The beginning of 2020 was shaping up to be a record-breaking period for SeaWorld, the company said Tuesday, having welcomed 1.9 million guests and generated $121 million in revenue through February.
And then, the coronavirus pandemic happened.
The chain’s Central Florida parks — including SeaWorld Orlando and Busch Gardens Tampa Bay — have been shuttered since March 16, and the company has since laid off more than 90 percent of its employees and had its CEO, Serge Rivera, resign after only five months on the job.
In a Securities and Exchange Commission filing, the company estimated it will spend $25 million per month while the parks are closed. Thanks to raising $227.5 million in a private offering, however, the company assured shareholders that it can weather a long shutdown.
“With the Company’s current cash and cash equivalents balance at March 31, 2020 of approximately $192.8 million, and factoring in its estimated net cash outflows, assuming parks did not re-open for the remainder of the year, the Company estimates that it has sufficient liquidity to meet its cash expenditure requirements until the end of 2020,” the SEC filing said.
The company has also adopted other cost-cutting measures, including reducing capital expenditures and eliminating its marketing and advertising budget.
“I am proud of our team and thankful for their resilience during these uncertain times,” said SeaWorld’s interim CEO Marc Swanson. “We are fully committed to successfully navigating through this current environment, reopening our parks and welcoming back our guests as soon as it’s safe and permitted. We are confident in our business and strategy and sincerely look forward to coming out of this crisis and continuing to drive improved operating and financial results and long-term value for all stakeholders.”
Salaries for Swanson and other SeaWorld executives will be reduced during the shutdown, but the company has also approved $6.8 million in stock awards for its top brass that fully vest after two years.