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SeaWorld’s revenue and attendance took a beating during the second quarter as a result of COVID-19 park closures, the company revealed in its latest earnings report.
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Over the three-month period ending on June 30, SeaWorld Entertainment suffered a 95% loss in revenue compared with the same time a year ago. Foot traffic declined significantly since the parks started to reopen in early June, according to the report.
SEAWORLD ATTENDANCE TAKES BIG HIT AFTER CORONAVIRUS REOPENING
SeaWorld’s revenue declined $388 million compared with the year prior, totaling roughly $18 million during the three-month period. During the same span of time, its parks saw a mere 300,000 guests, a decline of 6.2 million guests compared with a year prior, according to the report.
Tourists visit SeaWorld San Antonio in Texas on June 19, 2020. (Photo by Lie Ma/Xinhua via Getty) (Xinhua/Ma Lie via Getty Images)
In July, the company noted that its attendance had plummeted to as low as 10 percent of its usual crowds in recent weeks due to self-imposed restrictions implemented to safeguard against the virus.
SeaWorld Entertainment began the phased reopening of some of its parks with reduced operating days and capacity limitations as early as June 6 after being shuttered since mid-March.
CORONAVIRUS FORCES SEAWORLD TO FURLOUGH OVER 90% OF EMPLOYEES
Due to the closures, only seven parks had partially opened during the three-month period with 98 operating days. During the same time last year, the company’s 12 parks were fully open with 861 operating days.
Although operations were upended by measures to stem the spread of the virus, SeaWorld says total park attendance at sites open at least a month increased 15% from the week ended June 28 to the week ending August 2.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SEAS | SEAWORLD ENTERTAINMENT INC | 18.67 | +0.78 | +4.36% |
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The company believes attendance will continue to strengthen as it re-introduces special events, interactive experiences and other in-park offerings, all of which were temporarily suspended.
“Our business model is flexible and resilient; while the future remains uncertain today, we feel very well positioned – with the right assets, team, balance sheet/liquidity — to navigate through this storm and emerge an even stronger and more profitable business,” Marc Swanson, interim SeaWorld CEO said, adding that the company has confidence in its long-term strategy.
