Universal theme parks parent company Comcast released their fourth-quarter financial results today, and though much of the discussion revolved around other developments, we did get a little bit of news about how the theme park business is going right now at Universal.
As expected, revenue for the most recent quarter related to this segment is down to $579 million which is a 63% decrease from this time last year. For the year in total, revenue sank from $5.9 billion in 2019 to $1.8 billion for all of 2020, which is massive 69% loss.
However, even with all these negative financials and the ongoing shutdown of Universal Studios Hollywood, parent company Comcast said that Universal Orlando Resort and Universal Studios Japan broke even during the holiday season, even with capacity caps in place, which is definitely a good sign for the theme parks moving into 2021, with hopefully lifted restrictions and the return of events like Halloween Horror Nights helping to bring attendance back up.
Unfortunately, there has still been no mention of Universal’s Epic Universe which was supposed to begin vertical construction in 2020. Right now the last official word that we got on the future of this park was that it was delayed, but many have wondered if this project is either being reimagined or has been cancelled outright due to financial issues.
Though the future of Universal’s Epic Universe is still in limbo, Comcast has confirmed that things are starting to look up for their theme park division, and the news about breaking even over the holiday period is certainly encouraging. And with recent reports suggesting demand for theme parks will accelerate sharply in the months to come, it looks like Universal is poised to recover quickly from the disastrous effects of the COVID-19 pandemic.
