SeaWorld flounders as profits for the year drop US$10m
by Tom Anstey | 06 Nov 2015
SeaWorld must now look forward to what certainly is going to be a tough year after further public setbacks / Shutterstock.com
SeaWorld continues to struggle in the wake of Blackfish as profits for the operator’s parks slumped by US$10m (€9.2m, £6.6m), according to the company’s recently released Q4 financial report.
SeaWorld’s shares – which have been cut in half since the release of the controversial Blackfish documentary, which catalogues alleged mistreatment of killer whales and the death of three people as a result – fell 9 per cent following the Q4 release to US$17.80 (€16.37, £11.73).
Profits for the year were still US$360m across all of SeaWorld Entertainment’s parks, lower than the US$370m forecast at the start of the year. In a statement the company attributed the drop in attendance, on top of big losses in previous quarters, due to “continued SeaWorld brand challenges” stemming from Blackfish.
Joel Manby, who was appointed SeaWorld CEO in March to combat the fall in profits and attendance, said during a conference call that despite the drop in attendance at SeaWorld, overall attendance for SeaWorld Entertainment, the parent company of SeaWorld which also operates Busch Gardens, would be up on the previous year, though did not reveal the exact figures.
SeaWorld must now look forward to what certainly is going to be a tough year after further public setbacks, including a breeding ban at its park in San Diego, continued pressure from animal welfare groups such a Peta and loss of corporate sponsors not wanting to associate themselves with the brand.
In response to the report, Manby said that the company did not act quick enough to address the fallout from Blackfish and the changing attitudes of the public towards its animals, but said that a new strategy for the year ahead would be revealed on 9 November, including a new yet-to-be-revealed attraction which won’t include whales.
“I am excited about how we evolve the SeaWorld brand to match the changing expectations of our guests,” he said.
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SeaWorld continues to struggle in the wake of Blackfish as profits for the operator’s parks slumped by US$10m (€9.2m, £6.6m), according to the company’s recently released Q4 financial report. SeaWorld’s shares – which have been cut in half since the release of the controversial Blackfish documentary, which catalogues alleged mistreatment of killer whales and the death of three people as a result – fell 9 per cent following the Q4
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