Tue, 29 Sep 2020

LOS ANGELES, Aug. 10 (Xinhua) -- SeaWorld Entertainment, Inc., one of the largest theme park operators in the United States, reported Monday a net loss of 131 million U.S. dollars in the second quarter of fiscal year 2020 due to the ongoing COVID-19 pandemic.

Total revenue in the three-month period ended June 30 was only 18 million dollars, a decline of 388 million dollars from the second quarter of 2019 -- a huge drop of 95.6 percent. Attendance was 300,000 guests in the quarter, a decline of 6.2 million guests from the second quarter of 2019, according to the company's quarterly earnings report.

SeaWorld also reported a loss of 1.68 dollars per share for the quarter.

The company noted that its second quarter financial results were significantly impacted by the global COVID-19 pandemic. The company closed all of its parks in March in response to the COVID-19 outbreak. Due to the park closures, the company only had seven parks partially open with 98 operating days in the second quarter compared to a total of 12 parks fully open with 861 operating days in the same period a year ago.

Starting on June 6, the company began the process of re-opening some of its parks beginning in Texas and then in Florida and by the end of the second quarter, seven of its 12 parks were operating with limited capacity, limited hours and/or limited days.

SeaWorld said that the company still does not have an opening date for its SeaWorld San Diego park in California but is in regular contact with state and local authorities and looks forward to opening the theme park as soon as it is safe and permitted to do so.

"I am extremely proud of our team's performance during this unprecedented and challenging time," said Marc Swanson, interim chief executive officer of SeaWorld Entertainment, Inc., in a statement.

"Together, we have taken significant actions to reduce our costs, carefully manage our cash flows, fortify our balance sheet and liquidity position, implement enhanced health and safety protocols for our employees, guests and animals and successfully re-open and welcome guests back to nine of our twelve parks," Swanson added, noting that the company's business model is flexible and resilient.

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