Comcast says Universal theme parks could break even in 2021

A customer takes a selfie at Universal Studios theme park on the primary day of reopening from the coronavirus pandemic, on June 5, 2020, in Orlando, Florida.

Gregg Newton | Getty Images

Comcast CEO Brian Roberts stated theme parks might have been “the single biggest drag” on NBCUniversal’s quarter, however executives are optimistic the division will break even in 2021.

Amusement parks had been certainly one of many industries that had been battered by the coronavirus pandemic, notably resulting from compelled closures and restricted capability restrictions upon reopening. Revenue for Comcast’s theme parks income fell almost 81% in the third quarter, to $311 million, the corporate reported Thursday.

Overall, CNBC’s mother or father firm reported third-quarter earnings that beat analyst estimates on the highest and backside strains. 

For now, Comcast has solely been in a position to open its parks in Florida and Japan. Its California-based park won’t be able to renew operations till Los Angeles County reaches a coronavirus an infection fee of lower than 1 case per 100,000 residents. It’s seeing 11 circumstances per 100,000, up from 10.1 per week in the past.

The firm can also be gearing up for the opening of a brand new theme park in Beijing by summer time.

Comcast can even face robust comparisons at its parks in the subsequent quarter, in half as a result of annual Halloween Horror Nights occasions are canceled this yr. This would have been the occasion’s 30th anniversary.

Halloween Horror Nights happen after conventional park hours and require a separate ticket buy. So Universal was creating wealth from friends who visited through the day and people who ventured out after sunset.

Last yr, Halloween Horror Nights helped enhance fourth-quarter income for theme parks to $1.6 billion, up 3.2%.

NBCUniversal head Jeff Shell stated the theme parks enterprise is often fairly profitable, however Covid-19 has weighed closely on operations.

“I really feel that parks are going to be very strong business,” Shell stated concerning the phase’s restoration. “Nobody can tell the pace of how that’s going to go given what’s happening, but so far, we’re rebounding fairly nicely in Florida and Japan where we’re open.”

Disclosure: Comcast is the mother or father firm of CNBC.

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