Though we’ve already seen almost a dozen theme park projects officially delayed, slimmed down, or cancelled (and are expecting many more to join that list), we’ve gotten a BIG update from Universal that confirms that progress on their most ambitious new project, the Universal’s Epic Universe theme park and connected hotels, has been affected by the COVID-19 Pandemic, and as a result we are going to see a pretty significant delay with this project’s opening timetable.
Universal’s Epic Universe, now coming in 2024 (at the earliest)
Comcast executives confirmed Thursday in an earnings call that due to the COVID-19 Pandemic, all construction on Universal’s Epic Universe has been paused, and the target opening date has been moved. The new Universal Orlando Resort expansion was originally set to open in 2023, and while Comcast CEO Brian Roberts did not say specifically how much delaying construction would impact the project’s overall timeline during the phone call, Orange County mayor Jerry Demings said in a separate meeting that he had spoken to Universal officials and was told that the project has been delayed by a year, making a 2024 theme park opening the new target.
And while 2024 sounds pretty far away now, there’s no telling how things may develop in the future, so that is likely a “best case scenario” target for the resort, as there is something other than the COVID-19 Pandemic that could affect progress on this project in the future…
Universal is bleeding money from its theme park segment
Though practical concerns may be keeping construction crews away from Universal in the short term, a bigger long-term problem that could cause further delays is financial issues. During their most recent quarterly update Comcast executives revealed that theme park revenue has plunged 32% to $869 million during the most recent quarter compared to the same time period in 2019 (when revenue hit topped a billion dollarsO) and is expected to fall even further as these closures drag on.
Of course, this lost money isn’t exactly surprising, but because there is so much lost revenue (Universal’s theme park division has said that it could lose as much as $500 million in profits in total due to the pandemic), there will be a real need when the theme parks open back up to cut costs and maximize profits for awhile to make up for all this lost revenue. In addition, because of social distancing and economic woes, guests may be slow to return to the parks, which means cash will likely be trickling in very slowly, and Universal parent company Comcast will likely be counting every penny that comes in before allocating it to projects like Universal’s Epic Universe.
Construction projects in Asia are more or less still on track
Though the Epic Universe delay in Orlando is certainly a disappointing development, there is some good news overseas, as Universal Studios Japan’s Super Nintendo World is about ready to go, and will open shortly after the theme parks in Japan are allowed to reopen. This new land was supposed to debut alongside the 2020 Tokyo Olympics, and while this massive sporting event is no longer taking place this year, it looks like Universal is still ready to open this new land in 2020 as soon as it is able to do so.
And though it will be a long time before the US gets a new Universal theme park, Universal Studios Beijing is still moving forward at a fast pace and executives have confirmed that this new theme park project is still on time and on budget, despite the pandemic, and will welcome its first guests sometime in 2021.
As always, while this situation is evolving, all theme park fans should check out the CDC’s official site here, which has information on the virus and how to prevent its spread.
Theme Park Tourist COVID-19 Complete Coverage: Your Next Hotel Stay at a Theme Park Resort May be a LOT Different Than What You’re Used To I Initial Government Guidelines for Reopening Theme Parks Released I Every Major Theme Park Project Now Officially Cancelled, Delayed or Slimmed Down (April 28, 2020) I Here’s How Much Financial Trouble Your Favorite Theme Parks Are In I Rumor: Voyage of the Little Mermaid Never Reopening
