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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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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
Dialog-designed Zeidler Dome and S.P.A.C.E. Gallery open
Canadian science museum Telus World of Science, based in the city of Edmonton, has announced that two new spaces designed by Canadian architectural practice Dialog have opened.
Universal Studios set for the ‘Return of Michael Myers’
A raft of new, “terrifying” mazes will open at Universal Studios as part of the attraction’s Halloween Horror Nights event.
Crocodile Dundee’s fictional sequel significantly boosts Australian tourism
Tourist spending in Australia has grown by a huge AU $5.8bn (US$4.2bn, €3.7bn, £3.3bn), or 6 per cent for the year to March, according to latest figures.
US National Museum of Natural History’s Fossil Hall set for reopening
Kirk Johnson, museum director of the Smithsonian National Museum of Natural History in Washington DC, has announced its David H. Koch Hall of Fossils will reopen on 8 June 2019.
+ More news   
LATEST JOBS
Membership & Visitor Welcome Manager
National Trust
Salary: £23,375 pa
Job location: Cambridge, UK
Estate Food and Beverage Manager
jdr Hospitality Recruitment
Salary: From £60,000 to £65,000 per annum plus package
Job location: Somerset, UK
Business Manager
National Heritage Centre
Salary: Up to £55,000 (depending on experience) + pension
Job location: Newmarket, UK
iFly Indoor Skydiving Instructor
The Bear Grylls Adventure
Salary: Competitive
Job location: Marston Green, Birmingham, UK
Head of PR
Thorpe Park Resort
Salary: Competitive
Job location: Chertsey, UK
VIP Sales and Operations Manager
Chessington World of Adventures
Salary: £25,000 plus additional sales
Job location: Chessington, 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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