Exciting developments are on the horizon for Orlando.
In just over a month, Universal is set to inaugurate its latest theme park, marking the first major addition to Florida’s theme park landscape in 25 years, and signaling a significant transformation in the region’s tourism dynamics.
Epic Universe spans 750 acres, making it the largest among Universal’s parks, and will feature five distinct themed areas: The Wizarding World of Harry Potter – The Ministry of Magic, Super Nintendo World, How to Train Your Dragon – The Isle of Berk, Celestial Park, and Dark Universe.
It will complement existing attractions at Universal Studios and Walt Disney World, further solidifying Orlando’s reputation as a premier theme park destination.
Tourism has historically been a cornerstone of central Florida’s economy, attracting millions of visitors annually. More than 74 million tourists flocked to Orlando in 2023, contributing nearly half of Orange County’s total sales tax revenue.
The introduction of Epic Universe is anticipated not only to enhance revenue for Universal and its competitor, Disney, but also to inject billions into the local economy.
Casandra Matej, CEO of Visit Orlando, emphasized the park’s significance, stating, “This is the first major, entirely new theme park in the U.S. in 25 years. This is a compelling reason to visit Orlando. When you see a major milestone project such as Epic Universe, you know it’s going to have a domino effect of economic benefits for our community.”
First revealed in 2019, Epic Universe marks the largest single investment by Universal’s parent company, Comcast, in its theme parks and in Florida, with estimates suggesting the financial commitment is around $7 billion.
Slated to open on May 22, this ambitious project aims to leverage Universal’s extensive franchise portfolio while supporting its attractions business. Currently, Universal operates Islands of Adventure and Universal Studios, along with Volcano Bay, which is located nearby.
According to a recent report by Sean Snaith, director of the University of Central Florida’s Institute for Economic Forecasting, Universal Orlando generated an economic impact of $44 billion between 2019 and 2023, as commissioned by a media company.
Snaith also discovered that the direct investment in Epic Universe has resulted in a nationwide economic impact of $11 billion through construction and operational spending, as well as job creation.
In 2023 alone, Universal Orlando contributed to the creation of 94,000 jobs nationwide, which included roles such as engineers, software developers, artists, architects, and set designers. Of those, approximately 65,000 jobs were specifically tied to the construction of Epic Universe.
Research by Snaith also indicates that Epic Universe could generate an impressive $2 billion for Florida in its inaugural year, with projections suggesting it will create over 17,500 new jobs during that period.
“The labor market in Florida is currently robust,” Snaith noted. “So it’s sort of the rich get richer here. We’re expecting Florida to continue outperforming the national economy in both growth and job creation.”
Once Epic Universe opens, visitors are expected to frequent local hotels, restaurants, shops, and rental services, amplifying revenue for other businesses in the vicinity.
Jakob Wahl, CEO of the International Association of Amusement Parks and Attractions, remarked, “The area surrounding Epic Universe is already seeing a boost from the construction activity. There’s new infrastructure, housing, hotels, and dining establishments springing up. This is a lift for the entire region.”
Experts in the theme park sector predict that other attractions in the area, including Disney, may also benefit from the unveiling of Epic Universe.
“When Disneyland Paris opened in ’92, many were concerned it would affect existing parks in the area,” Wahl explained. “However, it actually increased visitor numbers for those parks. The same effect is likely to occur in Orlando, as it will enhance the entire destination.”
The arrival of new parks and attractions tends to ignite competition among companies, prompting them to devise innovative offerings to entice guests.
Matej summarized this dynamic succinctly: “It’s a rising tide that lifts all boats.”
Universal and Disney generally share a clientele, particularly those traveling from outside the state or from abroad. The addition of Epic Universe is expected to encourage longer stays in the area as tourists aim to experience all that both Universal and Disney have to offer.
“What we know is that every day someone extends their stay translates to millions of dollars in economic impact for our community,” Matej concluded.
Disclosure: Comcast is the parent company of NBCUniversal and Finance Newso.
