Universals Theme Parks, Long in Disneys Shadow, Expand at Dizzying Pace

“How high is up?”When Mark Woodbury became Universal’s theme park chief in 2022, he pressed his lieutenants to answer that question.The former architect was not referring to a roller coaster incline.Universal’s parks had already become a surprise growth engine for NBCUniversal, but Mr.

Woodbury saw an even bigger opportunity to lift the business firmly out of Disney’s shadow.“How do we become the destination of choice in each of the markets that we operate in and in all of the markets that we choose to expand into?” he said in a recent interview.Mr.

Woodbury, 67, is starting to unveil the answers.This week, Universal unveiled theming for a new park in Texas aimed at families and an opening date for an attraction in Nevada focused on horror fans.Those come on top of an expansion in Los Angeles and a massive theme park development in Orlando, Fla., that will open this spring.

It’s considering “Wicked” attractions and a major park for Britain, too.Comcast, which owns NBCUniversal, has not disclosed budgets for the projects, but analysts say the Orlando project alone cost roughly $7 billion.As businesses, theme parks come with numerous risks.They are vulnerable to swings in the economy.

Visitor safety is a constant battle.Attractions require costly upkeep.

Escalating labor costs threaten margins.But those challenges are outweighed by the potential for added profit, Comcast has decided.“I could not be prouder of the trajectory and growth strategy,” Mike Cavanagh, Comcast’s president, said in an email.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.

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Publisher: The New York Times

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