NBCUniversal's theme park revenue plummeted 94% in the second quarter, to $87 million, down from $1.46 billion in the same period last year, as a result of temporary park closures sparked by the coronavirus pandemic.
"As is typical in past downturns, the road back will be gradual and bumpy, but I'm confident that this business will return to its historical levels of financial performance," NBCUniversal CEO Jeff Shell said during parent company Comcast's second-quarter financial earnings call on Thursday.
NBCUniversal shut down all of its theme parks in March but reopened its Orlando parks in early June "with industry-leading protocols in place and significantly reduced capacity," Shell said. Its park in Japan was also reopened in June with similar protocols in place.
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Universal has not disclosed what its reduced capacity level is.
"While attendance in both locations is much lower than our typical summer levels, we are still doing better financially than if we were closed," Shell said. "And even more importantly, our guest satisfaction scores are at record highs."
Universal's parks in California remain closed with no timetable to reopen.
Construction has been paused at Epic Universe, its planned new park in Orlando, "until the future becomes more certain," according to Shell.
In February, NBCUniversal shut down construction on its new park in Beijing. By April, construction was resumed, and the project remains on budget and on track for a mid-2021 opening, Shell said.
Overall, NBCUniversal's revenue was down 14.7%, to $2.52 billion. Comcast reported an 11.7% decrease in revenue, to $23.72 billion, and 12.2% decrease in net income to $3.17 billion.