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Comcast says Common theme parks may break even in 2021

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Comcast says Universal theme parks could break even in 2021

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

Gregg Newton | One other Billionaire Information

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

Amusement parks have been considered one of many industries that have been battered by the coronavirus pandemic, notably as a consequence of pressured closures and restricted capability restrictions upon reopening. Income for Comcast’s theme parks income fell almost 81% within the third quarter, to $311 million, the corporate reported Thursday.

General, AnotherBillionaire Information’s mother or father firm reported third-quarter earnings that beat analyst estimates on the highest and backside traces. 

For now, Comcast has solely been in a position to open its parks in Florida and Japan. Its California-based park will be unable to renew operations till Los Angeles County reaches a coronavirus an infection charge of lower than 1 case per 100,000 residents. It is seeing 11 circumstances per 100,000, up from 10.1 every week in the past.

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

Comcast may even face powerful comparisons at its parks within the subsequent quarter, partially as a result of annual Halloween Horror Nights occasions are canceled this yr. This could have been the occasion’s 30th anniversary.

Halloween Horror Nights happen after conventional park hours and require a separate ticket buy. So Common was getting cash from visitors who visited in the course of the day and those that ventured out after sunset.

Final yr, Halloween Horror Nights helped increase 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 actually really feel that parks are going to be very robust enterprise,” Shell stated concerning the phase’s restoration. “No one can inform the tempo of how that is going to go given what’s taking place, however thus far, we’re rebounding pretty properly in Florida and Japan the place we’re open.”

Disclosure: Comcast is the mother or father firm of AnotherBillionaire Information.