SeaWorld Entertainment, one of the big three Orlando theme parks and a leading national entertainment company, reported its financial results for the first quarter of 2020, with mixed news considering the ongoing COVID-19 crisis. Prior to the coronavirus pandemic park closures, SeaWorld Entertainment had a strong start to 2020 with record-setting attendance and revenue through the first two months of the year. The company furloughed employees early into the crisis, like the Walt Disney Company has also done.
In the first quarter of 2020, SeaWorld Entertainment hosted approximately 2.3 million guests, generated total revenues of $153.6 million, a net loss of $56.5 million. Year to date attendance for the first two months of 2020 was a record 1.9 million guests, an increase of 0.2 million guests, or 9% when compared to the first two months of 2019. Total revenue for the first two months of 2020 was a record of approximately $120.6 million, an increase of $13.0 million, or 12% when compared to the first two months of 2019.
“While the world is experiencing an unprecedented global health crisis that has impacted nearly everyone on the planet, we are confident in the resiliency of our business, our ability to weather this crisis and that we will emerge an even stronger company,” said Marc Swanson, Interim Chief Executive Officer of SeaWorld Entertainment, Inc.
As of April 30, 2020, the company had just over $400 million of cash and cash equivalents on its balance sheet and estimates its average monthly net cash outflows will be between $20 million and $25 million per month while its parks remain closed. Based on this, the company believes it can sustain its current level of monthly cash outflows into the fourth quarter of 2021.
Also, while the parks are currently closed, SeaWorld animal care professionals along with other essential employees continue to provide comprehensively for the welfare of all animals and maintain the parks. The company is currently focused on finalizing plans to reopen the parks, including enhanced health and safety protocols that will meet or exceed government guidelines and provide the safe and clean environment our guests and ambassadors expect along with the other area parks.
“Together, we are committed to successfully navigating through this current environment, reopening our parks and welcoming back our guests as soon as safely possible. We are confident in our business and strategy and sincerely look forward to coming out of this crisis and continuing to drive improved operating and financial results and long-term value for all stakeholders,” concluded Swanson.