Comcast Corp., the parent company of Universal Studios, reported a jump in theme park revenue for the first quarter. Crediting the success to the opening of Diagon Alley at Universal Studios, the company saw a 33.7 percent increase in theme-park revenue, up to $651 million. The theme parks’ operating cash flow went up to $263 million, a 54.6 percent increase.
Comcast Chief Executive Officer Brian Roberts said, “The biggest highlight of all may have been at the theme parks.”
80 percent of visitors to the Orlando theme park purchased two-park tickets, giving them the ability to ride the Hogwarts Express train between Universal Studios and Islands of Adventure.
The theme parks will be receiving more than half of the capital expenditures budget from the NBCUniversal division of the company this year. One new attraction will be built each year at each of the theme parks.
Steve Burke, chief executive officer of Comcast’s NBCUniversal division, said, “You’ll see a very significant hotel build-out in Orlando over the next fiver or so years.” Sapphire Falls, a new luxury resort, is in the works, but according to permits filed, two other hotels are also in the planning stages.
Burke continued, “Theme parks, I think, when we first showed up, were something that came with the rest of the company. Now they’re right at the core of what we’re all about and we think provide a tremendous growth opportunity.”
According to the Orlando Sentinel, “Overall, Comcast Corp. reported operating income of $3.9 billion on revenue of $17.9 billion. Earnings per share increased 14.1 percent to 81 cents.”
News source: Orlando Sentinel