SeaWorld Entertainment has revealed growth in revenue and attendance in its financial results for second quarter and first six months of 2019.
Both attendance and revenue continue to grow at SeaWorld, as the company adds new rides, attractions and events to its parks.
Gus Antorcha, CEO of SeaWorld Entertainment, said: “As you know, we featured a new ride, attraction and/or event at almost all of our parks this year and guest reception has been positive.
“Our exciting summer events are currently in full swing including our one-of-a-kind Sesame Parade in Orlando, San Diego and San Antonio, our award-winning Electric Ocean event at each of our SeaWorld parks and our Summer Nights event at each of our Busch Gardens parks, giving our guests even more reasons to visit.”
Results show growth in attendance and revenue
SeaWorld Entertainment’s second quarter earnings reveal attendance increased by 0.8% to 6.5 million guests, while total revenue rose by 3.6% to $406 million.
Net income grew by 132% to $52.7 million, while Adjusted EBITDA was up to $149.7 million – an increase of 22.7%.
As for the first six months of 2019, attendance grew to 9.8 million guests, an increase of 1.7%. Total revenue increased by 2.9% to $626.6 million.
Net income was $15.6 million, compared to a net loss of $40.1 million in 2018, and Adjusted EBITDA increased 33.6% to $166.1 million.
SeaWorld adds new rides, attractions and events
“We are pleased to report another strong quarter of financial results and continued progress towards our 2020 Adjusted EBITDA goal of $475 million to $500 million,” Antorcha added.
“Our second quarter net income of over $52 million and Adjusted EBITDA of over $149 million and our trailing twelve-month net income of over $100 million and Adjusted EBITDA of over $443 million were record-setting results that were driven by both revenue growth and our cost efficiency initiatives.”
Following the release of BlackFish, SeaWorld went through a difficult period before investing in altering its image through advertising and marketing, pricing, new rides and attractions and free beer.
Results from 2018 revealed a turnaround from loss to profit with an increase in attendance and revenue.
Guest reception has been positive to changes
However, Virgin Holidays recently said it will stop selling and promoting tourism attractions that feature captive whales and dolphins, including SeaWorld and Discovery Cove.
“While we are pleased with our second quarter and first six months results, we have the opportunity to do a lot better,” Antorcha continued.
“We will continue to refine our pricing and marketing strategies to drive revenue, improve operating efficiencies and increase operating margins and we are confident we will deliver the significantly improved financial results this company is capable of achieving.”
Images: SeaWorld
