Theme Parks and Attractions - The company operates 12 theme parks, which include three of the top 20 theme parks and four of the top 10 water parks in North America, as measured by attendance[30]. - The combined theme park portfolio features over 800 attractions, including 74 animal habitats, 162 programs, and 206 rides, along with 360 other attractions[30]. - SeaWorld Orlando opened Penguin Trek in 2024, a multi-launch family coaster, and was ranked among the top 10 theme parks in North America by attendance[34]. - SeaWorld San Antonio opened Catapult Falls in 2024, the world's first launched flume coaster, and is one of the largest marine-life theme parks, covering 397 acres[34]. - Busch Gardens Tampa Bay ranked among the top 20 theme parks in North America by attendance according to the TEA/AECOM 2023 Report[35]. - Aquatica Orlando was ranked the 3 most attended water park in North America according to the TEA/AECOM 2023 Report[35]. - Aquatica San Antonio was ranked the 6 most attended water park in North America according to the TEA/AECOM 2023 Report[35]. - Discovery Cove was ranked the 19 most attended water park in North America according to the TEA/AECOM 2023 Report[35]. - Sesame Place Philadelphia was the first theme park in the world designated as a Certified Autism Center[35]. - Sesame Place San Diego opened in 2022 and features an interactive Sesame Street Neighborhood[36]. - Water Country USA was ranked the 5 most attended water park in North America according to the TEA/AECOM 2023 Report[38]. - Adventure Island was ranked the 7 most attended water park in North America according to the TEA/AECOM 2023 Report[38]. - In 2024, Busch Gardens Tampa Bay opened Phoenix Rising, a family suspended coaster[35]. - In 2024, Aquatica Orlando opened Tassie's Underwater Twist, an immersive water slide[35]. - The company opened numerous new rides and attractions in 2024, including 2 of the top 10 Best New Amusement Park Attractions of 2024[42]. - The company features new attractions such as the immersive flying experience at SeaWorld Orlando and the longest family inverted coaster in North America at Busch Gardens Williamsburg[43]. Financial Performance and Investments - The company generates significant annual operating cash flow, even in years of declining performance, aided by some parks being open year-round[30]. - The company is committed to annual targeted investments to support existing theme park facilities and attractions, which is critical for revenue growth and guest experience[41]. - The company has a total of 74 animal habitats, 206 rides, 162 shows, and 360 other offerings in its theme park portfolio for 2024[40]. - The company ranked 9 for the Nation's Best Amusement Park for 2024 and 8 for 2023, with Iron Gwazi being recognized as the 1 Best New Roller Coaster for 2022[39]. - The parks utilize demand-based pricing and advance purchase discounts to manage capacity and maximize revenue[68]. Animal Care and Conservation - The company is committed to animal rescue and conservation, having helped over 41,000 ill, injured, orphaned, and abandoned wild animals[32]. - SeaWorld has helped over 41,000 animals across various species, including over 300 manatees in the past six years[54]. - The SeaWorld Coral Rescue Center, opened in 2023, is the largest public-facing coral-recovery exhibit dedicated to Atlantic coral conservation in the U.S.[56]. - The company provides care for one of the largest zoological collections globally, with a commitment to world-class animal care standards[49]. - The company supports community initiatives focused on animal preservation, youth development, and environmental sustainability[32]. Environmental and Social Responsibility - The company emphasizes environmental and social responsibility, aiming to inspire guests to protect animals and the planet[48]. - The company has removed all plastic straws and shopping bags since 2018 as part of its waste management initiatives[61]. - The company has invested in renewable energy and energy efficiency projects, including solar panels and LED lighting retrofits[59]. - The solar carport at SeaWorld San Antonio, opened in 2024, is expected to generate approximately 16% of the park's annual energy needs[59]. - SeaWorld's Responsible Food Sourcing Policy includes sourcing seafood from environmentally responsible suppliers and offering cage-free eggs[62]. - SeaWorld's in-park dining programs focus on providing quality food options, including sustainable and locally grown ingredients[70]. Corporate Structure and Strategy - The company changed its corporate name from SeaWorld Entertainment, Inc. to United Parks & Resorts Inc. on February 12, 2024, with the ticker symbol changing from "SEAS" to "PRKS" on February 13, 2024[105]. - As of December 31, 2024, approximately 49.4% of the company's total outstanding common stock is owned by Hill Path Capital LP[104]. - The company has secured long-term corporate sponsorships, including partnerships with Coca-Cola, contributing to marketing and conservation efforts[76]. - The license agreement with Anheuser-Busch grants a perpetual, exclusive, worldwide, royalty-free license for the Busch Gardens trademark, enhancing brand presence[80]. - The Sesame License Agreement allows the company to operate Sesame Place theme parks and utilize Sesame Street elements, with an initial term through December 31, 2031[84]. - The company has expanded its brand appeal through strategic alliances with well-known external brands, enhancing consumer loyalty[72]. Regulatory and Compliance Issues - Regulatory compliance is crucial, with operations subject to various federal, state, and local laws, including animal welfare and environmental regulations[94]. - Recent regulatory developments include proposed amendments to the Animal Welfare Act, which may impact operations in the future[95]. - The company is subject to complex federal and state regulations governing the treatment of animals, which can change and may impact operations[101]. - The company has adopted a Code of Business Conduct and Ethics applicable to its directors, officers, and employees, ensuring compliance with legal and ethical standards[106]. - The company has not reintroduced the SWIMS Act or the National Amusement Park Ride Safety Act in the 119th Congress, which may affect regulatory compliance and operational strategies[99][100]. Market Conditions and Competition - The theme park industry is characterized by a proven business model that generates significant cash flow and offers strong consumer value compared to other entertainment options[90]. - The competitive landscape includes major players like The Walt Disney Company and Universal Parks, with competition based on location, price, and quality of attractions[91]. - The company continues to evaluate international opportunities for growth, assessing potential value in various markets[89]. - The COVID-19 pandemic significantly impacted group events and attendance in 2022 and parts of 2023, affecting both domestic and international travel[75]. Operational Challenges - The company faces significant inflationary pressures affecting costs of food, merchandise, fuel, construction, and labor, which may impact operations[109]. - Approximately 22.4 million[327]. - The company has no interest rate swap agreements outstanding as of December 31, 2024, and manages interest rate risk primarily through the amount, sources, and duration of its debt funding[326]. - The company has formed various committees to enhance oversight over operations in the current challenging labor market[26]. - SeaWorld employs approximately 3,300 full-time and 13,400 part-time and seasonal employees as of December 31, 2024[63].
United Parks & Resorts(PRKS) - 2024 Q4 - Annual Report