According to latest news, SeaWorld; the U.S marine park seems to struggling as per the third quarter figuritive report that surfaced a little while ago. While the operator’s stock seem to be floundering, a decline of 28% has been reported on the net income, when compared with the previous year.
On Wednesday, the premarket trade shares for down 7% for the theme park. Things continue to get worse for the theme park that experienced a one-day decline of 30% to its stock price in August this year. Quite recently, SeaWorld got caught in a controversy, generated as a result of a CNN documentary that proposed that the marine park might not have the best treatment services available for its Orca whales. These speculations were met with severe backlash from several animal foundations in the U.S. the documentary addressed the recent decision of the theme park management to bulid bigger tanks for their Ocra whales, to provide more space to the mammals. This decision was met with a lot of criticism, with PETA going ahead to release a statement that stated that a bigger cage is still a cage.
This is not the first time that SeaWorld has landed itself in a controversy. On numerous occassions in the past, organisations, such as World Animal Protection and Whale and Dolphine Conservation Society have campaighned against captivity of aquatic animals as well as the treatment these animals are exposed to.
The dip in revenue figures doesn’t make things easier for SeaWorld, which is already a target to severe backlash and criticism. A net income of $87.2 million was reported in Q3, which is a huge dip from the previous $120.7 million, last year. The earning summed up to $1.00 per share, which is declined from the previous year’s $1.34. The missing prospects totalled up to $1.13.
The theme park seems to be getting lesser attendance at its franchises, spread across the U.S. the figure seems to have gone down to 8.4 million visitors, as opposed to the previous 8.9 million visitors last year.
The woes don’t end there for the marine mark. A decline of 8% has been noted in revenue, that seem to have reduced to a meagre $495.8 million, from the previous remarkable sum of $53e8.4 from last year.
The management at SeaWorld has coined this as a challenging year, with the CEO going on to state that the attendance towards the end of the second quarter continued, as the company entered into its third quarter. But the park seems to be raving into action, with set agendas to address the challenges and backlash from support groups and media.
The projected losses are expected to be in the range of 6 to 7%, as opposed to last year, whereas Wall Street predicts that there will be a decline of 6.4% to $1.37 billion in revenue for the current financial year.
The company believes that the decline in its number of visitors is mainly due to severe media criticism of its animal rights policy, especially in its location in California.