United Parks & Resorts Presents Q3 2024 Results

(eap) US-based theme park operator United Parks & Resorts, Inc. (formerly: SeaWorld Entertainment, Inc.) has announced its operating results for the third quarter (Q3) of the current fiscal year 2024. According to the results, a total of seven million guests were welcomed to the associated leisure facilities (currently a total of 13 parks in the USA and Abu Dhabi, UAE) in Q3. This means that around 1.4 percent fewer visitors came to the parks than in the same period in 2023. Total revenue in Q3 of the current financial year amounted to USD 545.9 million (approx. EUR 514 million), while net income was reported at USD 119.7 million (approx. EUR 112.7 million) – both financial indicators are slightly down on the previous year at 0.4 percent and 3.1 percent respectively. Adjusted EBITDA for the quarter just ended was USD 258.4 million (around EUR 243.2 million), which also represents a slight decline of three percent (comparative period Q3 2023). Total revenue per capita increased by one percent to an average of USD 77.66 (EUR 73.09).

“We are pleased to report another quarter of solid financial results,” comments United Parks & Resorts CEO Mark Swanson – he continues: “Third quarter results were impacted by both a negative calendar shift and meaningfully worse weather, including Hurricane Debby in August and Hurricane Helene in September. The combined impact of the calender shift and the meaningfully worse weather was approx. 320,000 guests, adjusting for these impacts, attendance would have increased approx. three percent compared to the prior year quarter, as we continue to see strong demand for our parks during normalized operating conditions and we are growing total revenue per capita. […]”

“During the quarter we strengthened our balance sheet and liquidity position by increasing the size of our revolving credit facility and decreasing its cost. We also continued to take advantage of our significant free cash flow generation and follow through on our commitment to return excess capital to shareholders by opportunistically and aggressively buying back our shares at extremely depressed and highly attractive prices […],” explains Swanson. “As we look out into 2025, we are extremely pleased with what we are seeing in our forward demand indicators – 2025 intended date ticket sales, group bookings and Discovery Cove bookings are all trending up double-digit percentages ahead of prior year. […]”

The numerous new park features announced for 2025 are also likely to have contributed to this positive trend development: SeaWorld Orlando, for example, will open a Flying Theater from Mack Rides with an Arctic flight experience, SeaWorld San Antonio will get a new themed area for children with a Family Coaster by Zierer. ■