Comcast’s Universal theme parks reported a 65 percent increase in revenue and a second-quarter record earnings total of $632 million for the three months from April to June.
This performance has become the norm for the theme park division, as the third and fourth quarters of 2021 saw record profits. However, a second straight quarter of year-over-year gross domestic product decline has the financial sector spooked over recession fears.
When asked about the impact on a potential recession on Universal parks, NBCUniversal CEO Jeff Shell said, ““The parks business historically has been subject to macro trends, and there’s no reason to think that that won’t be the case in the future, but when we look at our business, we’re just not seeing it yet in our numbers or our performance.”
Shell noted that attendance and guest spending at Universal’s U.S. parks in Orlando and Hollywood are surpassing pre-pandemic levels, even though international visitation is still 50 percent of what it was in 2019. It has also withstood the continued impact of COVID-19 restrictions on Universal Studios Beijing, which was closed for nearly two months of the quarter.
The quarterly earnings call did not feature any updates on new additions to the parks. Executives reiterated that it plans on spending about $1 billion on construction of the new Epic Universe theme park in Orlando this year.
“I could not be more excited for how this park will bring new experiences to our visitors and additional runway for growth,” Comcast CEO Brian Roberts said.