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SeaWorld surges in 2018 as operator reports second successful quarter
POSTED 06 Aug 2018 . BY Tom Anstey
While our first six months results demonstrate solid progress, we know we have significant opportunity for further improvement
– John Reilly
SeaWorld is showing signs of recovery, after the operator reported an attendance increase of 4.8 per cent, leading to revenue increases of US$18.9m (€16.3m, £14.6m).

Attendance for the quarter rose by 300,000 people to 6.4 million visitors. This was matched by the revenue increase, which rose by 4.9 per cent to US$391.9m (€338.9m, £302.4m) in Q2.

In its second quarter last year, a non-cash goodwill impairment charge caused by a decline in the the value of SeaWorld's non-identifiable assets based on future earnings at SeaWorld Orlando, meant the operator reported net losses of US$237m (€200.6m, £181.6m). This year was a significant improvement, with net income up to US$22.7m (€19.7m, £17.6m). Earnings before interest, taxes, depreciation, and amortisation (EBITDA) was also up 12.9 per cent to US$117.6m (€101.9m, £90.6m).

The positive results continues a trend for SeaWorld, which after several years of struggling seems to finally be turning a financial corner, following a strong start to the year with its first quarter results, which saw revenue increases of US$30.8m (€25.9m, £22.8m) compared to the same period in 2017.

In response to decline stemming from the Blackfish controversy, SeaWorld introduced cost-cutting initiatives and put a new focus on "experiences that matter". That strategy finally seems to be taking effect.

"We are pleased with our strong second quarter financial results and the continued momentum we see in the business," said John Reilly, interim SeaWorld CEO.

"The results were driven by our new strategic pricing strategies, new marketing and communications initiatives and the positive reception of our new rides, attractions and events.

"We are particularly pleased with our second quarter attendance growth, which more than offset the negative impacts from unfavorable weather across several of our markets in the quarter.

"Our keen focus on cost savings and efficiencies is also improving our margins. We have realised the remainder of the US$40m (€34.7m, £30.9m) in cost savings we expected to achieve in 2018, and have identified US$50m (€43.3m, £38.7m) of additional cost reductions. We are also actively working to find other opportunities where possible.

"While our first six months results demonstrate solid progress, we know we have significant opportunity for further improvement."
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Jobs . News . Products . Magazine
NEWS
SeaWorld surges in 2018 as operator reports second successful quarter
POSTED 06 Aug 2018 . BY Tom Anstey
While our first six months results demonstrate solid progress, we know we have significant opportunity for further improvement
– John Reilly
SeaWorld is showing signs of recovery, after the operator reported an attendance increase of 4.8 per cent, leading to revenue increases of US$18.9m (€16.3m, £14.6m).

Attendance for the quarter rose by 300,000 people to 6.4 million visitors. This was matched by the revenue increase, which rose by 4.9 per cent to US$391.9m (€338.9m, £302.4m) in Q2.

In its second quarter last year, a non-cash goodwill impairment charge caused by a decline in the the value of SeaWorld's non-identifiable assets based on future earnings at SeaWorld Orlando, meant the operator reported net losses of US$237m (€200.6m, £181.6m). This year was a significant improvement, with net income up to US$22.7m (€19.7m, £17.6m). Earnings before interest, taxes, depreciation, and amortisation (EBITDA) was also up 12.9 per cent to US$117.6m (€101.9m, £90.6m).

The positive results continues a trend for SeaWorld, which after several years of struggling seems to finally be turning a financial corner, following a strong start to the year with its first quarter results, which saw revenue increases of US$30.8m (€25.9m, £22.8m) compared to the same period in 2017.

In response to decline stemming from the Blackfish controversy, SeaWorld introduced cost-cutting initiatives and put a new focus on "experiences that matter". That strategy finally seems to be taking effect.

"We are pleased with our strong second quarter financial results and the continued momentum we see in the business," said John Reilly, interim SeaWorld CEO.

"The results were driven by our new strategic pricing strategies, new marketing and communications initiatives and the positive reception of our new rides, attractions and events.

"We are particularly pleased with our second quarter attendance growth, which more than offset the negative impacts from unfavorable weather across several of our markets in the quarter.

"Our keen focus on cost savings and efficiencies is also improving our margins. We have realised the remainder of the US$40m (€34.7m, £30.9m) in cost savings we expected to achieve in 2018, and have identified US$50m (€43.3m, £38.7m) of additional cost reductions. We are also actively working to find other opportunities where possible.

"While our first six months results demonstrate solid progress, we know we have significant opportunity for further improvement."
RELATED STORIES
'No plans' to open SeaWorld park in China, says operator


SeaWorld has quashed rumours of a planned expansion into China, with the operator saying it has "no plans" to open a SeaWorld park in the country.
SeaWorld targets British tourists as operator plans to reclaim lost visitors


Following an impressive first quarter, which saw a surge in attendance to its attractions, SeaWorld Entertainment is casting its eyes overseas, particularly to the British market, in an attempt to draw back lost customers.
Results improving for SeaWorld as operator records strong first quarter


SeaWorld could finally be about to turn a financial corner, after the operator reported a strong start to the year with its first quarter results.
Sesame Place becomes first theme park to be named certified autism centre


The SeaWorld-owned Sesame Place theme park in Philadelphia, Pennsylvania, has become the first theme park in the world to be designated as a certified autism centre.
MORE NEWS
Michael Bloomberg helps US arts blossom with US$43m training scheme
Bloomberg Philanthropies – the charitable arm of Michael Bloomberg’s business empire – has granted 45 organisations funding in efforts to help finance the US's small to midsize arts organisations.
Video: Attractions Management News Flash 13 August 2018
The latest Attractions Management News Flash Video is now live!
Historic properties lead the way as visitors flock to English attractions
Historic properties and attractions across England experienced significant growth in visitor numbers in 2017.
Liseberg makes largest ever investment with launch of Valkyria
Valkyria – a steel dive coaster created by Bolliger & Mabillard – has opened to the public today (10 August) at the Liseberg amusement park in Gothenburg, Sweden.
+ More news   
LATEST JOBS
Business Manager
National Heritage Centre
Salary: Up to £55,000 (depending on experience) + pension
Job location: Newmarket, UK
Front of House Manager
Parkwood Entertainment
Salary: £9.00 per hour
Job location: Longridge, Preston, UK
Visitor Attractions Group Manager
Monmouthshire County Council
Salary: £37,107 - £40,858
Job location: Monmouthshire, UK
+ More jobs  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2018

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