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28 Feb 2017
Tough year for SeaWorld as operator reports lacklustre figures
By Tom Anstey
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SeaWorld CEO Joel Manby has previously said the company had no choice but to bring an end to its controversial orca shows or risk the eventual demise of its parks.
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SeaWorld has submitted its end of year results, with revenues and attendance both down on 2015 as the company continues to try and transform its image, putting “fun but meaningful” at the forefront of its PR campaign.
Total revenues for 2016 were US$1.34bn (€1.26bn, £1.07bn), slightly lower than the US$1.37bn (€1.29bn, £1.1bn) recorded in 2015. The company also recorded a net loss of US$12.5m (€11.8m, £10m) in 2016, compared with a net profit of US$49.1m (€46.3m, £39.5m) the year before.
Heavy decline at SeaWorld’s Florida and Northeast park locations saw an overall decline in attendance by 471,000 visitors – a 2.1 per cent overall decrease across the company’s parks year-on-year.
For the final quarter of the year, SeaWorld was hurt by higher expenses and fewer people visiting its parks, with a dip of 30,000 visitors and revenue from admissions declining by 3 per cent.
The company blamed attendance on Hurricane Matthew, which temporarily closed its Florida attractions in October, also blaming “softness” in the Latin America market, which traditionally is a big draw for the operator.
The park also endured the death of infamous orca Tilikum, who died in January and was featured in the 2013 documentary Blackfish, which has been at the root of the company’s ongoing struggles.
“We ended the year exceeding our guidance and generating improved revenue and attendance in California and Texas, in particular, two locations which presented us challenges in 2015,” said SeaWorld CEO Joel Manby.
“Our focus on driving revenue growth by providing guests with experiences that matter is gaining traction. In the fourth quarter, we implemented the first phase of our cost optimisation program which had a positive impact on results, and we continue to find new ways to be more efficient."
Manby added: “Building on the platform for growth we established in 2016, we are energised going into 2017 as we launch some of the most innovative new rides and attractions in our history, while deploying our capital more efficiently. We remain focused on financial discipline to improve our financial strength and flexibility over the long term.
"We are committed to strengthening our foundation, and our board and management team are moving fast to implement our initiatives to increase value for our shareholders.” |
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