SeaWorld Entertainment Announces Revenue, Attendance Losses Amid Pandemic
Monday, August 10, 2020
Credit: Courtesy of SeaWorld
SeaWorld Entertainment Monday announced major revenue and attendance declines in the second quarter stemming from the COVID-19 pandemic.
SeaWorld parks drew 300,000 guests during the quarter, down from 6.5 million guests from the year-ago second quarter. The company reported $18 million in revenue in the second quarter, down from $406 million during the same time last year. The company reported a net loss of $131 million during the second quarter.
The global public health crisis was cited as the major contributing factor, as all SeaWorld parks were closed for nearly three months due to pandemic restrictions.
A phased reopening of some parks began in early June, and overall, a total of seven parks were open for 98 operating days compared with all 12 parks open for 861 days during the second quarter of 2019. The reopened parks operated at limited capacity, limited hours and/or limited days.
As for SeaWorld San Diego park, an opening date has not been set. SeaWorld said it is "in regular contact with state and local authorities and sincerely looks forward to opening in San Diego and welcoming back its guests as soon as it's safe and permitted to do so."
The company said it also does not plan on opening the Aquatica waterpark in Chula Vista this year.
Despite the losses, interim CEO Marc Swanson said he was "extremely proud of our team's performance during this unprecedented and challenging time."
Swanson said he was encouraged by "the improving trends" at parks that have reopened. A company statement said it expects attendance to trend upwards as special events and other in-park offerings are re-introduced.
"Our business model is flexible and resilient; while the future remains uncertain today, we feel very well positioned — with the right assets, team, balance sheet/liquidity — to navigate through this storm and emerge an even stronger and more profitable business," Swanson said. "We continue to have great confidence in our long-term strategy and sincerely look forward to fully opening all of our parks and driving improved operating and financial results and long-term value for all stakeholders."
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