6 Things You Probably Dont Need to

Know, but Wont Hurt you to Know,

About Theme Park Revenues
The distribution of revenues at theme parks follows a power law.
Less than 10% of theme parks are responsible for 80%+ of theme park
revenues.
2,000,000,000

4% of parks. 60%+ of total revenues of this sample set

1,500,000,000

10% of parks. 25% of total revenues.

$ revenues

1,000,000,000

500,000,000

86% of parks. 14% of total revenues.

0
Source: The Park Database
Disney and Universal are the only theme parks with more than $1 billion
in revenues, while most major parks are between $100 million and $500
million. The majority of theme parks generate less than $100 million.
2,000,000,000

($1b+) Disney/Universal - parks in Anaheim, Orlando, Japan

1,500,000,000

($350m-$1b) Super-regional, Tier 1 - Disney in HK, Paris. Universal Singapore (?)

Seaworld San Diego/Orlando(?), Knott's Berry Farm/Cedar Point(?)
$ revenues

1,000,000,000

($100m-$350m) Super-regional, Tier 2 - Europa Park, Efteling, Ferrari World,

Everland, Legoland, Tivoli Gardens, Blackpool, Six Flags, Seaworld,
500,000,000
Busch Gardens, Cedar Fair, Chimelong (China), Happy Valley,
top 5-10 waterparks in the world

(<$100m) Most of the theme parks/waterparks/indoor parks

in the world
0
Source: The Park Database
Attendance does not show a strong correlation with high revenues. As
in the case of Hong Kong, Disneyland has nearly 2x the revenues of its
higher-attended competitor, Ocean Park.
1,800,000,000

1,600,000,000

1,400,000,000

1,200,000,000
$ revenues

1,000,000,000

800,000,000

600,000,000

400,000,000

200,000,000

Source: The Park Database, Annual Reports

Some of the largest theme park chains in the world other than Disney
and Universal average $100 million in revenues, although this reflects
some parks with over $200 million and others well under $100 million.

Park / Chain # Total Revenues Average Revenues N o t es

80% of total theme park & resorts revenues to net out effect of hotels,
Disney (Domestic Parks) 8 $11,393,600,000 $1,424,200,000 other sources. This is the ratio seen at Tokyo Disneyland. Year ended 2016.

All 18 parks include waterparks, which are seasonal and smaller. Year ended
Six Flags 18 $1,319,398,000 $73,299,889 2016.
All 14 parks include waterparks, which are seasonal and smaller. Year ended
Cedar Fair 14 $1,288,721,000 $92,051,500 2016.
Universal Studios (Domestic) 3 $3,339,000,000 $1,113,000,000 Used 2015 reported results before acquisition of controlling stake in USJ.
Universal Studios Japan 1 $1,154,166,667 $1,154,166,667 Reported results at acquisition (end of 2015).
Tokyo Disney Resort 2 $3,205,016,667 $1,602,508,333 Theme park revenues only. 120 JPY = 1 USD. Year ended March 2016.
Used 2011 per caps and 2015 attendance. Waterpark revenues not included
Samsung Everland 1 $225,266,362 $225,266,362 here.
7.75 HKD = 1 USD, 80% of total revenues to net out effect of hotels. Fiscal
Hong Kong Disneyland 1 $490,322,581 $490,322,581 2016 (ended September)
Ocean Park 1 $208,387,097 $208,387,097 7.75 HKD = 1 USD, fiscal 2016 (ended September)
All 12 parks include waterparks and smaller attractions (Sesame Place). Year
Seaworld 12 $1,344,292,000 $112,024,333 ended 2016.
Futuroscope 1 $93,500,000 $93,500,000 85m EUR in revenues reported in 2014. Used 1.1 EUR = 1 USD
Tivoli Gardens 1 $153,000,000 $153,000,000 955m DKK in 2015. Used 6.25 DKK = 1 USD
Disney Paris 2 $794,200,000 $397,100,000 Year ended September 2016.
Song Dynasty Town 1 $106,060,606 $106,060,606 700m RMB in 2015. Used 6.6 RMB = 1 USD
Legoland Average 6 $688,000,000 $114,666,667 1.6 GBP = 1 USD, numbers are from 2015 calendar year
Merlin Resort Theme Park Average 6 $456,000,000 $76,000,000 1.6 GBP = 1 USD, numbers are from 2015 calendar year
Merlin Midway Attractions 99 $897,600,000 $9,066,667 1.6 GBP = 1 USD, numbers are from 2015 calendar year
Source: Annual Reports, The Park Database
EBITDA margins show a less pronounced variation. Typical EBITDA
margins at successful theme parks, regardless of size, average between
20 and 35%. The Disney brand is no guarantee of high profitability.

Park Margin Category

Disney (Domestic) Average 31% Op Inc + D&A
Six Flags Average 26% Op Inc + D&A
Cedar Fair Average 35% Op Inc + D&A
Universal Studios Average 44% Op Inc before D&A
Tokyo Disney Average 31% Op Inc + D&A
Hong Kong Disneyland 15% EBITDA
Ocean Park 19% Surplus from operations
Tivoli Gardens 17% EBITDA
Disney Paris loss EBITDA
Legoland Average 40% EBITDA
Merlin Resort Theme Park Average 16% EBITDA
Source: Annual Reports, Park Database
Scale matters in the theme park industry. A high investment and first-
mover advantage leads to cumulative advantage effects, such as the
ability to charge more and have higher demand.

Size of bubble indicates magnitude of revenues

Source: The Park Database, Annual Reports
25,000,000

20,000,000

15,000,000
Attendance

10,000,000

5,000,000

0
$0 $20 $40 $60 $80 $100 $120 $140

Adult Ticket Price, USD

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