Universal's new Epic Universe park challenges Disney in Florida
ORLANDO, Florida (Reuters) - For decades, Universal Orlando Resort was a pit stop on a vacationer's way to the 'Most Magical Place on Earth,' Walt Disney World.
Now, NBCUniversal owner Comcast aims to rewrite the travel itinerary with Epic Universe, a major new theme park in Central Florida set to open on Thursday.
An estimated $7 billion investment has doubled the resort's size, adding 750 acres and populating it with familiar movie and game characters, which it owns or licenses. It features five themed worlds: The Wizarding World of Harry Potter-Ministry of Magic; Super Nintendo World; How to Train Your Dragon-Isle of Berk; Celestial Park; and Dark Universe.
Epic Universe represents the largest investment Comcast has made in Universal's theme parks since gaining control of the business in 2011. Analysts say it poses a heightened competitive threat to Walt Disney World, whose last major expansion was in 2019.
'This is the one part of the media ecosystem that is not vulnerable to screen-shifting. It's still beloved as a thing to do with friends and family,' Comcast President Mike Cavanaugh told Reuters on Tuesday. "It would be silly not to be stepping on the gas."
Comcast's big investment in parks is one of six areas that will contribute to growth. The Experiences group is experimenting with new concepts, including the August launch of a permanent attraction in Las Vegas, Universal Horror Unleashed. It includes four haunted houses inspired by movies like 'The Texas Chainsaw Massacre' and 'The Exorcist: Believer.' A family-friendly regional park, Universal Kids Resort, debuts next year in Frisco, Texas, inspired by 'Shrek,' 'Minions' and SpongeBob SquarePants.
'One of our key pillars of growth is how we bring the Universal brand to new audiences in new markets,' Mark Woodbury, chairman of Universal Destinations & Experiences, said in an interview. 'And you can see that in our Kids Resort in Frisco, Texas, for our horror genre venue in Las Vegas.'
Universal also has another major theme park resort planned for the United Kingdom, Comcast's first in Europe.
The theme park business is not without risk. It's vulnerable to economic downturns - something the industry experienced during the COVID-19 epidemic.
Comcast CEO Brian Roberts said he is comfortable making long-term, capital-intensive bets.
"When you find something extraordinary, that's when you make these bets," said Roberts, citing the example of the first Harry Potter themed land in Orlando. "When that Harry Potter opened, I think there was a massive increase in attendance the next day, and it never went backwards."
WINNING STREAK
Disney has dominated the Orlando scene since Walt Disney World's Magic Kingdom opened in 1971.
In 2023, Walt Disney World attracted 48.8 million visitors, more than double Universal's attendance of 19.8 million that year, according to a report from the Themed Entertainment Association and AECOM.
Epic could "siphon off at least some of the demand," MoffettNathanson analyst Craig Moffett wrote in an investor report about Epic Universe's potential impact on Disney.
Moffett predicts Epic Universe could attract 9.5 million visitors in 2026, and bring in more than $1.3 billion in revenue. Some of those gains will come at the expense of other parks, including Disney's, which Moffett estimates could lose 1 million guests over the next two years. In time, it could draw 13 million visitors a year, more than either of its sister parks, he estimates.
"In the long run, I think it makes Orlando an even more attractive vacation destination," said TD Cowen analyst Doug Creutz. "That's probably good for Disney."
Universal's theme park business has been rooted in its movie-making from its earliest days offering studio tours a century ago. When Universal Studios Florida opened in 1990, it promoted the park as offering the chance to 'ride the movies.'
The opening of The Wizarding World of Harry Potter marked a watershed moment for Universal's Orlando resort, helping to fuel attendance with an experience that faithfully recreated the Warner Bros movies. A second Potter-themed attraction, The Wizarding World of Harry Potter-Diagon Alley, opened in 2014.
Ever since Universal tapped in to J.K. Rowling's fantasy world, Moffett said it has been 'on an asterisk-free winning streak.'
Ahead of the Epic Universe launch, Disney has reassured investors about its theme parks business
Disney told investors that bookings at Walt Disney World remain strong over the next two fiscal quarters. It has been making steady improvements to its Florida resort to keep the experience fresh for visitors, including adding the Guardians of the Galaxy: Cosmic Rewind spinning roller coaster at Epcot in 2022, and the TRON Lightcycle Run roller coaster in the Magic Kingdom in 2023. It plans to spend $60 billion over a decade to 'turbocharge' growth in its parks and cruise businesses.
In April, Disney began offering half-price tickets for children ages three to nine this summer, and cut by half the downpayment Florida residents make to purchase annual passes.
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