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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
Liseberg's Grand Curiosa Hotel to open in 2023
Liseberg theme park in Sweden has confirmed the opening date for its new Grand Curiosa hotel.
London's Harry Potter studio tour to open Professor Sprout’s Greenhouse
Warner Bros. Studio Tour London will launch a new area on 1 July, further expanding the popular Harry Potter-themed visitor attraction in Leavesden.
Juneteenth Museum by Bjarke Ingels Group has been designed to inspire spiritual uplift
Detailed plans have been revealed for the National Juneteenth Museum in Fort Worth, Texas, US.
Jorvik's digital strategy described as 'leading light' after gaining international audience
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WhiteWater was born in 1980 to create places where families unite and make joyful lasting memories [more...]
Clip 'n Climb

Clip ‘n Climb currently offers facility owners and investors more than 40 colourful and unique Cha [more...]
Alterface

Alterface’s Creative Division team is seasoned in concept and ride development, as well as storyte [more...]
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Triotech was established in 1999. The company is based in Montreal, Canada and has additional offi [more...]
+ More profiles  
VIDEO GALLERY

Red Raion TV - Testimonial: Leolandia
When you work in the Attractions Industry, there’s nothing better than seeing that dreamy look in the eyes of the people who have just tried your attraction. Find out more...
More videos:
Red Raion TV - Opening Event: FICO Eataly World – Red Raion
Red Raion Showreel 2021 – Red Raion
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+ More videos  

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+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

03-04 Sep 2022

HEALING SUMMIT 2022 - The Healing of Everything

Pine Cliff Resort, Portugal
27-29 Sep 2022

International Congress on Thermal Tourism

Ourense, Ourense, Spain
+ More diary  
 


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