In the recent report for SeaWorld Parks & Entertainment in which the company didn’t have so much of a successful fourth quarter for 2016 for it’s revenue and attendance for it’s parks. The company has been trying to shape for bringing in new attractions, entertainment, and cost cutting for there effective business strategies have taken a tole for the image of SeaWorld as a roadblock.
Announced last year in September at SeaWorld Orlando will be doing a VR layover for one of there signature coasters for Kraken this summer and President & CEO of the company, Joel Manby said it “should increase attendance” and the hope of virtual reality would be rolled out towards other rides in other theme park companies. Employees of the company late last year were laid off about 320 people of a cost-cutting plan to loosen some financial relief. They are finding a way to seek refinance in it’s debt and is “finding ways to reduce labor hours and volume” according towards Chief Financial Officer, Peter Crage telling analysts.
“Our … plan and our path forward are very clear and we are moving with urgency on all fronts,” also according towards Chief Executive Officer Joel Manby. Competition in Orlando has been brewing up lately in the theme park market in which both a expansion and water park will be opening this summer. NBCUniversal/Comcast’s first and third water park for Volcano Bay opening May 25th, 2017 and the Pandora: The World of Avatar expansion at Disney’s Animal Kingdom opening up on May 27th, 2017.
SeaWorld San Diego has projects in the works for opening up a brand new expansion of “Ocean Explorer” with a Submarine Quest ride and with a brand new and one of the tallest and fastest coasters in the Southern California area,”Electric Eel” opening in 2018.
Manby hopes for SeaWorld to benefit from Walt Disney World and Universal Orlando’s new attractions that will lure them in towards there park in the Central Florida area. “The customer we’re going … after is more value-conscious than some of Disney and Universal’s customers,” Manby said. SeaWorld Parks & Entertainment is consistently to grow and expand and even plans to expand towards there first Middle Eastern park on the Yas Island in the Abu Dhabi region and will be the first marine-life park to not include Orca Whale practices.
The company has reported a net loss of 14 cents per share vs 13 cents per share in the previous year and the revenue in which it generated for it’s parks & water parks of $267.6 million. Hurricane Matthew last year was a natural disaster and forced to close the Orlando theme parks even there own to be closed more than a day that resulted the damage towards the company.
Attendance and revenue dropped in 2016, in which they reported full-year figures on Thursday and the company had a huge net loss drop of $12.5 million for the year. Guests visited the water parks more frequently versus SeaWorld’s normal parks because it was cheaper to get into there water parks.
“471,000 fewer people visited the parks, a 2.1 percent drop driven largely by declining visitation at the company’s Florida and Northeast park locations. The numbers were largely offset by growing visitation in Texas and flat attendance in San Diego“, executives said.
Improvement is also in hopes for increase of numbers for annual passholders for there sales and passholder attendance dropped by 18 percent in the first half of last year despite other effective business and marketing strategies for there paying customers. Passholder attendance did see a increase towards 4 percent including with a good deal for $79.00 and every visit gets a free meal.
SeaWorld Parks & Entertainment has had a rocky road last year but, there is improvement to improve upon and also in which there first ever Seven Seas Food & Wine Festival can make up the marginal errors and draw in attendance towards SeaWorld Orlando, currently on going now. SeaWorld San Antonio is going to open up one of a kind jetski coaster called “Wave Breaker” this summer, SeaWorld San Diego as mentioned up above for there “Ocean Explorer” expansion, and towards SeaWorld Orlando as well too for a new nighttime entertainment called,”Electric Ocean“.
The full earrings report can be read upon here for the fourth quarter for 2016 and for everything SeaWorld Parks & Entertainment and all other themed entertainment news, keep checking back here at SkywalkingAdventure.com