Chief Executive Officer, And though Antorcha will of course bring his own vision to the company, the new CEO made the following statement shortly after accepting the job, which seems to indicate that things will be run in a very familiar way.
“I am thrilled to have joined this team at such an exciting time for our Company as we close out a strong year and enter into 2019. While we delivered stronger financial results in 2018, we continue to believe there remains significant additional opportunity for improvement. We will continue to focus on improving our pricing strategies and our marketing and communication initiatives, introducing more compelling new rides, attractions and events across our park portfolio each year and reducing unnecessary costs and improving efficiencies across our park portfolio and in the park support center. Our team is committed to continue to drive top-line and bottom-line results and to operating more efficiently than ever before.”
While its impossible to know for sure if SeaWorld will keep this forward momentum going in 2019 and beyond, it looks like the bad news for this family of parks has finally subsided, and the epic comeback that fans have wished for this park could finally be here. What do you think? Is SeaWorld finally back in a good place?
