Universal is not currently feeling the effects from a drop in international travel to the U.S., said Michael Cavanagh, president of parent company Comcast during a Q1 earnings call on Thursday.
While there was a decrease in revenue and adjusted earnings (EBITDA) at its theme parks in the first quarter, Cavanagh said the main reason was a decline in attendance at Universal Studios Hollywood after the January wildfires.
Universal's theme park revenue was down 5.2% year over year, to $1.88 billion. Adjusted EBITDA declined 32.1%, to $429 million.
Cavanagh was responding to an analyst's question about a decline in inbound U.S. travel. For example, the National Tour Association, American Bus Association and Student & Youth Travel Association recently surveyed their U.S. members about inbound travel, and 51% said there has been a drop in business, bookings or visitation.
Cavanagh called Universal's first-quarter results in Florida "stable" outside of pre-opening expenses for Epic Universe -- the park's grand opening is May 22. The park is partially open now during a preview period.
"What we're seeing for advanced bookings, both ticket sales and hotel bookings, are strong for the overall parks and for Epic," Cavanagh said.
He said advanced ticket sales for Epic Universe are "a little ahead of our expectations." The park's opening will give Universal three theme parks in Orlando (plus the Volcano Bay waterpark), turning Universal Orlando Resort into a weeklong destination, Cavanagh said.
"The most reaction to early previews has been nothing short of phenomenal, with thousands of media stories, social posts and fan reviews characterizing Epic as having groundbreaking creativity and taking immersive entertainment to a whole new level," he said.