SeaWorld Entertainment, Inc. has announced plans to cut 320 jobs as part of a three year restructuring programme which will shave $65 million off costs. $40 million of those net savings are targeted by the end of 2018. The cuts will fallacross all 12 theme parks in the group.
SeaWorld Entertainment, Inc. released their third quarter results on November 8th showing a decline in revenues (2 per cent) for the first nine months of the year compared to 2015, and a net loss of $0.6 million which compares to net incomeof $60 million for the same period last year.
"Importantly, we are using our capital more efficiently, introducing more new attractions with fewer dollars. Additionally, during the third quarter, we began executing a comprehensive cost optimization program that goes beyond the initiative we communicated last year and targets $40 million in net cost savings by the end of 2018, " continued Manby. "We have also introduced new strategic marketing initiatives which have contributed to early season pass sales that are above the same period last year while new pricing strategies and selective price increases are being implemented to improve total revenue per capita. Overall, we are seeing indications of stabilization, and we believe our results by the end of 2017 and beyond will materially benefit from our focus on significant cost reductions, our brand repositioning, our strategic marketing and pricing initiatives and our continued commitment to consistent and disciplined capital investments."
https://money.cnn.com/2016/12/06/news/seaworld-layoffs-2016/
