10-K: United Parks & Resorts Inc. Reports Annual Results for 2024

United Parks & Resorts Inc. releases its 10-K filing, detailing its financial performance and strategic initiatives for the year ended December 31, 2024.

Summary

• United Parks & Resorts Inc. has released its Annual Report on Form 10-K for the year ended December 31, 2024.
• The company owns or licenses recognized brands including SeaWorld, Busch Gardens, Aquatica, Discovery Cove and Sesame Place.
• The company owns and operates 12 theme parks in the United States and one in the United Arab Emirates.
• Total revenue for 2024 was $1.725 billion, a slight decrease of 0.1% compared to 2023.
• Admissions revenue decreased by 1.5% to $939.6 million, while food, merchandise, and other revenue increased by 1.7% to $785.7 million.
• Net income for 2024 was $227.5 million, a decrease of 2.9% compared to 2023.
• Attendance was 21.547 million, a decrease of 0.3% compared to 2023.
• The company is focused on new rides and attractions, popular events and new and improved in park venues and offerings across our parks.
• The company is committed to animal rescue, conservation research and education and invest millions annually in these efforts.

Sentiment

Score: 6

Explanation: The document presents a mixed sentiment. While the company highlights its strengths and future plans, the financial results show a slight decline in revenue and net income, and there are several risk factors to consider.

Positives

• In-park per capita spending increased by 2.0% to $36.46 in 2024.
• The company opened numerous new rides and attractions including 2 of the top 10 Best New Amusement Park Attractions of 2024 ( USA Today , 2025) .
• Operating expenses decreased by 1.2% due to cost savings initiatives.
• The company is committed to animal rescue, conservation research and education and invest millions annually in these efforts.

Negatives

• Total revenue for 2024 was $1.725 billion, a slight decrease of 0.1% compared to 2023.
• Net income for 2024 was $227.5 million, a decrease of 2.9% compared to 2023.
• Admissions revenue decreased by 1.5% to $939.6 million.
• Attendance was 21.547 million, a decrease of 0.3% compared to 2023, primarily due to adverse weather conditions.

Risks

• Various factors beyond the company's control, such as weather, natural disasters, and economic conditions, could adversely affect attendance and guest spending.
• Failure to retain and/or hire employees could adversely affect the business.
• The company could be adversely affected by a decline in discretionary consumer spending or consumer confidence.
• The company is subject to complex federal and state regulations governing the treatment of animals, which can change.
• Cyber security risks and the failure to maintain the integrity of internal or guest data could result in damages to the company's reputation, the disruption of operations and/or subject the company to costs, fines or lawsuits.
• The company's leverage could adversely affect its ability to raise additional capital to fund operations.

Future Outlook

For 2025, the company believes it has an outstanding line-up of new rides and attractions, popular events and new and improved in park venues and offerings across our parks.

Industry Context

The theme park industry is described as an attractive sector characterized by a proven business model that over the long-term generates significant cash flow and has avenues for growth.

Comparison to Industry Standards

• Principal direct competitors of our theme parks include theme parks operated by The Walt Disney Company, Universal Parks and Resorts, Six Flags Entertainment Corporation, Merlin Entertainments ltd., and Hershey Entertainment and Resorts Company.
• Our highly differentiated products provide a value proposition and a complementary experience to those offered by fantasy-themed Disney and Universal parks.
• In addition, we benefit from the significant capital investments made in developing the tourism industry in the Orlando area.

Legal Proceedings

• On July 27, 2022, a purported class action was filed in the United States District Court for the Eastern District of Pennsylvania against the Company captioned Quinton Burns individually and Next Friend of K.B., a minor v. SeaWorld Parks & Entertainment, Inc. and SeaWorld Parks & Entertainment LLC, Civil Case No. 2:22-cv-09941.

Stakeholder Impact

• The company's performance impacts shareholders through stock value and potential dividends.
• Employees are affected by the company's ability to provide competitive compensation and benefits.
• Customers are impacted by the quality and variety of attractions and experiences offered at the theme parks.

Next Steps

• The company will continue to focus on new rides and attractions, popular events and new and improved in park venues and offerings across our parks.
• The company will continue to monitor changes and proposed changes to tax and other laws that may impact our business, results of operations, and financial condition and liquidity.

Key Dates