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Universal’s theme parks continue post-pandemic recovery

Rising revenue is due to increased attendance and guest spending in the US and Japan.

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NBCUniversal parent company Comcast has revealed in its latest earnings report that the theme parks division is continuing to recover post-pandemic.

The segment reported $1.8 billion in revenue for the second quarter of 2022, an increase of 64.8 percent compared to the same period in 2021. This was due to rising attendance and guest spending in the US and Japan.

For the six months ended 30 June 2022, revenue from the theme parks division increased by 96.3 percent to $3.4 billion compared to 2021. This has been attributed to improved operating conditions this year.

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Brian Roberts, chairman and CEO of Comcast Corporation, said “terrific results at theme parks fueled our growth in the quarter”.

The segment “continued its momentum generating record EBITDA for the second quarter and this is without much contribution from Beijing, which was closed for nearly two months”, Roberts said.

“Domestic park attendance and per caps continue to be above pre-pandemic levels and we are moving full steam ahead in building Epic Universe,” he added.

“I cannot be more excited for how this park will bring new experiences to our visitors and additional runway for growth.”

Revenue increase of 64.8 percent in Q2 2022

Michael Cavanagh, chief financial officer of Comcast, said the company continues to enjoy “strong demand and EBITDA growth at our US parks where attendance and guest spending has been above 2019 levels”.

Cavanagh confirmed that Universal Orlando delivered its highest level of EBITDA “for any quarter”, while Universal Studios Hollywood experienced “its best second quarter EBITDA on record”.

Last month, NBCUniversal CEO Jeff Shell said Universal’s parks have “come roaring back” after the pandemic. He said the company is seeing “historic” hotel bookings and park attendance.

Prior to that, Comcast reported earnings for the first quarter of this year. Roberts said the company’s “recovery from the pandemic at theme parks has been fantastic and shows no signs of slowing down”.

Images: Comcast Corporation

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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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