The new Epic Universe in Orlando drove a big revenue increase in Q3 for Universal theme parks.
Theme park revenue soared 18.7% in the third quarter, totaling $2.72 billion, reported Universal parent Comcast. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for theme parks was up 13.1% to $958 million.
Q3 was the first full operating quarter for Epic Universe, which opened in May. CFO Jason Armstrong said Epic Universe is driving higher per-capita spending and attendance across Universal Orlando Resort.
Universal's focus continues to be on expanding the number of guests that attractions can cycle through each hour, which will enable higher guest attendance at Epic Universe.
Comcast president Mike Cavanagh said Universal has been "working on the labor and the kinks to drive Epic Universe to full capacity."
"We've been holding back a little bit to make sure the experience is what we want it to be," Cavanagh said. "We expect it to fully scale up in the months ahead."
Cavanagh also said Universal is experiencing less cannibalization of attendance from its other two theme parks in Orlando -- Universal Studios Florida and Universal Islands of Adventure -- than expected.