ORLANDO, Florida — The much-anticipated opening of Epic Universe on Thursday marks a pivotal moment for Comcast, as it seeks to elevate Universal Studios Orlando Resort into a major international destination rather than a mere stopover.
Historically overshadowed by its competitor Disney, the Florida-based Universal resort previously comprised three theme parks — Universal Studios Florida, Islands of Adventure, and the water park Volcano Bay — along with several hotels, yet it lacked the perception of being a comprehensive vacation spot.
“This fourth gate changes everything,” remarked Karen Irwin, president of Universal Orlando Resort. “It reinforces our status as a full-week vacation destination and adds three hotels to the resort.”
The debut of Epic Universe coincides with economic uncertainty in the U.S., where fluctuating tariffs imposed by the Trump administration have raised concerns about a looming global trade war. This situation has resulted in stock market volatility and could potentially lead to a recession.
Air travel has already seen a decline, especially in terms of international visitors. Although these tourists represent a smaller segment of the overall audience in central Florida, they typically spend more time in hotels and at theme parks, contributing more to food and merchandise sales.
“Consumer uncertainty impacts our parks,” Jason Armstrong, chief financial officer at Comcast, noted during a recent MoffettNathanson conference. “While they tend to rebound quickly, we do feel the effects.”
Despite ongoing challenges, Armstrong emphasized that current trends do not indicate any significant booking pressure. “Neither Orlando nor our international markets show signs of stress in booking patterns so far,” he stated.
However, budget-conscious families may find theme park visits increasingly unaffordable. Craig Moffett, co-founder and senior analyst at MoffettNathanson, explained, “Theme parks used to be a mass-market vacation option. The cost has risen significantly, with multi-day tickets often exceeding $1,000 for a family, not including lodging and meals,” which may be why the market has not shown the sensitivity one might expect.
Regardless of these economic conditions, Epic Universe is projected to attract millions of guests, enhancing revenue for both Universal and Disney, while also infusing billions into the local economy.
This development signifies the beginning of a new chapter in theme park development for Comcast.
Creating an epic universe
The realization of Epic Universe has been nearly a decade in the making, involving land acquisitions and overcoming COVID-related construction delays. This 750-acre park represents the first new theme park to open in Orlando in 25 years.
Initially unveiled in 2019, Epic Universe stands as Comcast’s largest single investment in its theme parks division and in Florida, with estimated costs around $7 billion, though precise figures remain undisclosed.
The park encompasses five unique themed areas: The Wizarding World of Harry Potter – Ministry of Magic, Super Nintendo World, How to Train Your Dragon – Isle of Berk, Celestial Park, and Dark Universe.
Comcast’s significant investment in Epic Universe is part of a broader strategy to enhance its theme parks and experiences division. Plans are already underway to introduce a year-round Hollywood Horror Nights experience in Las Vegas later this year, a family-friendly park in Frisco, Texas, slated for 2026, and a park in the U.K. by 2031.
“Comcast is fully committed to the theme park sector, as it proves to be lucrative and strategically beneficial,” Moffett stated. “Returns on investment are favorable, and theme parks strengthen customer engagement with beloved Universal characters.”
Though the theme parks generate less revenue compared to Comcast’s media operations, they remain profitable and hold considerable growth potential. In 2024, theme parks accounted for nearly 20% of Comcast’s total revenue, but approximately 44% of its adjusted EBITDA.
For reference, Disney’s experiences division, which includes its theme parks, constituted 37% of its revenue for fiscal 2024, contributing nearly 60% to its net income.
The expansion of Universal’s theme parks occurs amid Disney’s commitment to invest $60 billion over a decade for improvements and expansions across its theme parks. Such developments from both companies create a healthy competitive environment, driving innovation and enticing guests with new attractions.
“This marks the first new theme park in Orlando in 25 years, a period that has seen incredible technological advancements,” Moffett pointed out. “This alone makes it a significant event.”
The park has garnered 161 patents for its innovations, which include new animated effects, ride designs, and robotics. Epic Universe features cutting-edge technology such as trackless ride systems, augmented reality, and high-resolution projections. Overall, the Universal Destinations and Experience division holds approximately 3,300 patents worldwide.
Notable attractions include rides like Monsters Unchained: The Frankenstein Experiment in the Dark Universe realm and Harry Potter and the Battle at the Ministry in the new Wizarding World area, which transports guests from 1920s Paris to the 1990s British Ministry of Magic.
Innovative entertainment experiences are also showcased through shows like “The Untrainable Dragon” in the How to Train Your Dragon area, featuring a nearly 27-foot wingspan animatronic Toothless soaring above the audience.
Just the beginning
“This is an incredibly significant moment for us, representing a milestone in the ongoing evolution of our business,” stated Mark Woodbury, CEO of Universal Destinations and Experiences. “The future looks exceptionally promising. We have plans for further expansion, and new attractions and intellectual properties are on the horizon as part of our strategy to grow our brand.”
Woodbury highlighted the ample land available at the Epic Universe campus for future developments.
Universal has a wealth of intellectual properties to draw from, including established franchises like Jurassic Park and Minions, as well as potential new additions like “Wicked.”
Furthermore, the company collaborates with various partner brands to create themed attractions based on external intellectual properties, including popular franchises like Harry Potter, Nintendo, and Transformers.
“Every creator aims to have their intellectual property showcased in ways like those seen in our parks,” noted Mike Cavanagh, president of Comcast. “Such presentations further enhance the creator’s work and increase its utility.”
Universal’s expansions aim to capture interest from a broader demographic, particularly through the How to Train Your Dragon and Super Nintendo sections.
Moffett explained, “Previously, Disney dominated the under-10 age group market. Universal has catered to tween audiences. The new Epic Universe park now introduces immersive experiences for younger audiences as well.”
The addition of more parks, merchandise, dining options, and guests significantly enhances Universal’s revenue-generating potential, not only in Florida but on a global scale. The company is strategically investing in franchises that are not only iconic but that also have enduring appeal, according to Comcast executives. They have also modernized classic characters and stories for today’s audience.
“We’ve conducted soft openings for some time, providing insights into guest behaviors,” Armstrong noted. “Feedback has been overwhelmingly positive, with exit surveys reflecting great satisfaction.”
Disclosure: Comcast is the parent company of NBCUniversal and Finance Newso.
