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Although a half a million drop is steep, the spring holiday calendar, as well as a season of snowstorms and grounded flights contributed mightily to the decrease.
SeaWorld Entertainment Inc. posted a 13 percent drop in attendance at its theme parks as shareholder Blackstone Group LP continued to reduce its stake in the company.
SeaWorld, based in Orlando, Florida, said first-quarter attendance fell to 3.05 million guests from 3.5 million a year earlier, according to a regulatory filing yesterday. The company also agreed to buy 1.75 million of its shares from Blackstone.
Seasonal factors played a role in the drop. This year, the Easter holiday arrives later, Fred Jacobs, a company spokesman, said in an e-mail. It fell in the first quarter of 2013.
The theme-park company has been reducing discounts and raising prices over the past year, moves that have cut attendance, the company has said. SeaWorld has also faced criticism over its use of killer whale in shows, including a CNN documentary called “Blackfish.” The attention hasn’t hurt attendance, SeaWorld has said.
SeaWorld was little changed in extended trading yesterday. The stock rose 1.4 percent to $30.44 in New York and has gained 5.8 percent this year.
More About SeaWorld:
- Skift Asks: Post Blackfish, Are You Now More Or Less Likely To Visit SeaWorld?
- SeaWorld Shares Jump Based on Blackfish Oscar Snub
- SeaWorld Responds to Blackfish Documentary, Blasts CNN
The repurchase deal announced yesterday coincides with the sale of 15 million SeaWorld shares by Blackstone in an underwritten offering, according to filings. The two actions will reduce Blackstone’s stake in the theme-park company to about 25 percent, filings show.
Blackstone bought the company, which owns 11 parks in five states, for $2.3 billion from Anheuser-Busch InBev NV in December 2009.
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