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SeaWorld reports “strong” financial results and moves forward with hotel plans

CEO Marc Swanson says SeaWorld still has “significant scope to improve“.

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SeaWorld Entertainment has reported “strong” financial results for the second quarter and first six months of this year. CEO Marc Swanson also said the company is moving forward with its hotel plans.

“We are pleased to report our fifth consecutive quarter of record financial results,” said Swanson.

Although the results were “strong”, Swanson said SeaWorld still has “significant scope to improve our execution and our financial results”.

In the second quarter of 2022, attendance was 6.3 million guests, an increase of 7.8 percent from the second quarter of 2021. Compared to Q2 2019, attendance decreased by 3.1 percent.

Total revenue was a record $504.8 million in the second quarter of this year, an increase of $65 million from the same period in 2021. Compared to 2019, total revenue grew by $98.8 million.

SeaWorld still has “scope to improve”

In 2022, net income was $116.6 million, which is the second highest net income reported by the company in a second quarter. Net income declined by $11.2 million from Q2 2021, but rose by $64.0 million from 2019.

“While we were focused on getting all of our parks open and fully operating during the summer season for the first time since 2019, we could have had more effective cost management during the quarter,” Swanson said. 

“We can and will work to do a better job going forward, consistent with what we have been doing for the past several years.”

For the first six months of this year, attendance was 9.7 million guests. This is an increase of 20.5 percent from the same period in 2021, but a decrease of 1.4 percent compared to 2019.

Total revenue was a record of $775.5 million, an increase of $163.8 million from the first six months of last year. Compared to the first six months of 2019, total revenue grew by $148.9 million.

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Net income was also a record $107.6 million, up $24.7 million from the first six months of 2021. Compared to the first six months of 2019, net income increased by $92 million.

“As we continue to demonstrate, our business model is strong and resilient and we have significant opportunities to improve and grow our revenue and profitability.”

Swanson said the company has made “significant investments that we expect will continue to pay off”.

Speaking of which, Swanson revealed during a second-quarter earnings call that SeaWorld is making progress on its hotel development plans.

“We continue to make progress with our plans to design and build hotels to complement our park offerings,” he said.

“We have engaged multiple consultants and industry resources to evaluate a number of site and facility concepts as we further develop our strategies.”

Images: SeaWorld Entertainment

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Bea Mitchell

Bea is a journalist specialising in entertainment, attractions and tech with 10 years' experience. She has written and edited for publications including CNET, BuzzFeed, Digital Spy, Evening Standard and BBC. Bea graduated from King's College London and has an MA in journalism.

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