SeaWorld Entertainment's theme parks welcomed 3.4 million guests in the first three months of 2022, an increase of 1.9% over the same period in 2019, before the pandemic. Attendance was up 53.7% over the same period last year, when some of the company's parks remain closed or limited in capacity.
Revenue per capita in the first quarter rose 2.5% over 2021 $79.54, helping drive SeaWorld Parks to record revenues of $270.7 million for a first quarter. That allowed the company to post a net loss of just $9 million for the quarter - the smallest loss that SeaWorld has reported for a first quarter, when seasonal parks are closed and others typically operate with relatively limited attendance.
Adjusted earnings, however, were $65.9 million from the quarter - a jump of 161.8% over the same period in 2021.
"While our first quarter performance was strong and continued our momentum from 2021, we have scope for further recovery as it still does not yet reflect a normalized operating environment," Chief Executive Officer Marc Swanson said. "In particular, international and group related visitation is improving, but was not yet back to pre-Covid levels and we have opportunities to improve staffing levels to capture even more in-park spending demand."
"Looking ahead, forward demand indicators are encouraging, our pass base, as of April 30, 2022 is at a record high for this point in the season and 21.9% higher than at this point in 2019, which was the previous high, international and group business is returning and we expect our pricing power and efficiency initiatives to continue to offset cost pressures and allow us to continue to expand margins," Swanson said. "We are also thrilled by our guests' reception to the new rides and attractions we've opened to date and we are particularly encouraged by the early reviews and results from our new Sesame Place San Diego park which is our first new park since 2013."
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