26 Apr 2018
Comcast focusing Universal investments into theme park division
BY Tom Anstey
Comcast has said that it expects capital spending to increase at NBCUniversal through 2018, with the majority of investment directed towards its booming theme parks division.
Universal has enjoyed a strong first quarter to the year, with increased revenues and profits, driven by investment into new rides and attractions.
Speaking during an earnings call, Michael J. Cavanagh, senior executive vice president and chief financial officer of Comcast, said that NBCUniversal – which operates a number of film and television subsidiaries as well as Universal Parks & Resorts – would be making the bulk of its investment in 2018 through its theme park business.
"For our theme parks, another quarter of double-digit EBITDA growth reflects continued strength from Volcano Bay in Orlando and Minion Park in Japan," said Cavanagh.
"There is more to come this year with several exciting attractions debuting across our parks this spring that leverage our own intellectual property.
"For the full year we expect capital spending to increase at NBCUniversal, with the majority of the investment directed to our theme parks."
Investments for Universal coming this year includes the newly-opened Fast & Furious ride in Orlando, Florida, as well as its Kung Fu Panda attraction in Hollywood, California and its Hollywood-themed night parade planned for Japan.
Universal is working on a number of major multi-year developments, namely its largest ever park in Beijing, China, and its highly-secretive but long-rumoured third theme park in Orlando.
Nintendo is the company's next publicly-announced major addition in the pipeline, with new lands coming first to Universal Studios Japan in time for the 2020 Tokyo Olympics. According to the operator, the Nintendo attraction in Osaka will exceed the size of its existing Harry Potter attractions. Universal also confirmed plans in November to expand its Nintendo presence beyond Japan, by building similar attractions at its Orlando and Hollywood theme parks, which will open separately over “the next several years”.
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