Orlando's SeaWorld Entertainment reports record revenue despite lower attendance levels

Orlando headquartered SeaWorld Entertainment has reported its financial results for the first quarter of 2023.

SeaWorld Entertainment has released its first quarter financials for 2023 and despite mounting losses at the company, and a drop in attendance across its parks, the company has posted record total revenue with guests spending more inside the parks per visit.

Diving into the figures, attendance figures across the company was 3.4 million guests, a small decrease of approximately 25,000 guests from the first quarter of 2022.

Despite the drop in attendance, the company saw increased income from charging more at the gate, and from guests spending more money within the parks on food, merchandise etc, allowing the company to post a record $293.3 million in revenue, an increase of $22.7 million or 8.4% from the first quarter of 2022.

Although revenue was up, net losses increased within the company, with the first quarter losses posted at $16.5 million, an increase of $7.5 million from the first quarter of 2022, although SeaWorld noted that it was its smallest net loss in a first quarter. It also was a $7.5 million improvement over the first quarter of last year.

"We are pleased to report another quarter of record financial results despite adverse weather across a number of our markets, particularly in our California market and a shift in the timing of the opening of our new rides," said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. "This is the 8th consecutive quarter where we have generated record financial results. We continued to drive growth in total per capita spending in the quarter demonstrating the effectiveness of our revenue strategies, our pricing power and the strength of consumer spending in our parks."

SeaWorld say that their 2023 lineup of new rides, attractions and events, with the majority of which are opening in the coming weeks are expected to boost park attendances across the companies attractions in the coming quarter.

This month alone, SeaWorld Orlando will open Pipeline: The Surf Coaster, the first-of-its-kind surf coaster, while Busch Gardens Williamsburg will open DarKoaster, the first all-indoor straddle coaster in North America, plus Aquatica Orlando will open Turi's Kid Cove, an all-new water play area, and Sesame Place Philadelphia will open Bert & Ernie's Splashy Shores, another water play area.

On the international front, the fourth SeaWorld park and first SeaWorld branded park outside of the United States opens in Abu Dhabi on May 23, 2023.

SeaWorld Entertainment also noted that during the first quarter of 2023, the Company came to the aid of 85 animals in need in the wild, with the total number of animals the Company has helped over its history is more than 40,000.

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