USA: SeaWorld Entertainment Reports Strong First Quarter 2018 Results – Increase of 15% More Guests

Yesterday, SeaWorld Entertainment, Inc. presented their results for the first quarter of FY 2018, reporting a positive development in comparison to the previously declining revenue and attendance figures (cf. EAP news from February 27^th, 2018).

Compared to the first quarter of 2017, revenues in Q1 2018 increased by 30.8 million US Dollar (approx. 26 million Euro) or 16.5 percent to a total of 217.2 million US Dollar (approx. 183 million Euro). Attendance also increased by 14.9 percent, recording a total of 3.2 million guests.

The net loss in the first quarter of 2018 was 62.8 million US Dollar (nearly 53 million Euro), representing a slight increase compared to 61.1 million US Dollar (51 million Euro) in Q1 2017. This figure includes approx. 21.5 million US Dollar (18 million Euro) of pre-tax expenses associated with separation-related costs and a legal settlement accrual. The company frequently incurs a net loss in the first annual quarter because only five of its twelve related parks are open for the full quarter.

Adjusted EBITDA was a loss of 0.1 million US Dollar (approx. 84,000 Euro), an improvement of 30.2 million US Dollar (25.5 million Euro) over the first quarter of 2017 and the highest first quarter Adjusted EBITDA the company has reported since 2013.

“We are happy about the progress we made in the first quarter and the continued positive results we are seeing year-to-date in April and are laser focused on continuing to execute as we enter the peak summer season,” said John Reilly, Interim CEO of SeaWorld Entertainment, Inc. “Our first quarter results were mainly driven by our new marketing and communications initiatives, the anticipation and receptivity of our new rides, attractions and events and new promotional pricing strategies. Attendance also benefited from the earlier timing of the Easter holidays in 2018. Despite this strong start to the year, we know we have significant opportunity for further improvement. In addition to positive attendance trends, we also saw an over ten percent increase in season pass sales revenue and an increase in total revenue per capita driven by a 6.4 percent increase in in-park per capita spending,” added Reilly.

In order to tie in with these positive results of the first quarter 2018, the SeaWorld group will offer park guests numerous novelties this season, including the new “Electric Eel” coaster at SeaWorld San Diego (cf. EAP news from January 12^th, 2017), which will open tomorrow. With a height of 45 meters (150 feet) and maximum speeds of 96 km/h (60 mph), “Electric Eel” will be the park’s tallest and fastest ride. Read all about the new coaster at SeaWorld San Diego in our next EAP issue (publishing date: July 2^nd). (eap)