SeaWorld was struggling years ago, but they've managed to turn the tide in profit years ago in 2018. The parks feel & look like they're struggling since, but it's only because they've allowed it deteriorate for the sake of profit margins.
In 2018-2019, they finally overcome the backlash from Blackfish and turned to profit from multiple years of negative margins.
In 2019, they made $1.4B in revenue and had an operating income of $213M at 15.2% operating income).
In 2023, (2024 full numbers not yet released), they made $1.7B in revenue and had operating income/profit of $460M at 26.6%.
What really tells the story is
where people spend their money at the parks and SeaWorld's true strategy...
2013 Per Capita:
- Admission Per Capita $39.37
- In-Park (Food, Beverage, Merch, etc.): $23.05
2023 Per Capita:
- Admission Per Capita $44.16
- In-Park (Food, Beverage, Merch, etc.): $35.75
In 10 years, SeaWorld has only increased admission prices by 12%, while F&B pricing soared by 55%. Their strategy is obviously to "capture" folks inside the park and then capitalize on them.
The problem is that SeaWorld's standard pricing is already at ridiculous levels. A $19.99 Chicken Tender turns into $21.79 pre-tax if you were to increase prices by 9%.
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So far year to date in 2024 (Q4 numbers out this week), they've made a healthy 29% operating margin. In 2024, Disney Experiences had a 26.9% margin and Universal's experiences division had a 34.2% margin.
SeaWorld is doing just fine financially, so there is 0 need for this surcharge. It's pure greed.