Huge potential in SeaWorld despite rough year, says Zhonghong Zhuoye Group's Maruyama | attractionsmanagement.com news
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Huge potential in SeaWorld despite rough year, says Zhonghong Zhuoye Group's Maruyama
POSTED 28 Feb 2018 . BY Tom Anstey
SeaWorld’s newly appointed interim executive chair Yoshikazu Maruyama has said the Zhonghong Zhuoye Group's (ZZG) sees “huge potential” in the company’s leadership and operations, despite recent turmoil in and outside of the board room.

Maruyama, who joined SeaWorld’s board in September, was named executive chair this week following Joel Manby’s sudden departure from the company after nearly three years in the role.

Following Manby’s resignation, SeaWorld enacted a transition plan, which sees John Reilly succeeding Manby on a temporary basis, with Maruyama named interim executive chair until a new CEO is appointed.

The China-based ZZG is a majority shareholder in SeaWorld, having purchased a 21 per cent stake in the company last year. As a representative of ZZG, Maruyama also acts as president of the group’s US operation.

“I believe that Zhonghong is committed to its investment,” said Maruyama, speaking during an earnings call. “They see the huge potential both in the leadership of the company as well as the underlying performance and they see the huge potential of the opportunity with the SeaWorld brand in China in the future.”

Despite a poor year for SeaWorld overall, Maruyama reflected on a positive final quarter as a sign that things are slowly improving for the operator. Financial results for Q4 exceeded expectations, which was attributed to stronger-than-anticipated revenue performance from SeaWorld’s Christmas events. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) beat forecasts by more than US$5m (€4.1m, £3.6m) for the year, but the US$300.8m (€246.3m, £218.1m) total was still down US$32m (€26.2m, £23.2m) on the previous year’s results.

“We are so confident in the underlying performance of the business for the last quarter and on the trends that we're seeing going into this year,” said Maruyama.

“As a board member I want to make sure that the company's leadership continues to transition in a very successful manner and we are delighted that Joel, being the inspirational leader that he is, has been working collectively with the board to ensure that there is a very smooth and successful transition of leadership. We hope to make this very smooth transition happen in a very, very positive business environment.”
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NEWS
Huge potential in SeaWorld despite rough year, says Zhonghong Zhuoye Group's Maruyama
POSTED 28 Feb 2018 . BY Tom Anstey
SeaWorld’s newly appointed interim executive chair Yoshikazu Maruyama has said the Zhonghong Zhuoye Group's (ZZG) sees “huge potential” in the company’s leadership and operations, despite recent turmoil in and outside of the board room.

Maruyama, who joined SeaWorld’s board in September, was named executive chair this week following Joel Manby’s sudden departure from the company after nearly three years in the role.

Following Manby’s resignation, SeaWorld enacted a transition plan, which sees John Reilly succeeding Manby on a temporary basis, with Maruyama named interim executive chair until a new CEO is appointed.

The China-based ZZG is a majority shareholder in SeaWorld, having purchased a 21 per cent stake in the company last year. As a representative of ZZG, Maruyama also acts as president of the group’s US operation.

“I believe that Zhonghong is committed to its investment,” said Maruyama, speaking during an earnings call. “They see the huge potential both in the leadership of the company as well as the underlying performance and they see the huge potential of the opportunity with the SeaWorld brand in China in the future.”

Despite a poor year for SeaWorld overall, Maruyama reflected on a positive final quarter as a sign that things are slowly improving for the operator. Financial results for Q4 exceeded expectations, which was attributed to stronger-than-anticipated revenue performance from SeaWorld’s Christmas events. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) beat forecasts by more than US$5m (€4.1m, £3.6m) for the year, but the US$300.8m (€246.3m, £218.1m) total was still down US$32m (€26.2m, £23.2m) on the previous year’s results.

“We are so confident in the underlying performance of the business for the last quarter and on the trends that we're seeing going into this year,” said Maruyama.

“As a board member I want to make sure that the company's leadership continues to transition in a very successful manner and we are delighted that Joel, being the inspirational leader that he is, has been working collectively with the board to ensure that there is a very smooth and successful transition of leadership. We hope to make this very smooth transition happen in a very, very positive business environment.”
RELATED STORIES
Joel Manby resigns as SeaWorld CEO as operator launches search for successor


SeaWorld CEO Joel Manby has resigned from his position as the company’s CEO, with the troubled operator launching a search to find a permanent successor following the move.
SeaWorld's Brian Morrow reveals design theory behind 'Experiences That Matter'


SeaWorld creative designer Brian Morrow has lifted the lid on “Experiences That Matter”, detailing how the company’s new message affects design.
SeaWorld tightens financial leash following poor third quarter


SeaWorld president and CEO Joel Manby has reiterated that financial discipline remains a top priority for the operator, after another tough quarter saw revenues and visitor numbers drop.
Parques Reunidos linked to SeaWorld sale


Parques Reunidos could be about to make a big splash in the attractions industry after fresh reports linked the Spanish operator with a potential takeover of SeaWorld.
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+ More profiles  
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How can travelling exhibitions adapt for the future?
Emily Cronin, partnerships manager at the Science Museum Group in the UK, shares insights into evolving business models for touring exhibitions in Spokes, Ecsite’s magazine. [more...]
VIDEO GALLERY

instantprint - Online Print Made Easy!
We're the only online printing company who really gets your business. Find out more...
More videos:
Miko and the Spell of the Stone - Movie Trailer – Red Raion
Jurassic War - Immersive tunnel movie trailer – Red Raion
Red Raion: Meet the Team - Introduction – Red Raion
+ More videos  

CATALOGUE GALLERY
 

+ More catalogues  
DIRECTORY
+ More directory  
DIARY

16-19 Sep 2019

IAAPA Expo Europe 2019

Paris Expo Porte de Versailles, Paris, France
21-24 Sep 2019

ASTC 2019 Annual Conference

Ontario Science Centre, Toronto, Canada
+ More diary  
 


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