Theme Park Giants Stumble: United Parks Faces Attendance Slump
The thrill of roller coasters and the splash of water rides weren’t enough to keep visitors flocking to United Parks & Resorts this late summer. In a surprising turn of events, the company behind SeaWorld and Busch Gardens reported a noticeable dip in both attendance and revenue during the three months leading up to September 30, 2025. But here’s where it gets controversial: despite these setbacks, the company continues to invest millions in share buybacks, leaving some to wonder if this is the best use of resources during a downturn.
According to the latest figures, attendance across United Parks’ theme parks dropped by 3.4%, totaling 6.8 million guests, while total revenue plummeted by 6.2% to $511.9 million compared to the same period last year. Year-to-date, overall attendance is down 1.5%, with 16.4 million visitors so far. However, CEO Marc Swanson pointed out a silver lining: SeaWorld Orlando has seen an uptick in visitors this year. Yet, the broader picture raises questions about the industry’s resilience in an inconsistent consumer environment.
‘We can and expect to do better,’ Swanson assured, acknowledging the challenges. He attributed the decline to a mix of factors, including an unfavorable calendar shift, poor weather during peak holiday periods, a drop in international visitors, and less-than-optimal operational execution. These issues mirror struggles faced by other leisure and hospitality businesses, but United Parks’ response—particularly its share buyback strategy—has sparked debate.
On a brighter note, in-park spending per guest saw a slight increase, likely due to higher prices, and ticket sales for events like Howl-O-Scream in Orlando and San Diego broke records. However, much of this success won’t reflect in the financials until the fourth-quarter report. And this is the part most people miss: while the company focuses on short-term stock price boosts, it’s also exploring a potentially game-changing move—selling off some of its vast real estate holdings.
United Parks owns over 2,000 acres of prime real estate, including 400 acres of undeveloped land near its parks, particularly in Orlando. Swanson hinted at ongoing discussions with potential partners and revealed that specific proposals are being evaluated. ‘Public markets aren’t giving credit to our valuable, 100%-owned real estate assets,’ he noted, suggesting that this untapped resource could be a strategic lifeline. But is selling off land the right move, or should the focus remain on enhancing the visitor experience?
As United Parks navigates these challenges, the question remains: Can the company turn the tide, or is this the beginning of a larger shift in the theme park industry? What do you think? Is the share buyback strategy a wise move, or should the focus be on reinvesting in parks and experiences? Share your thoughts in the comments—we’d love to hear your take on this rollercoaster of a situation!
