Core Concept - SeaWorld Orlando is set to open Expedition Odyssey, an innovative Arctic-themed attraction on May 1, 2025, which combines advanced ride technology with real-world footage and wildlife encounters to create an immersive experience [1][8]. Attraction Features - Expedition Odyssey features a next-generation ride system that offers a wide range of motion, enhancing the realism of the experience as guests navigate through glaciers, tundra, and the Arctic Ocean [2][3]. - The attraction includes custom-shot video footage from remote Arctic locations, providing authenticity and showcasing iconic Arctic wildlife such as polar bears, orcas, and walruses [3]. Family-Friendly Experience - Designed for adventurers of all ages, Expedition Odyssey has a height requirement of only 39 inches, allowing both children and adults to enjoy the experience together [4]. - The attraction is fully indoors, ensuring a year-round experience regardless of weather conditions [4]. Animal Encounters - After the ride, guests can engage in face-to-face encounters with real Arctic animals, including beluga whales and seals, enhancing the educational aspect of the attraction [5][6]. - Uki, a rescued Pacific walrus calf, will be introduced in her new habitat, providing a unique connection for guests [6]. Exclusive Experiences - SeaWorld offers behind-the-scenes experiences, such as the Beluga Whales Up-Close Tour, allowing guests to learn about marine mammals and their conservation [7]. Annual Pass Benefits - An Annual Pass provides unlimited visits, early access to Expedition Odyssey, free parking, and discounts on food and merchandise [9][10]. Company Overview - SeaWorld is a leading marine life theme park and accredited zoo, focusing on education and conservation, welcoming millions of guests annually [11]. - The company has a strong commitment to marine life conservation, having rescued over 41,000 animals and contributed more than $20 million to research initiatives [11].

Core Concept - SeaWorld Orlando has announced the launch of "Expedition Odyssey," a groundbreaking Arctic-themed attraction set to open in Spring 2025, combining advanced ride technology with immersive real-world footage and wildlife encounters [1][2][11]. Attraction Features - "Expedition Odyssey" is described as a first-of-its-kind adventure that merges dynamic motion, state-of-the-art visuals, and real animal interactions, providing an exhilarating journey through the Arctic environment [2][3]. - The attraction features a revolutionary ride system that allows for a wide range of motion, enabling guests to experience the fluidity of ocean currents while navigating through the Arctic [3][4]. - Guests will encounter real wildlife, including beluga whales and polar bears, through stunning live-shot video footage captured in remote Arctic locations, enhancing the immersive experience [5][6]. Guest Experience - The ride includes seamless transitions to real-world encounters with live Arctic animals, offering guests opportunities to learn about marine life and conservation [7][8]. - Designed to be family-friendly, the attraction has a height requirement of just 39 inches, making it accessible for both children and adults [9]. Company Commitment - SeaWorld emphasizes its commitment to innovation and conservation through this new attraction, aiming to create memorable experiences that resonate with guests [11]. - The company has a long-standing history of marine life conservation, having rescued over 41,000 animals and contributed more than $20 million to conservation efforts globally [13].

Core Insights - J.P. Morgan analyst Matthew R. Boss reiterated an Underweight rating on Six Flags Entertainment Corp (FUN) with a price forecast of $46.00, citing a significant EBITDA miss in Q4 [1] - FUN's Q4 EBITDA fell approximately 30% short of the Street's estimate of $190 million, driven by revenue and cost discrepancies [1][2] - Revenue increased 3.6% year-over-year to $687 million, but was below the Street's forecast of $704 million, resulting in an EBITDA margin of 19.0%, well below the expected 27.0% [2] Attendance and Growth Projections - FUN reported a total of 10.7 million visitors, marking a 6.2% year-over-year increase, slightly missing the Street's projected 6.5% growth [2] - Management indicated a target of 55 million attendees by 2027, with 2025 being a volume-focused year contributing to long-term growth [4] - The company expects a 3% compound annual growth rate (CAGR) from 2025 to 2027, with 2025 likely below this average [4] Pricing and Revenue Strategy - In 2025, the primary focus will be on driving volume, which may involve less aggressive pricing strategies, potentially leading to negative year-over-year growth in admissions per capita [5] - The Street had forecasted a growth of +0.8% in admissions per capita, which is now expected to face downward pressure [5] Market Position and Valuation - The combined entity of FUN, with 42 parks, is well-positioned within the regional theme park sector, benefiting from geographic diversification and opportunities to enhance guest experience [6] - However, these advantages are already reflected in the current valuation, suggesting limited upside potential [6] Risks and Challenges - Potential risks include challenges in regaining attendance, pricing pressure on admissions and in-park spending, and a higher cost base due to differing starting points of the two brands [7] - An elevated capital expenditure cycle required to improve Six Flags' assets could pressure free cash flow and capital allocation, especially given current debt leverage of around 4.8x [7] Stock Performance - FUN shares are trading higher by 2.35% at $44.38 as of the last check [8]

Core Insights - United Parks & Resorts Inc. reported strong financial results for Q4 and fiscal year 2024, achieving near record attendance and revenue per capita despite adverse weather conditions [2][4][10] Fourth Quarter 2024 Highlights - Attendance was approximately 4.9 million guests, a decrease of about 79,000 guests from Q4 2023 [10][11] - Total revenue reached $384.4 million, down $4.6 million or 1.2% from Q4 2023 [10][12] - Net income was $27.9 million, a decrease of $12.2 million from Q4 2023 [10][12] - Adjusted EBITDA was $144.5 million, down $6.0 million from Q4 2023 [10][12] - Total revenue per capita increased by 0.4% to $78.75, while admission per capita decreased by 1.9% to $43.61, and in-park per capita spending increased by 3.5% to a record $35.14 [10][12][40] Fiscal 2024 Highlights - Total attendance for the year was approximately 21.5 million guests, a decrease of about 59,000 guests or 0.3% from fiscal 2023 [14][16] - Total revenue for the year was $1,725.3 million, a slight decrease of $1.3 million or 0.1% from fiscal 2023 [14][16] - Net income for the year was $227.5 million, down $6.7 million or 2.9% from fiscal 2023 [14][16] - Adjusted EBITDA for the year was $700.2 million, a decrease of $13.3 million or 1.9% from fiscal 2023 [14][16] - Total revenue per capita increased by 0.2% to a record $80.07, while admission per capita decreased by 1.2% to $43.61, and in-park per capita spending increased by 2.0% to a record $36.46 [14][16][40] Share Repurchase and Financial Strategy - The company repurchased 9.4 million shares, approximately 15% of total shares outstanding, at a total cost of about $482.9 million during fiscal 2024 [4][19] - In Q4 2024, the company repurchased approximately 0.8 million shares for about $37.7 million [19] - The refinancing of Term Loans in December 2024 resulted in approximately $8 million in annual interest savings and extended debt maturities [20] Future Outlook - The company is optimistic about 2025, expecting meaningful growth and new records in revenue and Adjusted EBITDA, assuming no worse weather than in 2024 [8] - Booking trends for 2025 show mid-single-digit growth in international sales and double-digit growth in group bookings [8] Industry Recognition - The company received several accolades in 2024, including SeaWorld Orlando being voted as the 3 Nation's Best Amusement Park and Aquatica Orlando as the 2 for the Nation's Best Outdoor Water Park by USA Today readers [9]