Universal Parks & Resorts Suffers 94% Loss in Revenue Due to COVID-19 Pandemic

Universal Parks & Resorts has revealed just how powerful the economic impact of the COVID-19 pandemic has been.

Universal Studios Hollywood CityWalk

According to Spectrum News 13‘s Ashley Carter, Comcast, Universal’s parent company, reported that Parks & Resorts experienced a 94% loss in revenue during the second quarter of 2020. Altogether, the theme parks earned $87 million, a massive decrease from the $1.46 billion that they earned during the same period in 2019.

This is the first quarterly report to include the period where all Universal theme parks worldwide were shut down due to the pandemic, though it also includes Universal Orlando and Universal Studios Japan’s re-openings before the quarter ended in June. Both resorts, along with Universal Studios Singapore, have since reopened their theme parks with enhanced safety measures. Universal Studios Hollywood remains closed for now.

During the earnings call, executives noted that attendance levels were significantly lower than normal, as has been mandated to mitigate the possible spread of the virus, but that they were doing better financially with the parks open rather than with them closed. But there have still been serious impacts. Universal Orlando laid off an undisclosed number of employees just weeks after its theme parks reopened, and both Universal Studios Florida and Hollywood have cancelled their popular and lucrative Halloween Horror Nights events for this year.

Keep reading WDWNT and Universal Parks News Today for more updates on everything happening at Universal Parks & Resorts.

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