United Parks & Resorts Inc., formerly known as SeaWorld Entertainment, Inc., reported a slight decline in total revenues for the fiscal year ending December 31, 2024, amounting to $1.725 billion, a decrease of 0.1% from $1.727 billion in 2023. The company's admissions revenue fell by 1.5% to $939.6 million, primarily due to a decrease in attendance, which dropped by 0.3% to 21.5 million guests. This decline was attributed to adverse weather conditions, including hurricanes that impacted operations at parks in Florida during peak visitation periods. In contrast, food, merchandise, and other revenue increased by 1.7% to $785.7 million, driven by improved in-park spending.
The company's operating income for 2024 was $463.3 million, reflecting a modest increase of 0.8% compared to the previous year. Total costs and expenses decreased by 0.4% to $1.262 billion, with notable reductions in operating expenses and selling, general, and administrative expenses. However, interest expenses rose by 14.4% to $167.8 million, largely due to higher average outstanding balances on variable debt. The net income for the year was reported at $227.5 million, down 2.9% from $234.2 million in 2023.
In terms of strategic developments, United Parks has focused on enhancing its theme park offerings and operational efficiencies. The company opened several new attractions in 2024, including the Penguin Trek at SeaWorld Orlando and Catapult Falls at SeaWorld San Antonio. Additionally, the company has been actively managing its labor costs and staffing levels, which have been affected by broader labor market challenges. As of December 31, 2024, the company employed approximately 3,300 full-time and 13,400 part-time and seasonal employees.
Looking ahead, United Parks aims to continue its growth trajectory through capital investments in new attractions and infrastructure, with a planned capital expenditure of approximately $248.4 million for 2024. The company remains committed to enhancing guest experiences while navigating the challenges posed by inflation and labor market conditions. The management expressed optimism about future performance, contingent on improving attendance and guest spending patterns, as well as the successful execution of its strategic initiatives.
About United Parks & Resorts Inc.
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