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NEWS
China worth US$1bn a year to Universal, says Comcast CEO
POSTED 27 Oct 2017 . BY Tom Anstey
Brian Roberts see China as having great potential for Comcast and Universal Credit: Comcast
Comcast CEO Brian Roberts has called China a “very, very big opportunity” for NBCUniversal’s theme park division, making a prediction that the company will generate US$1bn (€1.16bn, £886m) in operating cash flow once its Chinese venture opens its doors to the public.

Universal – owned by Comcast – is currently developing its US$7.4bn (€6.65bn, £6bn) Universal Beijing, which it broke ground on last year. Due to open in 2020, the development will include in its first phase a theme park, the world’s first Universal-themed resort hotel and a retail entertainment complex – all to be completed within five years.

Speaking during Comcast’s Q3 earnings call, Roberts said that Universal’s growth in China had been notable in recent years across multiple parts of its business.

“We think China is a very, very big opportunity for our company,” he said. “Five years ago, we made virtually no money there. This year, we'll make a couple hundred million dollars of operating cash flow – primarily in film, some on demand services and in consumer products.

“We're spending a lot of time and attention getting a park in Beijing open where the visitation and tourist numbers are just phenomenal.

“Universal will be the only major US theme park in that area of China. When the park opens, it's not unrealistic to assume we're going to make well over US$1bn in operating cash flow.”

For its third quarter, revenue at Universal theme parks increased 7.7 per cent to US$1.55bn (€1.33bn, £1.18bn), with earnings before interest, tax, depreciation and amortization (EBITDA) increasing 9.8 per cent to US$775m (€667.6m, £591.5m). Roberts attributed this to Universal’s strong IP lineup, the launch of Volcano Bay and its acquisition of Universal Studios Japan.

“This performance included strong results from Universal Studios Japan where the recently opened Minion Park attraction drove continued growth, a perfect example of leveraging our IP across businesses,” he said. “Japan is having a record year highlighting what a terrific deal it has been for us since our initial investment in the park two years ago.”

For the nine months ended 30 September, revenue from the Universal’s theme parks increased 10.6 per cent year-on-year to US$4bn (€3.44bn, £3.05bn), reflecting higher attendance and per capita spending. In the same period, adjusted EBITDA increased 11.2 per cent to US$1.7bn (€1.46bn, £1.3bn), reflecting higher revenue, partially offset by an increase in operating expenses, including costs to support new attractions.
RELATED STORIES
  Tom Mehrmann joins Universal as president and general manager of Beijing resort


Former Ocean Park CEO Tom Mehrmann will play a lead role in the development of the CN¥50bn (US$7.4bn, €6.65bn, £6bn) Universal Beijing, after being named president and general manager for the upcoming theme park and resort.
  New attractions help Universal theme parks to surge in revenues


NBCUniversal's theme park division experienced record revenue growth in Q2 thanks to its investment in new attractions.
  Universal theme parks continue to impress for Comcast in Q1 earnings report


Universal’s theme parks continue to act a growth driver for parent company Comcast, after the company recorded revenue increases of 9 per cent to US$1.1bn (€1bn, £853m) in the first quarter of 2017.
  Merlin could pull plug on Shrek’s Adventure roll out


It’s almost a year since Universal’s parent company Comcast acquired DreamWorks, and now Merlin Entertainments boss Nick Varney has to decide what to do with its Shrek’s Adventure midway.
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Jobs    News   Products   Magazine
NEWS
China worth US$1bn a year to Universal, says Comcast CEO
POSTED 27 Oct 2017 . BY Tom Anstey
Brian Roberts see China as having great potential for Comcast and Universal Credit: Comcast
Comcast CEO Brian Roberts has called China a “very, very big opportunity” for NBCUniversal’s theme park division, making a prediction that the company will generate US$1bn (€1.16bn, £886m) in operating cash flow once its Chinese venture opens its doors to the public.

Universal – owned by Comcast – is currently developing its US$7.4bn (€6.65bn, £6bn) Universal Beijing, which it broke ground on last year. Due to open in 2020, the development will include in its first phase a theme park, the world’s first Universal-themed resort hotel and a retail entertainment complex – all to be completed within five years.

Speaking during Comcast’s Q3 earnings call, Roberts said that Universal’s growth in China had been notable in recent years across multiple parts of its business.

“We think China is a very, very big opportunity for our company,” he said. “Five years ago, we made virtually no money there. This year, we'll make a couple hundred million dollars of operating cash flow – primarily in film, some on demand services and in consumer products.

“We're spending a lot of time and attention getting a park in Beijing open where the visitation and tourist numbers are just phenomenal.

“Universal will be the only major US theme park in that area of China. When the park opens, it's not unrealistic to assume we're going to make well over US$1bn in operating cash flow.”

For its third quarter, revenue at Universal theme parks increased 7.7 per cent to US$1.55bn (€1.33bn, £1.18bn), with earnings before interest, tax, depreciation and amortization (EBITDA) increasing 9.8 per cent to US$775m (€667.6m, £591.5m). Roberts attributed this to Universal’s strong IP lineup, the launch of Volcano Bay and its acquisition of Universal Studios Japan.

“This performance included strong results from Universal Studios Japan where the recently opened Minion Park attraction drove continued growth, a perfect example of leveraging our IP across businesses,” he said. “Japan is having a record year highlighting what a terrific deal it has been for us since our initial investment in the park two years ago.”

For the nine months ended 30 September, revenue from the Universal’s theme parks increased 10.6 per cent year-on-year to US$4bn (€3.44bn, £3.05bn), reflecting higher attendance and per capita spending. In the same period, adjusted EBITDA increased 11.2 per cent to US$1.7bn (€1.46bn, £1.3bn), reflecting higher revenue, partially offset by an increase in operating expenses, including costs to support new attractions.
RELATED STORIES
Tom Mehrmann joins Universal as president and general manager of Beijing resort


Former Ocean Park CEO Tom Mehrmann will play a lead role in the development of the CN¥50bn (US$7.4bn, €6.65bn, £6bn) Universal Beijing, after being named president and general manager for the upcoming theme park and resort.
New attractions help Universal theme parks to surge in revenues


NBCUniversal's theme park division experienced record revenue growth in Q2 thanks to its investment in new attractions.
Universal theme parks continue to impress for Comcast in Q1 earnings report


Universal’s theme parks continue to act a growth driver for parent company Comcast, after the company recorded revenue increases of 9 per cent to US$1.1bn (€1bn, £853m) in the first quarter of 2017.
Merlin could pull plug on Shrek’s Adventure roll out


It’s almost a year since Universal’s parent company Comcast acquired DreamWorks, and now Merlin Entertainments boss Nick Varney has to decide what to do with its Shrek’s Adventure midway.
MORE NEWS
Alton Towers' iconic Nemesis coaster closes for major revamp
The famous Nemesis ride at UK theme park, Alton Towers, has closed for a major revamp.
Bob Iger's return to Disney sparks major restructuring focused on creativity and storytelling
Disney is set to undergo a "major restructuring" following the shock return of CEO Bob Iger.
Battersea Power Station's chimney experience whisks guests up 109m in a glass elevator
The highly anticipated chimney lift experience at the Battersea Power Station has opened to the public.
Eureka! tackles STEM with new Science + Discovery Centre
Eureka! Science + Discovery Centre in Seacombe, UK, has opened its doors to the public.
National Trust plans immersive experience at Bath Assembly Rooms
The National Trust has appointed design and build practice Sarner to create a new immersive visitor experience at the iconic Bath Assembly Rooms.
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COMPANY PROFILES
Sally Corporation

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
Polin Waterparks

Polin was founded in Istanbul in 1976. Polin has since grown into a leading company in the waterpa [more...]
Painting With Light

By combining lighting, video, scenic and architectural elements, sound and special effects we tell s [more...]
Holovis

Holovis is a privately owned company established in 2004 by CEO Stuart Hetherington. [more...]
+ More profiles  
FEATURED SUPPLIER

Attractions industry to reunite this September at IAAPA Expo Europe in London
For the first time in more than a decade, industry leaders from across the global attractions industry will once again gather in London as part of the annual IAAPA Expo Europe, the sector’s premier international event. [more...]
VIDEO GALLERY

Red Raion - Keynote | Moby Dick - Friends to the rescue!
It’s extremely important for us to show you the process behind every content we produce. Each of our titles stems from deep research, focused on giving you the kinds of content that best fit your venues and target audience. Find out more...
More videos:
Red Raion TV - Testimonial: Leolandia – Red Raion
Red Raion TV - Opening Event: FICO Eataly World – Red Raion
Red Raion Showreel 2021 – Red Raion
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

01-07 Dec 2022

World Leisure Congress 2022

tbc, Dunedin, New Zealand
05-07 Dec 2022

East Cape Futures

Hotel Palmas de Cortez, Los Barriles, Mexico
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2022

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
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