DizneyFreak2002
01-30-2014, 10:50 AM
As per Jason Garcia of the Orlando Sentinal:
Powered by Harry Potter and Optimus Prime, Universal Orlando and the rest of NBCUniversal’s theme parks threw off more than $1 billion in cash for their owners in 2013, the first time they have ever eclipsed the mark.
Executives at parent company Comcast Corp., which reported fourth-quarter earnings Tuesday, called it a “very exciting milestone” for their theme-park business and predicted results will swell even further this year on the strength of a second Potter-themed land in Orlando: The Wizarding World of Harry Potter – Diagon Alley, which will open by this summer in Universal Studios Florida.
“We remain excited and optimistic about the next phase of Harry Potter and expect this to generate strong returns by increasing profitability and attendance and continuing the transformation of our parks into must-visit destinations,” Comcast Vice Chairman and Chief Financial Officer Michael Angelakis said on a conference call with analysts.
The confident forecast followed a fourth quarter in which Universal Parks & Resorts’ operating cash flow — a measure of profitability — rose 4.6 percent, climbing to $257 million from $245 million a year ago. Total revenue jumped 8.8 percent to $566 million.
Though it did not disclose precise figures, Comcast said attendance and visitor spending rose during the quarter at both of its domestic resorts: the two-park Universal Orlando and Universal Studios Hollywood in Southern California. Executives credited the continued strength of the original — and now nearly four-year-old — Wizarding World of Harry Potter in Universal’s Islands of Adventure theme park, as well as Transformers-themed thrill rides that have been built on both coasts.
For the full year, operating cash flow at the theme parks rose 5.3 percent to $1 billion on sales that leapt 7.2 percent to $2.2 billion. The division also earns licensing fees from overseas theme parks.
Comcast said cash flow at the theme parks has more than doubled from $400 million in 2009, the year it struck a deal to acquire NBCUniversal from General Electric Co. Combined attendance in Florida and California has soared more than 40 percent over the same period.
The Philadelphia-based cable giant is now aggressively expanding those parks. NBCUniversal’s total capital spending increased by nearly $400 million in 2013 — to $1.2 billion total — amid construction of everything from a Transformers ride and a Simpsons-themed retail area, both of which opened in Universal Studios Florida last year, to Diagon Alley and Cabana Bay Beach Resort, which will become the company’s fourth-on-site hotel in Orlando when it opens in the coming weeks.
Comcast said NBCUniversal’s capital spending will remain at around $1.2 billion this year, primarily because of Diagon Alley and a copy of the original Wizarding World being built in California.
“We think that cash flow in the theme parks can increase significantly with investments like Harry Potter 2, hotels and other investments in the future,” NBCUniversal Chief Executive Officer Steve Burke told analysts.
All U.S. Universal parks have increases for 2013. Expect this to go even further for 2014, and 2015. During these two years, ioa will see new addition in Jurassic park, and USF will also see some entertainment additions.
Powered by Harry Potter and Optimus Prime, Universal Orlando and the rest of NBCUniversal’s theme parks threw off more than $1 billion in cash for their owners in 2013, the first time they have ever eclipsed the mark.
Executives at parent company Comcast Corp., which reported fourth-quarter earnings Tuesday, called it a “very exciting milestone” for their theme-park business and predicted results will swell even further this year on the strength of a second Potter-themed land in Orlando: The Wizarding World of Harry Potter – Diagon Alley, which will open by this summer in Universal Studios Florida.
“We remain excited and optimistic about the next phase of Harry Potter and expect this to generate strong returns by increasing profitability and attendance and continuing the transformation of our parks into must-visit destinations,” Comcast Vice Chairman and Chief Financial Officer Michael Angelakis said on a conference call with analysts.
The confident forecast followed a fourth quarter in which Universal Parks & Resorts’ operating cash flow — a measure of profitability — rose 4.6 percent, climbing to $257 million from $245 million a year ago. Total revenue jumped 8.8 percent to $566 million.
Though it did not disclose precise figures, Comcast said attendance and visitor spending rose during the quarter at both of its domestic resorts: the two-park Universal Orlando and Universal Studios Hollywood in Southern California. Executives credited the continued strength of the original — and now nearly four-year-old — Wizarding World of Harry Potter in Universal’s Islands of Adventure theme park, as well as Transformers-themed thrill rides that have been built on both coasts.
For the full year, operating cash flow at the theme parks rose 5.3 percent to $1 billion on sales that leapt 7.2 percent to $2.2 billion. The division also earns licensing fees from overseas theme parks.
Comcast said cash flow at the theme parks has more than doubled from $400 million in 2009, the year it struck a deal to acquire NBCUniversal from General Electric Co. Combined attendance in Florida and California has soared more than 40 percent over the same period.
The Philadelphia-based cable giant is now aggressively expanding those parks. NBCUniversal’s total capital spending increased by nearly $400 million in 2013 — to $1.2 billion total — amid construction of everything from a Transformers ride and a Simpsons-themed retail area, both of which opened in Universal Studios Florida last year, to Diagon Alley and Cabana Bay Beach Resort, which will become the company’s fourth-on-site hotel in Orlando when it opens in the coming weeks.
Comcast said NBCUniversal’s capital spending will remain at around $1.2 billion this year, primarily because of Diagon Alley and a copy of the original Wizarding World being built in California.
“We think that cash flow in the theme parks can increase significantly with investments like Harry Potter 2, hotels and other investments in the future,” NBCUniversal Chief Executive Officer Steve Burke told analysts.
All U.S. Universal parks have increases for 2013. Expect this to go even further for 2014, and 2015. During these two years, ioa will see new addition in Jurassic park, and USF will also see some entertainment additions.