SeaWorld and Busch Gardens owner and operator United Parks & Resorts has reported its financial results for the third quarter and first nine months of fiscal year 2025.
For the first nine months of this year, attendance totalled 16.4 million guests, a decrease of approximately 252,000 guests, or 1.5%, from the first nine months of 2024.
Total revenue was $1,289.0 million, a decrease of $51.9 million or 3.9% from the first nine months of 2024, and adjusted EBITDA was $490.0 million, a decrease of $65.7 million or 11.8% from the first nine months of 2024.
"We can and expect to do better"
"We are obviously not happy with the results we delivered in the quarter," said CEO Marc Swanson.
"Performance during the quarter was negatively impacted by an unfavorable calendar shift, poor weather during peak holiday periods, a decline in international visitation and less than optimal execution.
The consumer environment in the U.S. appears to be inconsistent, as has been outlined by a number of other leisure and hospitality businesses. Nonetheless, we can and expect to do better."
Attendance in the third quarter was negatively impacted due to unfavourable calendar effects, mainly the timing of the Fourth of July, and by poor weather during peak holiday weekends, he added.
"We saw a decline in international visitation of approximately 90,000 guests during the quarter which was a reversal of earlier trends we saw in the first half of the year. Adjusting for these calendar shifts and international visitation declines, attendance would have been roughly flat for the quarter."
In-park spending up and Halloween events grow
On the positive side, the company reported an increase in in-park per capita spending, which has risen in 20 of the past 22 quarters.
"Our Halloween events just concluded last week and we saw meaningful year over year growth from our separately ticketed Howl-O-Scream events including record attendance in Orlando and San Diego for these events."
"Looking forward, we are encouraged by the forward-booking revenue trends into 2026 for our Discovery Cove property and our group business, both of which are up over 20% compared to this same time last year."
During the third quarter, stockholders granted the board the authority to approve and implement additional share repurchases.
"The Board previously announced a $500 million repurchase program contingent on receiving this approval and we have already repurchased 635,020 shares for an aggregate total of $32.2 million through November 4, 2025, underscoring our strong balance sheet, significant free cash flow generation and our strong belief that our shares are materially undervalued."
During a second-quarter earnings call in August, Swanson stated that the company anticipates signing two deals for international parks by the end of 2025, with plans for two new theme parks outside the US, similar to its SeaWorld Abu Dhabi concept.
