SeaWorld surges in 2018 as operator reports second successful quarter | attractionsmanagement.com news
POST YOUR JOB ONLINE
Free ezine/digital edition sign up
Jobs . News . Features . Video . Products . Magazine . Handbook . Advertise . Contact us  
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."
MORE NEWS
Futuroscope reopens for 2019 with a host of new attractions
The Futuroscope theme park in Poitiers, France, has reopened its doors for the 2019 season and has some big plans for new attractions over the coming years.
Krispy Kreme pops up in London with new flavours
Tourists, shoppers and commuters in Central London will be treated to a special Krispy Kreme experience in March, as the doughnut company opens a pop-up in Great Newport Street, near to Leicester Square and trials new flavours.
Cedar Fair looks ahead with optimism after 2018 results
Cedar Fair has reported positive Q4 and full 2018 figures, along with a new long-term growth target.
US$70m aquarium and wildlife sanctuary mooted for Cambodia
The Cambodian resort city of Siem Reap could become home to a new US$70m (€61.6m, £53.5m) aquarium and wildlife sanctuary, following a meeting between potential investors and the city’s governor.
+ More news   
LATEST JOBS
Visitor Experience Team Leader
The Silverstone Experience
Salary: c £25,000 pa
Job location: Silverstone, Towcester, UK
Retail Manager
The Silverstone Experience
Salary: c £25,000 pa
Job location: Silverstone, Towcester, UK
Active Outdoors Assistant
National Trust
Salary: £8.46 per hour
Job location: Ulverston, UK
Group Travel Trade Manager
The Royal Mint
Salary: Competitive Salary and Benefits
Job location: Llantrisant, Pontyclun, UK
Commercial Operations Director
The National Museum of the Royal Navy
Salary: £60,000 circa per annum
Job location: Portsmouth, UK
Theme Park Resort Duty Managers
Gulliver's Theme Park
Salary: Competitive Salary and Benefits
Job location: Rother Valley, Rotherham, South Yorkshire, UK
+ More jobs  

COMPANY PROFILE
instantprint

We’re a Yorkshire-based online printer, founded in 2009 by Adam Carnell and James Kinsella. [more...]
+ More profiles  
VIDEO GALLERY

Polin Waterparks & Pool Systems - Experience the experience
Have you ever wondered how the fun is created? Polin Waterparks is a global market leader in the design, manufacture and installation of waterparks and water play attractions. Find out more...
More videos:
Red Raion: Meet the Team - Introduction – Red Raion
The Son Of Bigfoot 4D Trailer – nWave Pictures
Birds of a Feather 4D Trailer – nWave Pictures
+ More videos  

CATALOGUE GALLERY
 

+ More catalogues  
ATTRACTIONS DIRECTORY
+ More directory  
ATTRACTIONS DIARY

07 Mar 2019

National Attractions Marketing Conference

Drayton Manor Theme Park, Tamworth, United Kingdom
25-27 Mar 2019

Dubai Entertainment Amusement and Leisure Exhibition (DEAL)

Dubai World Trade Centre, Dubai, United Arab Emirates
+ More diary  
LATEST ISSUES
+ View Magazine Archive

Attractions Management

2018 issue 4


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2018 issue 3


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2018 issue 2


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2018 issue 1


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management News

20 Feb 2019 issue 124


View on turning pages
Download PDF
View archive
FREE digital subscription
Print subscription

Attractions Handbook

2019


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription
 
ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
 
ATTRACTIONS MANAGEMENT
ATTRACTIONS MANAGEMENT NEWS
ATTRACTIONS HANDBOOK
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS
ADVERTISE . CONTACT US

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

©Cybertrek 2019
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."
MORE NEWS
Futuroscope reopens for 2019 with a host of new attractions
The Futuroscope theme park in Poitiers, France, has reopened its doors for the 2019 season and has some big plans for new attractions over the coming years.
Krispy Kreme pops up in London with new flavours
Tourists, shoppers and commuters in Central London will be treated to a special Krispy Kreme experience in March, as the doughnut company opens a pop-up in Great Newport Street, near to Leicester Square and trials new flavours.
Cedar Fair looks ahead with optimism after 2018 results
Cedar Fair has reported positive Q4 and full 2018 figures, along with a new long-term growth target.
US$70m aquarium and wildlife sanctuary mooted for Cambodia
The Cambodian resort city of Siem Reap could become home to a new US$70m (€61.6m, £53.5m) aquarium and wildlife sanctuary, following a meeting between potential investors and the city’s governor.
+ More news   
LATEST JOBS
Visitor Experience Team Leader
The Silverstone Experience
Salary: c £25,000 pa
Job location: Silverstone, Towcester, UK
Retail Manager
The Silverstone Experience
Salary: c £25,000 pa
Job location: Silverstone, Towcester, UK
Active Outdoors Assistant
National Trust
Salary: £8.46 per hour
Job location: Ulverston, UK
Group Travel Trade Manager
The Royal Mint
Salary: Competitive Salary and Benefits
Job location: Llantrisant, Pontyclun, UK
Commercial Operations Director
The National Museum of the Royal Navy
Salary: £60,000 circa per annum
Job location: Portsmouth, UK
Theme Park Resort Duty Managers
Gulliver's Theme Park
Salary: Competitive Salary and Benefits
Job location: Rother Valley, Rotherham, South Yorkshire, UK
+ More jobs  
 


ADVERTISE . CONTACT US

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

©Cybertrek 2019

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
ATTRACTIONS MANAGEMENT NEWS
ATTRACTIONS HANDBOOK
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS