Comcast's theme park revenue was down 5.3% in the third quarter, which executives attributed to continued lower attendance at domestic theme parks compared to what was a record-breaking 2023, but excitement is high around the opening of Epic Universe in Orlando next May.
"Once Epic opens, Universal Orlando will be transformed into a week's long vacation, offering four theme parks, a CityWalk dining, retail and entertainment district, and 11 hotels," said Mike Cavanagh, president of Comcast. "Epic will build on everything we've excelled at in the present and in the past and make it even better by infusing iconic storytelling with cutting-edge technology in five fully themed worlds."
Indeed, Cavanagh called Epic Universe "the most groundbreaking park ever introduced in the United States."
Jason Armstrong, Comcast's CFO, said the company expects to spend around $150 million on pre-opening costs for Epic in the fourth quarter of this year and the first quarter of next year; in the third quarter, Epic-related costs were "minimal" at around $20 million.
The third quarter saw theme park revenue down 5.3%, to $2.29 billion, and adjusted earnings before interest, taxes, depreciation and amortization down 13.8%, to $983 million.
Those results follow "last year's all-time record high," Armstrong said. He attributed the depressed results to lower attendance at Universal's domestic theme parks.
"Our view is there was both a pull-forward of demand that we clearly saw in 2022 and 2023, which were record years for the theme parks and beyond our expectations, as well as the new attraction pipeline, which is light this year but building toward a substantial pipeline next year," Armstrong said.
He expects both of those factors to continue through the second quarter of 2025, until Epic Universe opens in May.
Other theme park projects in the pipeline include the Fast & Furious: Hollywood Drive roller coaster, expected to open in 2026 at Universal Studios Hollywood in California, and Donkey Kong Country, an addition to Super Nintendo World at Universal Studios Japan, expected to open this year.
Universal is also developing the Universal Kids Resort in Texas and Universal Horror Unleashed in Las Vegas.
Ticket sales for vacation packages including admittance to Epic went on sale this month.
"We are seeing great demand in the early days," Cavanagh said.