SeaWorld reports $131 million revenue loss, parks put major projects on hold

ORLANDO, Fla. — SeaWorld reported a $131 million loss in revenue in the second-quarter of 2020 compared to the same quarter last year after having to shut down its theme parks in mid-March due to the coronavirus pandemic.

Factoring in the closure, the company said its attendance during the second-quarter was 0.3 million guests, a a decline of 6.2 million guests from the second quarter of last year.

Read: Celebrate ‘Shark Week’ at SeaWorld with shark presentations, special offers

The park said its total revenue was $18 million, which declined from $183.7 million in the second-quarter of 2019.

To give you a sense of how many visitors and how much money SeaWorld has lost, both attendance and revenue are down 96% from last year.

Nine of the company’s 12 parks have reopened with capacity limitations, reduced hours of operation and/or limited operating days.

“I am extremely proud of our team’s performance during this unprecedented and challenging time,” said Marc Swanson, Interim Chief Executive Officer of SeaWorld. “Together, we have taken significant actions to reduce our costs, carefully manage our cash flows, fortify our balance sheet and liquidity position, implement enhanced health and safety protocols for our employees, guests and animals and successfully reopen and welcome guests back to nine of our twelve parks.”

Read: SeaWorld reopens amid pandemic with new safety guidelines in place

According to a news release, attendance at parks that have been open for at least 30 days has increased 15% from June 28 to August 2.

SeaWorld did find a bright side in bookings at Discovery Cove in 2021.

“Forward bookings for discovery cove as of august 6, 2020 are 176% higher than 2020 bookings as of the same time one year ago,” Swanson said during a conference call.

Universal and Disney have both reported earnings in the last two weeks. Universal has lost more than 94% of their quarterly revenue. Disney has lost just 42% of its quarterly revenue, which equates to more than a $1 billion loss.

Read: Disney closes some attractions at Animal Kingdom, Magic Kingdom

Without the revenue, construction projects are on hold here in Orlando.

The biggest delay is Epic Universe, an entire new park for the Universal family that is now on hold indefinitely.

Read: Disney World to reduce park hours beginning in September

SeaWorld is delaying construction and opening of four coasters at its parks nationwide, including two in Orlando and Tampa. Those rides are mostly complete, and could be open next year.

Cox Media Group