Since becoming Universal's theme park chief in 2022, Mark Woodbury has aimed to elevate the brand beyond Disney's shadow by exploring new markets and enhancing existing parks. Recent developments include a family-themed park in Texas and a horror attraction in Nevada, alongside significant expansions in Los Angeles and Orlando. With an estimated $7 billion investment in the Orlando project, Comcast sees the profitability potential despite inherent risks like economic fluctuations and rising operational costs. Comcast's president, Mike Cavanagh, expresses pride in their growth strategy and trajectory in the theme park sector.
When Mark Woodbury became Universal's theme park chief in 2022, he pressed his lieutenants to answer that question. The former architect was not referring to a roller coaster incline. Universal's parks had already become a surprise growth engine for NBCUniversal, but Mr. Woodbury saw an even bigger opportunity to lift the business firmly out of Disney's shadow.
This week, Universal unveiled theming for a new park in Texas aimed at families and an opening date for an attraction in Nevada focused on horror fans. Those come on top of an expansion in Los Angeles and a massive theme park development in Orlando, Fla., that will open this spring.
As businesses, theme parks come with numerous risks. They are vulnerable to swings in the economy. Visitor safety is a constant battle. Attractions require costly upkeep. Escalating labor costs threaten margins.
I could not be prouder of the trajectory and growth strategy, Mike Cavanagh, Comcast's president, said in an email.
Collection
[
|
...
]