My guess is that they have had a strong 2Q but I am curious to see any indication from Sr. Management about recent reports of demand softening given macroeconomic pressures and whether they can maintain their outlook for the remainder of the year.
This is easily one of the most interesting earnings calls in a while in my opinion. Looking forward to some clarity on what all these new ride investments have accomplished for SEAS.
I'm more interested in Q3, since I have a feeling Q2 will be business as usual with "last hurrah" numbers.
Here's the info for their 2nd Quarter performance. Info is from their SEC filing.
ORLANDO, FL, August 4, 2022 - SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the second quarter and first six months of fiscal year 2022[1] and announced that its Board of Directors approved a new $250.0 million share repurchase program (the "Share Repurchase Program").
Second Quarter 2022 Highlights
First Six Months 2022 Highlights
Other Highlights
“We are pleased to report our fifth consecutive quarter of record financial results,” said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. “While our second quarter and first half financial results were strong, these results still do not reflect a normalized operating environment and we still have significant scope to improve our execution and our financial results. International and group related visitation is better than 2021 but not yet back to pre-COVID levels; our staffing improved over the course of the
second quarter, but we are still not yet at optimized staffing levels; inflationary pressures while moderating, continue to impact costs across the enterprise. Total revenue for the quarter was up more than 24% versus 2019 and almost 15% versus a record 2021, and our pricing power and consumer spending remained strong with total revenue per capita up significantly versus 2019 and up nicely versus a record 2021. While we were focused on getting all of our parks open and fully operating during the summer season for the first time since 2019, we could have had more effective cost management during the quarter. We can and will work to do a better job going forward, consistent with what we have been doing for the past several years. We have several new projects and initiatives in flight that we expect will help us work to offset the unusually high inflationary pressures and become a more efficient and profitable operating business. Further, we expect certain cyclical, supply chain related and/or temporary cost pressures such as energy and utilities, shipping, food and certain wage and employee related costs to moderate over the coming months and quarters.”
“We continue to benefit from a very strong financial position with leverage under 2.7x, long term debt maturities, generally low cost of debt of slightly over 5% and significant available liquidity and cash flow generation. Given this strong financial position, our clear belief in our go forward prospects and what we believe is an extremely attractive value being offered by the markets, we continued to aggressively repurchase shares during the second quarter and into the third quarter, exhausting the entirety of our prior repurchase authorizations. And today we are announcing a new $250 million buyback authorization.”
“We are pleased that preliminary July revenue continued to grow versus a record July 2021 and was up approximately 20% compared to July 2019 and we look forward to closing out what we expect to be another solid summer. Looking ahead to the fall, we are excited about our popular Halloween events we have scheduled at our SeaWorld, Busch Gardens and Sesame Place parks. We look forward to building on the strength of last year, including the return of “Howl-O-Scream” at SeaWorld Orlando and SeaWorld San Diego following last year’s introduction, along with the first year of the Count’s Halloween Spooktacular at our newest park, Sesame Place San Diego.”
“As we continue to demonstrate, our business model is strong and resilient and we have significant opportunities to improve and grow our revenue and profitability. As a reminder, we operate in an industry and in markets with growing demand trends over the long term and we have significant available guest capacity across our park portfolio. Our recent attendance levels are still below the total attendance levels we achieved in 2019 and well below our historical high attendance recorded in 2008. We have made significant investments that we expect will continue to pay off and we have specific plans we are executing on today and for the future that give us high confidence in our ability to continue to deliver additional operational and financial improvements that we expect will lead to meaningful increases in shareholder value,” concluded Swanson.
The Company’s results of operations for the second quarter of 2022 and 2021 continue to be impacted by the global COVID-19 pandemic due in part to a decline in both international and group-related attendance in both periods. Additionally, results of operations for the second quarter and first half of 2021 were impacted by capacity limitations, modified/limited operations and/or temporary park closures, decreased demand due to public concerns associated with the pandemic, and restrictions on international travel. In particular, beginning on April 1, 2021, capacity at the Company’s Busch Gardens Williamsburg park was limited to approximately 13,000 guests. On May 28, 2021, theme park capacity restrictions in the State of Virginia were removed. At the beginning of the second quarter of 2021, the Company’s SeaWorld San Diego park was operating under capacity restrictions in compliance with state safety guidelines for zoos. On April 12, 2021, SeaWorld San Diego resumed theme park operations with limited capacity in accordance with the State of California guidelines for theme parks. On June 15, 2021, all capacity restrictions for SeaWorld San Diego were removed in accordance with the State of California guidelines.
ORLANDO, FL, August 4, 2022 - SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the second quarter and first six months of fiscal year 2022[1] and announced that its Board of Directors approved a new $250.0 million share repurchase program (the "Share Repurchase Program").
Second Quarter 2022 Highlights
| • | Attendance was 6.3 million guests, an increase of 0.5 million guests or 7.8% from the second quarter of 2021. Compared to the second quarter of 2019, attendance decreased by 0.2 million guests or 3.1%. Excluding international guest visitation and group-related attendance, attendance increased by approximately 3.3% when compared to the second quarter of 2019. |
| • | Total revenue was a record of $504.8 million, an increase of $65.0 million or 14.8% from the second quarter of 2021. Compared to the second quarter of 2019, total revenues increased by $98.8 million or 24.3%. |
| • | Net income was $116.6 million, the second highest net income the Company has reported in a second quarter and a decrease of $11.2 million or 8.7% from the second quarter of 2021. Compared to the second quarter of 2019, net income increased by $64.0 million or 121.5%. |
| • | Adjusted EBITDA[2] was a record $234.4 million, an increase of $15.6 million or 7.1% from the second quarter of 2021. Compared to the second quarter of 2019, Adjusted EBITDA increased by $84.8 million or 56.6%. |
| • | Total revenue per capita increased 6.4% to a record $80.59 from the second quarter of 2021. Admission per capita increased 5.0% to a record $43.98, while in-park per capita spending increased 8.2% to a record $36.61 from the second quarter of 2021. Compared to the second quarter of 2019, total revenue per capita increased 28.3%, admission per capita increased 24.8%, and in-park per capita spending increased 32.8%. |
| • | Attendance was 9.7 million guests, an increase of 1.6 million guests or 20.5% from the first six months of 2021. Compared to the first six months of 2019, attendance decreased by 0.1 million guests or 1.4%. Excluding international guest visitation and group-related attendance, attendance increased by approximately 7.7% when compared to the first six months of 2019. |
| • | Total revenue was a record of $775.5 million, an increase of $163.8 million or 26.8% from the first six months of 2021. Compared to the first six months of 2019, total revenues increased by $148.9 million or 23.8%. |
| • | Net income was a record of $107.6 million, an increase of $24.7 million or 29.9% from the first six months of 2021. Compared to the first six months of 2019, net income increased by $92.0 million. |
| • | Adjusted EBITDA[2] was a record $300.4 million, an increase of $56.4 million or 23.1% from the first six months of 2021. Compared to the first six months of 2019, Adjusted EBITDA increased by $134.3 million or 80.9%. |
| • | Total revenue per capita increased 5.2% to a record $80.23 from the first six months of 2021. Admission per capita increased 4.4% to a record $44.11, while in-park per capita spending increased 6.3% to a record $36.12 from the first six months of 2021. Compared to the first six months of 2019, total revenue per capita increased 25.5%, admission per capita increased 21.2%, and in-park per capita spending increased 31.2%. |
| • | The Company repurchased approximately 7.1 million shares of common stock at a total cost of approximately $390.1 million from April 2022 through July 2022. |
| • | The Company announced that its Board of Directors approved a new $250.0 million share repurchase program. |
| • | In the second quarter of 2022, the Company came to the aid of 376 animals in need in the wild. The total number of animals the Company has helped over its history is more than 40,000. |
“We are pleased to report our fifth consecutive quarter of record financial results,” said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. “While our second quarter and first half financial results were strong, these results still do not reflect a normalized operating environment and we still have significant scope to improve our execution and our financial results. International and group related visitation is better than 2021 but not yet back to pre-COVID levels; our staffing improved over the course of the
| [1 | ] Given results of operations for the second quarter and first six months of 2021 were impacted by capacity limitations, modified/limited operations and/or temporary park closures, decreased demand due to public concerns associated with the pandemic, and restrictions on international travel, the Company believes a comparison of its results to the second quarter and first six months of 2019 provides a more meaningful insight on its performance and operating trajectory. The Company provides a comparison versus both 2019 and 2021 periods in this release and will do so as well in its Form 10-Q. |
| [2 | ] This earnings release includes Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow which are financial measures that are not calculated in accordance with Generally Accepted Accounting Principles in the U.S. (“GAAP”). See “Statement Regarding Non-GAAP Financial Measures” section and the financial statement tables for the definitions of Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow and the reconciliation of these measures for historical periods to their respective most comparable financial measures calculated in accordance with GAAP. |
second quarter, but we are still not yet at optimized staffing levels; inflationary pressures while moderating, continue to impact costs across the enterprise. Total revenue for the quarter was up more than 24% versus 2019 and almost 15% versus a record 2021, and our pricing power and consumer spending remained strong with total revenue per capita up significantly versus 2019 and up nicely versus a record 2021. While we were focused on getting all of our parks open and fully operating during the summer season for the first time since 2019, we could have had more effective cost management during the quarter. We can and will work to do a better job going forward, consistent with what we have been doing for the past several years. We have several new projects and initiatives in flight that we expect will help us work to offset the unusually high inflationary pressures and become a more efficient and profitable operating business. Further, we expect certain cyclical, supply chain related and/or temporary cost pressures such as energy and utilities, shipping, food and certain wage and employee related costs to moderate over the coming months and quarters.”
“We continue to benefit from a very strong financial position with leverage under 2.7x, long term debt maturities, generally low cost of debt of slightly over 5% and significant available liquidity and cash flow generation. Given this strong financial position, our clear belief in our go forward prospects and what we believe is an extremely attractive value being offered by the markets, we continued to aggressively repurchase shares during the second quarter and into the third quarter, exhausting the entirety of our prior repurchase authorizations. And today we are announcing a new $250 million buyback authorization.”
“We are pleased that preliminary July revenue continued to grow versus a record July 2021 and was up approximately 20% compared to July 2019 and we look forward to closing out what we expect to be another solid summer. Looking ahead to the fall, we are excited about our popular Halloween events we have scheduled at our SeaWorld, Busch Gardens and Sesame Place parks. We look forward to building on the strength of last year, including the return of “Howl-O-Scream” at SeaWorld Orlando and SeaWorld San Diego following last year’s introduction, along with the first year of the Count’s Halloween Spooktacular at our newest park, Sesame Place San Diego.”
“As we continue to demonstrate, our business model is strong and resilient and we have significant opportunities to improve and grow our revenue and profitability. As a reminder, we operate in an industry and in markets with growing demand trends over the long term and we have significant available guest capacity across our park portfolio. Our recent attendance levels are still below the total attendance levels we achieved in 2019 and well below our historical high attendance recorded in 2008. We have made significant investments that we expect will continue to pay off and we have specific plans we are executing on today and for the future that give us high confidence in our ability to continue to deliver additional operational and financial improvements that we expect will lead to meaningful increases in shareholder value,” concluded Swanson.
The Company’s results of operations for the second quarter of 2022 and 2021 continue to be impacted by the global COVID-19 pandemic due in part to a decline in both international and group-related attendance in both periods. Additionally, results of operations for the second quarter and first half of 2021 were impacted by capacity limitations, modified/limited operations and/or temporary park closures, decreased demand due to public concerns associated with the pandemic, and restrictions on international travel. In particular, beginning on April 1, 2021, capacity at the Company’s Busch Gardens Williamsburg park was limited to approximately 13,000 guests. On May 28, 2021, theme park capacity restrictions in the State of Virginia were removed. At the beginning of the second quarter of 2021, the Company’s SeaWorld San Diego park was operating under capacity restrictions in compliance with state safety guidelines for zoos. On April 12, 2021, SeaWorld San Diego resumed theme park operations with limited capacity in accordance with the State of California guidelines for theme parks. On June 15, 2021, all capacity restrictions for SeaWorld San Diego were removed in accordance with the State of California guidelines.
Some interesting nuggets from the earnings call...
Inflation/Recession - Mentioned several times on the call. They highlighted how they are dealing with inflationary pressures as much as they can on the cost side, with no mentions of surcharges. Going into Q3, they feel good moving into a recession environment based on how they did in 2001/2002 and 2008.
Virginia weather - "I would also say -- in the month of July, we accomplished what I just laid out in the face of some difficult weather in a few places, specifically in our park, Busch Gardens Williamsburg. It was the least/fewest good weather days that we've had back to what we have data for, which is back to 1995."
Capacity/Attendance versus 2008 peak of 25 million - "And look, and just to remind everybody that the 25 million is getting back to 2008. If we had grown since that time, we'd probably be talking closer to 30 million or something in that range. So we absolutely have capacity in our parks. I mean like I said, we don't -- we have very few days where we're at full capacity. I'm talking like 4th of July or New Year's Eve and that's still not at every park. So we have room in our parks. We've added a number of new attractions over the years. We have more attractions on the horizon. We've done different new lands and realms and things like that. So I'm confident that we can still attract more people, obviously, and still have plenty of room and can deliver on an experience that people will find enjoyable. So feel good about the capacity availability in our parks, if you will."
Inflation/Recession - Mentioned several times on the call. They highlighted how they are dealing with inflationary pressures as much as they can on the cost side, with no mentions of surcharges. Going into Q3, they feel good moving into a recession environment based on how they did in 2001/2002 and 2008.
Virginia weather - "I would also say -- in the month of July, we accomplished what I just laid out in the face of some difficult weather in a few places, specifically in our park, Busch Gardens Williamsburg. It was the least/fewest good weather days that we've had back to what we have data for, which is back to 1995."
Capacity/Attendance versus 2008 peak of 25 million - "And look, and just to remind everybody that the 25 million is getting back to 2008. If we had grown since that time, we'd probably be talking closer to 30 million or something in that range. So we absolutely have capacity in our parks. I mean like I said, we don't -- we have very few days where we're at full capacity. I'm talking like 4th of July or New Year's Eve and that's still not at every park. So we have room in our parks. We've added a number of new attractions over the years. We have more attractions on the horizon. We've done different new lands and realms and things like that. So I'm confident that we can still attract more people, obviously, and still have plenty of room and can deliver on an experience that people will find enjoyable. So feel good about the capacity availability in our parks, if you will."
Good lord. Encouraging even more capacity pushing. Wonderful.
Expect more and more sales and gimmicks to get people through the gates until they start focusing on guest retention and consistency more than peak capacity ratings.
Expect more and more sales and gimmicks to get people through the gates until they start focusing on guest retention and consistency more than peak capacity ratings.
There is only so much cheap junk you can pick up at the park and the funnel cake that was basically free in the past with the $10 bucks now ends up costing $3.70 after the price hikes and surcharges w/unlimited member discount. (which is not horribly expensive, but way less of an incentive to go there)If those gimmicks include $10 Busch/SeaWorld Bucks, I'm totally fine with that
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I don't think they will, I think it's here to stay. From what I have heard it's well liked internally. It's provides additional flexibility given how unpredictable prices can be on anything. They don't need to be as concerned about their costs fluctuating.
How about just increasing pricing a bit instead of giving sticker shock... Or at least being more forthcoming
Between employees that don't care one way or the other, or those that do care but can't do anything about it/doesn't matter if they tell a higher-up, I think you'd be better off saving your voice for those listening.
Not saying you're being a Karen, but hopefully you aren't.
Not saying you're being a Karen, but hopefully you aren't.
High level shareholders voicing their concerns will impact these things. Unfortunately I doubt they’ve ever stepped foot in the park.
It’s the directive on stuff is coming from above them, sadly that won’t have much of an impact.
Here's the info on the company 3rd quarter financial results. Info is from their SEC filing, most of which goes into their press release. Attendance was barely up but revenue went up nicely.
Third Quarter 2022 Highlights
First Nine Months 2022 Highlights
Other Highlights
“I am happy to report our sixth consecutive quarter of record financial results,” said Marc Swanson, Chref Executive Officer of SeaWorld Entertainment, Inc. “While we achieved records for revenue, net income and Adjusted EBITDA in the quarter, these results still do not reflect a normalized operating environment and we still have significant scope to improve our execution and our financial tesults. We had a meaningful impact from adverse weather in the quarter, including Hurricane Ian, that we estimate led to 90,000 less guest visits during the quarter; international and group visitation are still not back to pre-Covid levels; our staffing is still not at optimized levels; and inflationary pressures continue to impact our costs. We are pleased with the growth in total revenue and total revenue per capita during the quarter which continued to demonstrate our pricing power and the strength of consumer spending in our parks.
Our cost management and the flow-through to Adjusted EBITDA for the quarter could have been better. To this end, we have enhanced and increased our efforts related to monitoring and managing costs throughout the enterprise and our initiatives to reduce costs and increase efficiencies. As we highlighted last quarter, we have several new projects and initiatives in flight that we expect will help us work to offset the unusually high inflationary pressures and become a more efficient and profitable operating business over the coming quarters. While inflationary pressures continue to exist, we expect certain cyclical, supply chain related and/or temporary cost pressures to moderate over the coming quarters.
We continue to benefit from a very strong financial position and significant free cash flow generation. This position allowed us to continue to take advantage of what we believe was an extremely attractive value being offered by the markets during the quarter as we continued to aggressively repurchase shares during the third quarter and have now repurchased 12.3 million shares or 16% of total shares outstanding[4] year to date.
We recently concluded another successful Halloween season at our parks featuring our award-winning Halloween events, which led to strong revenue growth this October compared to October 2021 and October 2019. Revenue for October was up approximately 13% compared to 2021 and approximately 45% compared to 2019. Over the next few weeks, we will begin our popular Christmas events at our SeaWorld, Busch Gardens and Sesame parks. Our Christmas events feature exciting entertainment, unique food and beverage offerings and seasonal merchandise for guests of all ages.
As we have consistently demonstrated, our business model is strong and resilient, and we believe that we have significant opportunities to improve and grow our revenue and profitability. As I’ve mentioned previously, we operate in an industry and in markets with growing demand trends over the long term and we have significant available guest capacity across our park portfolio. Our attendance levels are still below the total attendance levels we achieved in 2019 and well below our historical high attendance of approximately 25 million guests recorded in 2008. We have made significant investments that we expect will continue to deliver strong returns and we have specific plans we are executing on today and plans for the future that give us high confidence in our ability to continue to deliver additional operational and financial improvements that we expect will lead to meaningful increases in shareholder value,” continued Swanson.
“Looking ahead, we are very excited about our plans for 2023 and the investments that we have made and will be making that we expect will drive meaningful growth and new records in revenue and Adjusted EBITDA,” concluded Swanson.
The Company has announced its line-up of new rides, attractions, events and upgrades, including, something new and meaningful in every one of its parks. This line-up includes, among others:
Third Quarter 2022 Highlights
| • | Attendance was 7.3 million guests, an increase of 0.1 million guests or 1.5% from the third quarter of 2021. Compared to the third quarter of 2019, attendance decreased by 0.8 million guests or 9.7%. Excluding international guest visitation, group-related attendance, adverse weather impact (including Hurricane Ian), and calendar shift, attendance increased by approximately 2% when compared to the third quarter of 2019. |
| • | Total revenue was a record of $565.2 million, an increase of $44.0 million or 8.4% from the third quarter of 2021. Compared to the third quarter of 2019, total revenue increased by $91.5 million or 19.3%. |
| • | Net income was a record of $134.6 million, an increase of $32.5 million or 31.8% from the third quarter of 2021. Compared to the third quarter of 2019, net income increased by $36.5 million or 37.3%. |
| • | Adjusted EBITDA[2] was a record of $274.2 million, an increase of $8.9 million or 3.4% from the third quarter of 2021. Compared to the third quarter of 2019, Adjusted EBITDA increased by $67.3 million or 32.5%. |
| • | Total revenue per capita[3] increased 6.8% to a record $77.05 from the third quarter of 2021. Admission per capita[3] increased 4.1% to a record $42.75, while in-park per capita spending[3] increased 10.4% to a record $34.30 from the third quarter of 2021. Compared to the third quarter of 2019, total revenue per capita increased 32.1%, admission per capita increased 29.5%, and in-park per capita spending increased 35.5%. |
First Nine Months 2022 Highlights
| • | Attendance was 17.0 million guests, an increase of 1.8 million guests or 11.5% from the first nine months of 2021. Compared to the first nine months of 2019, attendance decreased by 0.9 million guests or 5.1%. Excluding international guest visitation and group-related attendance, attendance increased by approximately 2.2% when compared to the first nine months of 2019. |
| • | Total revenue was a record of $1,340.7 million, an increase of $207.8 million or 18.3% from the first nine months of 2021. Compared to the first nine months of 2019, total revenue increased by $240.5 million or 21.9%. |
| • | Net income was a record of $242.2 million, an increase of $57.2 million or 30.9% from the first nine months of 2021. Compared to the first nine months of 2019, net income increased by $128.5 million or 113.1%. |
| • | Adjusted EBITDA[2] was a record $574.6 million, an increase of $65.3 million or 12.8% from the first nine months of 2021. Compared to the first nine months of 2019, Adjusted EBITDA increased by $201.6 million or 54.0%. |
| • | Total revenue per capita[3] increased 6.2% to a record $78.86 from the first nine months of 2021. Admission per capita[3] increased 4.4% to a record $43.52, while in-park per capita spending[3] increased 8.4% to a record $35.34 from the first nine months of 2021. Compared to the first nine months of 2019, total revenue per capita increased 28.5%, admission per capita increased 24.8%, and in-park per capita spending increased 33.3%. |
| • | The Company repurchased approximately 3.6 million shares of common stock at a total cost of approximately $183.9 million from August 2022 through October 2022. For the year-to-date period through October 2022, the Company has repurchased 12.3 million shares of common stock (or approximately 16% of total shares outstanding)[4] at a total cost of approximately $683.9 million. |
| • | In the third quarter of 2022, the Company came to the aid of 229 animals in need in the wild. The total number of animals the Company has helped over its history is more than 40,000. |
“I am happy to report our sixth consecutive quarter of record financial results,” said Marc Swanson, Chref Executive Officer of SeaWorld Entertainment, Inc. “While we achieved records for revenue, net income and Adjusted EBITDA in the quarter, these results still do not reflect a normalized operating environment and we still have significant scope to improve our execution and our financial tesults. We had a meaningful impact from adverse weather in the quarter, including Hurricane Ian, that we estimate led to 90,000 less guest visits during the quarter; international and group visitation are still not back to pre-Covid levels; our staffing is still not at optimized levels; and inflationary pressures continue to impact our costs. We are pleased with the growth in total revenue and total revenue per capita during the quarter which continued to demonstrate our pricing power and the strength of consumer spending in our parks.
Our cost management and the flow-through to Adjusted EBITDA for the quarter could have been better. To this end, we have enhanced and increased our efforts related to monitoring and managing costs throughout the enterprise and our initiatives to reduce costs and increase efficiencies. As we highlighted last quarter, we have several new projects and initiatives in flight that we expect will help us work to offset the unusually high inflationary pressures and become a more efficient and profitable operating business over the coming quarters. While inflationary pressures continue to exist, we expect certain cyclical, supply chain related and/or temporary cost pressures to moderate over the coming quarters.
We continue to benefit from a very strong financial position and significant free cash flow generation. This position allowed us to continue to take advantage of what we believe was an extremely attractive value being offered by the markets during the quarter as we continued to aggressively repurchase shares during the third quarter and have now repurchased 12.3 million shares or 16% of total shares outstanding[4] year to date.
We recently concluded another successful Halloween season at our parks featuring our award-winning Halloween events, which led to strong revenue growth this October compared to October 2021 and October 2019. Revenue for October was up approximately 13% compared to 2021 and approximately 45% compared to 2019. Over the next few weeks, we will begin our popular Christmas events at our SeaWorld, Busch Gardens and Sesame parks. Our Christmas events feature exciting entertainment, unique food and beverage offerings and seasonal merchandise for guests of all ages.
As we have consistently demonstrated, our business model is strong and resilient, and we believe that we have significant opportunities to improve and grow our revenue and profitability. As I’ve mentioned previously, we operate in an industry and in markets with growing demand trends over the long term and we have significant available guest capacity across our park portfolio. Our attendance levels are still below the total attendance levels we achieved in 2019 and well below our historical high attendance of approximately 25 million guests recorded in 2008. We have made significant investments that we expect will continue to deliver strong returns and we have specific plans we are executing on today and plans for the future that give us high confidence in our ability to continue to deliver additional operational and financial improvements that we expect will lead to meaningful increases in shareholder value,” continued Swanson.
“Looking ahead, we are very excited about our plans for 2023 and the investments that we have made and will be making that we expect will drive meaningful growth and new records in revenue and Adjusted EBITDA,” concluded Swanson.
The Company has announced its line-up of new rides, attractions, events and upgrades, including, something new and meaningful in every one of its parks. This line-up includes, among others:
| • | Pipeline: The Surf Coaster at SeaWorld Orlando |
| • | Serengeti Flyer swing at Busch Gardens Tampa Bay |
| • | Darkoaster straddle coaster at Busch Gardens Williamsburg |
| • | Arctic Rescue rollercoaster at SeaWorld San Diego |
| • | Catapult Falls flume coaster at SeaWorld San Antonio |
| • | Riptide Race waterslide at Water Country USA |
| • | a refresh of Laguna Grill at Discovery Cove |
Well They are losing my 3 platinum passes and all I spend in their parks due to their cost cutting measures.