2023-05-09 06:46:25 ET
Seaworld Entertainment ( NYSE: SEAS ) reported revenue rose 8.4% to a record level of $293.3M in Q1.
Total revenue per capita increased 9.2% for the quarter to a record level of $86.84. Admission per capita increased 9.4% to a record $48.51, while in-park per capita spending increased 8.9% to a record $38.33. Attendance was 3.4M guests, which was down 25K guests from a year ago. The decrease in attendance was primarily due to adverse weather across a number of our markets, particularly at SeaWorld's ( SEAS ) California parks, including during peak visitation periods. Attendance was also likely impacted unfavorably by the timing of new ride openings in 2023 compared with 2022.
Adjusted EBITDA was up 9.8% to $72.4M. A net loss of $16.5M was recorded for the quarter, which was the second smallest loss ever for the first quarter.
CEO outlook: "Looking ahead, we are very encouraged by our group booking trends which are running well ahead of 2022 and we are really excited about our 2023 lineup of new rides, attractions and events – several of which are some of the most anticipated rides of 2023 - and looking forward to most of them opening in the coming weeks. On the international front, we are also very thrilled for the opening of the fourth SeaWorld park and first SeaWorld branded park outside of the United States in Abu Dhabi on May 23, 2023."
Shares of SeaWorld Entertainment ( SEAS ) were flat in premarket trading at $56.42.
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SeaWorld sees record revenue in Q1 off higher ticket prices, in-park spending