SeaWorld attendance continues to decline
NEW YORK (AP) — SeaWorld reported another quarterly loss, with an ongoing decline in attendance exacerbated by this year’s hurricanes.
Attendance has suffered since the 2013 documentary “Blackfish” suggested the company’s treatment of orcas might have led to the deaths of trainers. SeaWorld announced last year that it would not breed killer whales and stop using them in shows.
The company has been cutting costs to help counter the decline in attendance, which fell 8.8 percent during the third quarter. The company last month said it would cut 350 positions, mostly at its Orlando headquarters.
SeaWorld also named Scott Ross to its board of directors. Ross is the founder and managing partner of private equity firm Hill Path Capital, the company’s biggest shareholder.
The third-quarter loss narrowed to $55 million, or 64 cents per share, but that was much worse than the per-share earnings of 78 cents that Wall Street was looking for, according to a survey by Zacks Investment Research.
Revenue fell 9.8 percent to $437.7 million, also well short of the $455.7 million industry analysts projected.
Shares of SeaWorld Entertainment Inc. have fallen more than 40 percent since the beginning of the year.