What's Happening?
Universal Destinations & Experiences Chairman and CEO Mark Woodbury discussed the potential expansion of Epic Universe, a theme park that opened in Orlando three months ago. The park currently features five lands, including Super Nintendo World and The Wizarding World of Harry Potter. Woodbury hinted at the possibility of adding a 'Wicked' themed area, inspired by the musical's set design. He emphasized the park's strategic layout, which allows for future expansions. Despite declining to provide specific post-launch figures, Woodbury expressed satisfaction with the park's performance, particularly in food, beverage, and merchandise sales. Universal is also planning a new park in London, set to open in 2031, and expanding its horror-themed attractions with Universal Horror Unleashed in Las Vegas.
Why It's Important?
The expansion of Epic Universe and the introduction of new attractions could significantly impact the theme park industry, particularly in Orlando, where Universal aims to increase its market share against larger competitors like Walt Disney. The park's success in food and merchandise sales suggests strong consumer interest, which could drive further investment and development. The planned London park represents Universal's efforts to expand internationally, potentially boosting tourism and creating job opportunities. The focus on horror and family-friendly attractions indicates a strategic diversification to appeal to a broader audience, enhancing Universal's brand presence in various markets.
What's Next?
Universal's plans for expansion include the opening of a new park in London by 2031, pending government approval and infrastructure development. The company is also set to open Universal Horror Unleashed in Las Vegas next week, with another location planned for Chicago in 2028. The Frisco, Texas resort targeting families with young children is scheduled to open next year. These developments suggest continued growth and diversification in Universal's offerings, potentially leading to increased competition in the theme park industry.
