SeaWorld Entertainment has reported its sixth consecutive quarter of record financial results, despite staffing issues and adverse weather.
According to Marc Swanson, CEO of SeaWorld Entertainment, the results “still do not reflect a normalized operating environment and we still have significant scope to improve our execution and our financial results“.
SeaWorld welcomed 7.3 million guests in the third quarter of 2022, an increase of 1.5 percent compared to Q3 2021, but a decrease of 9.7 percent compared to Q3 2019.
“We had a meaningful impact from adverse weather in the quarter, including Hurricane Ian, that we estimate led to 90,000 less guest visits during the quarter; international and group visitation are still not back to pre-Covid levels; our staffing is still not at optimized levels; and inflationary pressures continue to impact our costs, said Swanson.
“We are pleased with the growth in total revenue and total revenue per capita during the quarter which continued to demonstrate our pricing power and the strength of consumer spending in our parks.”
In Q3 2022, SeaWorld reported $565.2 million in revenue, an increase of $44m (8.4 percent) compared to the same period in 2021. Compared to Q3 2019, revenue rose by $91.5m (19.3 percent).
SeaWorld also posted record net income of $134.6m, an increase of $32.5m (31.8 percent) from the same quarter in 2021. Net income grew by $36.5m (37.3 percent) compared to Q3 2019.
“As we have consistently demonstrated, our business model is strong and resilient, and we believe that we have significant opportunities to improve and grow our revenue and profitability,” said Swanson.
New rides and attractions at SeaWorld parks
“Our attendance levels are still below the total attendance levels we achieved in 2019 and well below our historical high attendance of approximately 25 million guests recorded in 2008.”
Swanson said SeaWorld is “very excited about our plans for 2023 and the investments that we have made and will be making”.
The company’s upcoming rides and attractions include Pipeline: The Surf Coaster at SeaWorld Orlando, and Serengeti Flyer at Busch Gardens Tampa Bay.
SeaWorld is also launching DarKoaster at Busch Gardens Williamsburg, Arctic Rescue at SeaWorld San Diego and Catapult Falls at SeaWorld San Antonio.
Images: SeaWorld Entertainment
