WEBVTT
1
00:00:00.480 --> 00:00:03.319
Okay, from our studios this week in Los Angeles and Tampa.
2
00:00:03.399 --> 00:00:06.759
This is Green Tagged Theme Park in thirty. I'm Philip
3
00:00:06.759 --> 00:00:09.199
from Gantum Lighting and Controls. I'm joined as always by
4
00:00:09.279 --> 00:00:12.599
my delightful co host Scott Swinson of Scott Swinson CRID Development.
5
00:00:12.880 --> 00:00:14.519
On Green tag we look at the top news each
6
00:00:14.519 --> 00:00:18.079
week and we explain why it matters to business professionals
7
00:00:18.120 --> 00:00:21.800
in the theme entertainment and themed a park space. And
8
00:00:22.199 --> 00:00:25.039
this week we'll we're going to talk about the Comcast
9
00:00:25.120 --> 00:00:27.960
earnings call some of the takeaways for the Theme Parks
10
00:00:27.960 --> 00:00:28.559
division from that.
11
00:00:28.760 --> 00:00:30.760
Wait, no, six legs, what the heck?
12
00:00:31.480 --> 00:00:33.479
You know what? We're going to get to six lives?
13
00:00:33.479 --> 00:00:41.240
I want to compare. We are finally getting comments on
14
00:00:41.280 --> 00:00:44.479
the YouTube though, asking why we don't talk about other things,
15
00:00:44.799 --> 00:00:47.000
and so I'm glad we've finally it's finally moved into
16
00:00:47.039 --> 00:00:47.920
the opposite direction.
17
00:00:48.280 --> 00:00:51.960
There we go. All right, sorry, Comcast, let's talk about Comcast, Philip,
18
00:00:51.960 --> 00:00:53.759
because you know you've done a lot of work on this.
19
00:00:55.759 --> 00:00:57.960
So the Comcast are names. I did listen to the
20
00:00:57.960 --> 00:01:00.719
call and notated and I wrote a few articles about it.
21
00:01:00.759 --> 00:01:04.959
And if I'm going to try and boil this down.
22
00:01:05.359 --> 00:01:08.760
It's really good news for comcasts almost across the board.
23
00:01:08.760 --> 00:01:11.439
Like you'd be hard for you to point to anything
24
00:01:11.480 --> 00:01:14.959
that's that's that too crazy, except maybe some softening demand
25
00:01:15.040 --> 00:01:17.280
in Asia for the theme park only division. That's the
26
00:01:17.280 --> 00:01:20.760
only like storm cloud on the horizon. But I think
27
00:01:20.799 --> 00:01:23.560
the biggest story about this is of course that they
28
00:01:23.640 --> 00:01:28.359
are really stemming their losses in broadband, So their Bronz
29
00:01:28.400 --> 00:01:31.959
band losses are like sharply declining because they're starting to
30
00:01:31.959 --> 00:01:35.159
turn that revenue segment around, and they're saying that the
31
00:01:35.200 --> 00:01:39.719
Peacock could be profitable by next quarter. So the two
32
00:01:39.840 --> 00:01:44.000
huge chunks of their business they're the broadband turning around
33
00:01:44.120 --> 00:01:46.239
is enormous for them, and that and then of course
34
00:01:46.280 --> 00:01:48.959
in the theme parks division, theme parks park revenue is
35
00:01:49.040 --> 00:01:54.120
up twenty four percent twenty four percent, and it's all
36
00:01:54.439 --> 00:01:57.480
not all, but it's mostly driven by Epic, right, And
37
00:01:58.040 --> 00:02:00.680
so what they talked about was the whole theory that
38
00:02:01.319 --> 00:02:04.439
they put forth in the beginning, and you and I
39
00:02:04.480 --> 00:02:08.080
talked about how it hopefully it works, is that theory
40
00:02:08.159 --> 00:02:13.159
where adding Epic could actually increase spending resort wide because
41
00:02:13.159 --> 00:02:15.319
it would encourage people to stay for the whole time
42
00:02:15.400 --> 00:02:19.400
and to come for Universal only instead of Universal and Disney,
43
00:02:19.800 --> 00:02:22.120
and it would make it into a week long vacation
44
00:02:22.360 --> 00:02:24.400
and and all this stuff. And it seems like that's
45
00:02:24.520 --> 00:02:27.280
working because they said revenue was up at all the
46
00:02:27.319 --> 00:02:29.879
areas as a direct result, you know, of Epic.
47
00:02:30.039 --> 00:02:33.159
So yeah, that's that's been something that that Universal has
48
00:02:33.159 --> 00:02:35.759
been talking about for many, many years. And the only
49
00:02:35.800 --> 00:02:37.719
reason I know that is back in the day, you know,
50
00:02:38.080 --> 00:02:41.400
they were they were saying how their goal, their goal
51
00:02:41.680 --> 00:02:45.759
was to be not the day trip, but the reason
52
00:02:45.800 --> 00:02:48.680
to come to Orlando. That was that was their goal.
53
00:02:48.759 --> 00:02:50.960
And they felt that they had to get a certain
54
00:02:51.039 --> 00:02:55.599
level of of of critical mass, which is true, and
55
00:02:55.639 --> 00:02:57.240
they had to get they had to have enough for
56
00:02:57.280 --> 00:03:00.439
people to do so that when they came they could
57
00:03:00.439 --> 00:03:03.879
have their full week filled up by nothing but Universal.
58
00:03:03.960 --> 00:03:07.319
And I think that Epic has finally tipped that over
59
00:03:07.360 --> 00:03:10.560
the top. And you know, to hear that that it's
60
00:03:10.599 --> 00:03:13.240
now at a twenty four percent, twenty four percent revenue
61
00:03:13.280 --> 00:03:19.360
increase that's due mostly to Epic. That's that's a good sign.
62
00:03:19.439 --> 00:03:21.800
So they finally they finally hit That's always been their goal.
63
00:03:21.879 --> 00:03:23.360
That's always been their goal as long as I've known
64
00:03:23.400 --> 00:03:25.759
people at Universal that has been their goal. Yep.
65
00:03:26.240 --> 00:03:29.680
They on the call, they said that Epic is expanding
66
00:03:29.680 --> 00:03:32.479
the overall guest experience and helping to position Universal Orlando
67
00:03:32.520 --> 00:03:36.800
as a true week long destination. They also added how
68
00:03:36.960 --> 00:03:40.360
they do have investments plan. They talked about the Fast
69
00:03:40.400 --> 00:03:43.360
and Furious Hollywood Drift that's opening up in Hollywood. They
70
00:03:43.400 --> 00:03:46.800
also talked about the upcoming Universal Kids Park that's coming
71
00:03:46.919 --> 00:03:50.280
in Frisco, Texas, and of course they mentioned that the
72
00:03:50.400 --> 00:03:53.599
UK Park is progressing through the final planning approvals on site.
73
00:03:53.639 --> 00:03:56.560
And they also did mention in Japan, which we can
74
00:03:56.599 --> 00:03:58.400
talk about with Asia. But they talked about the Pokemon
75
00:03:58.479 --> 00:04:01.479
experiences that will dey view at some point, and that's
76
00:04:01.479 --> 00:04:04.800
something that they announced a while ago at the beginning
77
00:04:05.000 --> 00:04:08.800
of the year as part of Universal Cool Japan. So
78
00:04:08.919 --> 00:04:12.719
Universal Cool Japan is this program they've had for fifteen
79
00:04:12.800 --> 00:04:15.919
or ten ten years. It started in twenty fifteen, so
80
00:04:15.960 --> 00:04:19.839
about ten or eleven years, and it's this it's this Basically,
81
00:04:19.879 --> 00:04:22.480
it's a programming slate that they do every year, but
82
00:04:22.600 --> 00:04:29.240
it is drawn from Japan created ip and then they
83
00:04:29.240 --> 00:04:32.759
bring it into Universal, so it's it's like a you know,
84
00:04:32.800 --> 00:04:35.560
highlighting local work and type of thing, and so they
85
00:04:35.959 --> 00:04:37.920
in January they mentioned how they were going to do
86
00:04:38.000 --> 00:04:40.839
an expanded Pokemon experience where they didn't give any details,
87
00:04:40.920 --> 00:04:43.240
but he did mention it on this call again, and
88
00:04:43.279 --> 00:04:48.639
so that's interesting. It's good. It's good because it's like, well,
89
00:04:48.800 --> 00:04:50.839
it must be a big thing then, or you know
90
00:04:50.879 --> 00:04:53.079
it's coming down the pipeline because he mentioned it in
91
00:04:53.199 --> 00:04:55.120
terms of the pipeline. But I think it also goes
92
00:04:55.160 --> 00:04:57.720
back to the softening Asian demand type thing where they are.
93
00:05:00.079 --> 00:05:04.160
In my view, I think that the way to combat
94
00:05:04.199 --> 00:05:06.160
the softening demand in those markets is probably going to
95
00:05:06.240 --> 00:05:09.160
be engaging with your locals. And of course Pokemon is
96
00:05:09.199 --> 00:05:12.079
a huge thing in Japan, so I think he's nodding
97
00:05:12.120 --> 00:05:15.959
towards that that he's kind of nodding without giving too deep,
98
00:05:16.000 --> 00:05:18.360
too many details, but he's nodding at how they are
99
00:05:18.759 --> 00:05:20.759
investing in things the locals would want to go to
100
00:05:20.920 --> 00:05:21.759
in Asia.
101
00:05:22.079 --> 00:05:24.279
Right right now, that makes total sense. I mean, it
102
00:05:24.319 --> 00:05:25.920
kind of goes back to the discussion we had about
103
00:05:27.000 --> 00:05:31.120
six Flags bringing bringing back the park presidents who you know,
104
00:05:31.399 --> 00:05:34.319
so that each park has an understanding of their local demographic,
105
00:05:34.600 --> 00:05:39.600
you know, people people there are certain in Japan people
106
00:05:39.600 --> 00:05:45.079
are very excited about seeing Japanese homegrown product and content,
107
00:05:45.600 --> 00:05:48.240
and so yeah, that makes it makes total sense. I
108
00:05:48.240 --> 00:05:51.600
think it's very very wise. So I'm curious. I'm curious
109
00:05:51.639 --> 00:05:54.360
to see, you know, of course, being here in Florida,
110
00:05:54.399 --> 00:06:00.199
I'm curious to see that how the already announced expansion
111
00:06:00.439 --> 00:06:06.319
to EPIC are going to impact things, because you know, anecdotally,
112
00:06:06.399 --> 00:06:08.439
there's a lot of people who are still feeling as
113
00:06:08.439 --> 00:06:10.839
though EPIC is not a full not a full day,
114
00:06:12.040 --> 00:06:15.199
there's not enough there. And again people have been saying
115
00:06:15.199 --> 00:06:20.879
this since three years before it opened. So but again
116
00:06:21.480 --> 00:06:24.680
that's what we're seeing here is that really doesn't matter
117
00:06:24.759 --> 00:06:27.879
because if people are coming and staying on Universal property,
118
00:06:28.199 --> 00:06:30.879
they'll do maybe you know, they may have planned to
119
00:06:30.920 --> 00:06:33.879
do a full day at EPIC and decide I've had
120
00:06:33.959 --> 00:06:36.000
enough of the sun. I'm going to go back to
121
00:06:36.040 --> 00:06:38.199
the pool, and then tomorrow instead of going back to EPIC,
122
00:06:38.199 --> 00:06:41.120
I'm going to go to islands or studios.
123
00:06:41.680 --> 00:06:44.560
So that was a big takeaway for me, is that
124
00:06:44.839 --> 00:06:49.439
concept I think in we're insiders, and so we I
125
00:06:49.439 --> 00:06:52.319
think sometimes we can't see the forest or the trees
126
00:06:52.560 --> 00:06:55.560
because our whole world is what these parks are doing,
127
00:06:55.600 --> 00:06:58.720
because it's our literally our livelihood, quite literally, and everybody
128
00:06:58.720 --> 00:07:02.000
that we know works in these experiences, and so we
129
00:07:02.040 --> 00:07:05.240
are we are dissecting, you know, the shape of the
130
00:07:05.839 --> 00:07:08.079
tree and and where the trash cans are, and I
131
00:07:08.120 --> 00:07:10.160
mean and the theming of this and the storyline of
132
00:07:10.160 --> 00:07:11.800
that and it, so we're all in here. I think
133
00:07:11.879 --> 00:07:14.439
that a big takeaway from me was it kind of
134
00:07:14.439 --> 00:07:18.920
doesn't matter what any of us think or you know,
135
00:07:19.560 --> 00:07:22.040
objectively speaking, some of the online reviews for Epic have
136
00:07:22.160 --> 00:07:24.600
not been great, and even I on the show was
137
00:07:24.680 --> 00:07:27.480
kind of pooh pooing it earlier because I went during
138
00:07:27.480 --> 00:07:29.519
summer and there was no shade, and you know, I
139
00:07:29.519 --> 00:07:32.399
had this whole thing about it. But it doesn't matter
140
00:07:32.439 --> 00:07:34.360
because it's doing what it's supposed to be doing, and
141
00:07:34.399 --> 00:07:38.240
it's doing it really, really well. It's increasing per cap
142
00:07:38.600 --> 00:07:43.439
it's increasing length of stay, it's it's generally giving making
143
00:07:43.480 --> 00:07:46.279
everything more positive. Basically, like the like the guest feedback
144
00:07:46.319 --> 00:07:49.040
about the whole trip, trips on the average have been increasing,
145
00:07:49.240 --> 00:07:51.399
So it's doing It's just I mean, that's literally it's
146
00:07:51.560 --> 00:07:53.319
just to do all of those things.
147
00:07:53.519 --> 00:07:57.319
It's the it's the it's the straw that broke the
148
00:07:57.319 --> 00:07:59.360
camel's back when people are trying to make a pocision
149
00:07:59.399 --> 00:08:02.839
for where to go, and now they want to go there.
150
00:08:02.920 --> 00:08:05.079
They want to go to Universal properties and stay on
151
00:08:05.199 --> 00:08:09.519
Universal property or in one of the Universal hotels. And
152
00:08:09.759 --> 00:08:13.639
even though you know, even though Epic is kind of
153
00:08:13.720 --> 00:08:17.560
in the suburbs of Universal Property, there is still there
154
00:08:17.560 --> 00:08:19.720
are still connections and easy ways to get there. And
155
00:08:21.199 --> 00:08:24.279
so it's yeah, it's it's become the shiny toy that
156
00:08:24.319 --> 00:08:27.959
has made all of Universal Parks or all the Universal
157
00:08:27.959 --> 00:08:33.840
parks in Florida more appealing, right, so that everybody's talking about.
158
00:08:34.559 --> 00:08:37.679
Well speaking of that or kind of the idea of
159
00:08:38.000 --> 00:08:41.000
travel to it. So he was. They were, of course,
160
00:08:41.039 --> 00:08:43.919
they were asked about how the Iran conflict was going
161
00:08:43.960 --> 00:08:45.720
to impact demand and at that showing up or not.
162
00:08:46.000 --> 00:08:49.399
It's just important to note that this call was for
163
00:08:49.480 --> 00:08:52.440
the first quarter, which ended on March thirty first, right,
164
00:08:52.519 --> 00:08:56.759
so there wasn't really they haven't had really the numbers yet,
165
00:08:56.919 --> 00:08:59.519
they don't have they're not disclosing numbers yet. And what
166
00:08:59.600 --> 00:09:01.200
they did say, I think the most telling thing they
167
00:09:01.200 --> 00:09:04.679
said is that inbound international travel to the US parks
168
00:09:04.720 --> 00:09:07.519
is something that has not ever gotten back to level
169
00:09:07.519 --> 00:09:11.440
we saw pre COVID, which I know I've heard that before,
170
00:09:11.519 --> 00:09:14.000
but it was it's kind of startling to keep hearing
171
00:09:14.039 --> 00:09:17.200
that brought back up, and he said inside the US,
172
00:09:17.240 --> 00:09:21.159
domestic to domestic, we haven't yet seen any significant impact
173
00:09:21.200 --> 00:09:23.600
in the parks business caused by higher oil. But I
174
00:09:23.639 --> 00:09:26.399
think that does not mean that it may not happen,
175
00:09:26.759 --> 00:09:31.360
depending on the duration of the effect on price of gas,
176
00:09:31.360 --> 00:09:37.320
airline tickets, and so forth. And they so they've mentioned
177
00:09:37.320 --> 00:09:41.840
it twice actually about there where we could see it later.
178
00:09:41.879 --> 00:09:44.039
It just really depends on the time that prices elevated.
179
00:09:44.039 --> 00:09:45.879
So they did mention it twice, but they did try
180
00:09:45.879 --> 00:09:48.440
to moderate that a little bit by pointing out that
181
00:09:48.600 --> 00:09:50.879
they're really excited about some of the big events that
182
00:09:50.919 --> 00:09:54.799
are coming up, like the Olympics, the NFL Sunday, the
183
00:09:54.799 --> 00:09:57.000
Super Bowl, and say said, as we look forward to
184
00:09:57.159 --> 00:09:59.679
LA we've got tremendous enthusiasm and excitement for how that
185
00:09:59.720 --> 00:10:02.399
could keep us the ecosystem very robust. We have a
186
00:10:02.399 --> 00:10:05.840
good roadmap ahead of us. So they acknowledge that this
187
00:10:06.000 --> 00:10:08.000
could be showing up later, but they did try and
188
00:10:08.200 --> 00:10:10.639
kind of you know, eating it out by being like,
189
00:10:10.679 --> 00:10:12.919
we have reason to be excited because there's big events
190
00:10:12.919 --> 00:10:13.639
that we're planning for.
191
00:10:14.080 --> 00:10:15.399
Well, once again, I think we have to take off
192
00:10:15.440 --> 00:10:18.480
our insider hat and put on our tourist hat and say, yeah,
193
00:10:18.519 --> 00:10:20.720
we've had this book for two years. We're not going
194
00:10:20.799 --> 00:10:22.960
to cancel it now just because it's going to cost
195
00:10:23.039 --> 00:10:25.600
us a little bit more. Where you're going to see
196
00:10:25.759 --> 00:10:28.039
where I think you're going to see. The impact is
197
00:10:28.480 --> 00:10:31.039
even further down the road. People looking at now trying
198
00:10:31.039 --> 00:10:35.120
to plan for two years from now, going wow, well,
199
00:10:35.159 --> 00:10:36.960
if it stays, you know, if the oil price is
200
00:10:37.000 --> 00:10:40.120
stay like this, if all of the transportation costs are
201
00:10:40.159 --> 00:10:42.440
going to be this high, gosh, maybe we better look
202
00:10:42.440 --> 00:10:46.320
at something closer to home. You know, because people who
203
00:10:46.360 --> 00:10:52.000
travel to go to either Disney or Universal, they don't
204
00:10:52.159 --> 00:10:55.000
in most cases, they don't just pick up and say, hey,
205
00:10:55.000 --> 00:10:57.799
we're going to go tomorrow. They plan it for you know,
206
00:10:58.159 --> 00:11:00.279
at least a few months, if not a year or
207
00:11:00.320 --> 00:11:03.519
two out. It's a big purchase, basically a big purchase.
208
00:11:03.559 --> 00:11:05.799
And it's you know, I think back to I think
209
00:11:05.840 --> 00:11:07.919
back to when I was a kid living in Illinois,
210
00:11:08.000 --> 00:11:11.399
and you know, the first time we went to well
211
00:11:11.399 --> 00:11:13.440
Disney World WARLD was just the Magic Kingdom and two
212
00:11:13.519 --> 00:11:16.080
hotels back then. But when we first went to that,
213
00:11:17.879 --> 00:11:21.120
we started planning, you know, six months out, So no
214
00:11:21.159 --> 00:11:23.799
matter what happened between the time that we started planning
215
00:11:23.799 --> 00:11:26.000
and the time we were scheduled to go, it would
216
00:11:26.000 --> 00:11:30.200
have taken some rather significant changes to happen, and not
217
00:11:30.360 --> 00:11:33.399
just to raise in the price of oil to get
218
00:11:33.480 --> 00:11:36.759
us to cancel the trip. So that makes sense to
219
00:11:36.799 --> 00:11:43.000
me that there's not been a a domestic you know,
220
00:11:43.639 --> 00:11:46.480
drop off because of oil prices, because again, things have
221
00:11:46.519 --> 00:11:48.679
been changing so quickly and these are the kinds of
222
00:11:48.679 --> 00:11:50.559
trips that you planned quite a ways out.
223
00:11:51.120 --> 00:11:54.200
Well, yeah, speaking of that, I wanted to explain the
224
00:11:54.200 --> 00:11:57.600
softening in Beijing where you're talking about this, how guests
225
00:11:57.600 --> 00:12:00.639
are choosing to go to trips. I think it could
226
00:12:00.679 --> 00:12:03.279
be a little bit different internationally and how they make
227
00:12:03.320 --> 00:12:06.120
the calculation for going to trips or not. What they
228
00:12:06.159 --> 00:12:08.039
said is that they're seeing a softening in e Beijing.
229
00:12:08.120 --> 00:12:11.759
In Osaka, he said, specifically, in Osaka, we're seeing some
230
00:12:11.799 --> 00:12:15.000
impact from China related inbound travel trends, which is putting
231
00:12:15.039 --> 00:12:17.720
pressure on the tendons. And in Beijing we're navigating a
232
00:12:17.759 --> 00:12:23.240
more challenging macroeconomic environment, which is to.
233
00:12:23.279 --> 00:12:25.200
Find that for me, because that's just to me, that's
234
00:12:25.240 --> 00:12:27.399
a bunch of a bunch of malarchy that is thrown
235
00:12:27.399 --> 00:12:30.480
out there to confuse people who don't really who they
236
00:12:30.480 --> 00:12:32.440
want to be confused. So help me understand that.
237
00:12:33.519 --> 00:12:35.960
So I will. Okay, that's I'm glad you asked me.
238
00:12:36.039 --> 00:12:38.200
So I'm we're going to put a little disclaimer where
239
00:12:38.240 --> 00:12:39.360
this is my interpretation.
240
00:12:39.840 --> 00:12:43.440
Okay, I think that's I think that's buzzword bingo. I
241
00:12:43.480 --> 00:12:45.519
think that's a lot of here's something that makes me
242
00:12:45.559 --> 00:12:48.919
sound really intelligent, like I know what I'm doing right, so,
243
00:12:49.080 --> 00:12:50.840
but I'm not really able to tell you the truth.
244
00:12:50.919 --> 00:12:51.840
That's what it sounds like to me.
245
00:12:52.360 --> 00:12:55.080
Numbers in Asia are not good and they're not getting better,
246
00:12:55.399 --> 00:12:58.399
and there's a lot of reasons for that, but part
247
00:12:58.399 --> 00:13:03.600
of it is the Iron conflict, because the the energy
248
00:13:03.799 --> 00:13:07.080
costs are much hitting there, much more so. When they
249
00:13:07.120 --> 00:13:11.759
say challenging macroeconomic environment in Beijing, that's what that's that's
250
00:13:11.799 --> 00:13:15.440
referring to. It's referring to they're not exporting jet fuel anymore.
251
00:13:15.480 --> 00:13:17.320
That that you know that the prices are much higher.
252
00:13:17.679 --> 00:13:21.159
That then there's the other side of it, where China
253
00:13:21.200 --> 00:13:25.120
was quite deliberately discouraging people to go to Japan because
254
00:13:25.120 --> 00:13:28.120
they're angry at Japan because Japan was kind of putting
255
00:13:28.200 --> 00:13:32.519
up some pro Taiwan independence sentiment and so China got
256
00:13:32.559 --> 00:13:34.720
really angry about that. And so China has been actively
257
00:13:34.720 --> 00:13:38.679
discouraging their their citizens from traveling to Japan, and so
258
00:13:39.320 --> 00:13:41.600
they're a lot closer. Right, so that that market of
259
00:13:42.159 --> 00:13:47.840
China inbound travel into Japan has been shrinking, and now
260
00:13:47.960 --> 00:13:50.039
it's compounded because you already have the government being like, no,
261
00:13:50.080 --> 00:13:52.440
don't lead. But then also now the flight costs are
262
00:13:52.639 --> 00:13:56.600
you think flights are expensive here, like you think they're
263
00:13:56.639 --> 00:13:59.600
expensive here, you should look at those and so I
264
00:13:59.600 --> 00:14:03.320
think that that's plus you get the other thing where
265
00:14:03.879 --> 00:14:09.320
it's wealth distribution. You know, it's still not yes, it's
266
00:14:09.440 --> 00:14:12.720
cheaper to visit Japan, but also people a lot of
267
00:14:12.720 --> 00:14:15.080
the families in trying to make less money than US families. Right,
268
00:14:15.120 --> 00:14:17.840
So you got all these you know, factors. But that's
269
00:14:17.879 --> 00:14:19.840
what it is. That's kind and I think it's impossible
270
00:14:19.840 --> 00:14:21.399
for them to say that on a call, like you
271
00:14:21.720 --> 00:14:24.799
can't like that's too you know, but that's how I
272
00:14:24.840 --> 00:14:26.840
see is what's going on there is there's that, and
273
00:14:26.879 --> 00:14:30.480
so again I'm putting words into their mouth, but I
274
00:14:30.519 --> 00:14:34.320
think that you and I have talked about this because
275
00:14:34.320 --> 00:14:36.320
it's the same thing we're talking about with the regional
276
00:14:36.320 --> 00:14:39.799
parks here. How do you combat it when you're when
277
00:14:39.840 --> 00:14:42.120
you it's like, I think, a good way think of
278
00:14:42.159 --> 00:14:47.039
it is like Canadian traffic to some of our stuff here, right,
279
00:14:47.240 --> 00:14:49.960
So many markets used to get huge Canadian traffic. That's
280
00:14:50.000 --> 00:14:52.480
sort of what it's like where you get China going
281
00:14:52.519 --> 00:14:54.759
into these places, and so they're like, we lost all
282
00:14:54.759 --> 00:14:56.720
of that, So what do we do? You focus on
283
00:14:56.759 --> 00:14:59.440
the locals, and you focus on value. We've talked about that,
284
00:14:59.679 --> 00:15:01.799
and I I think that's what they're trying to do
285
00:15:02.080 --> 00:15:06.440
in Osaka. And I think they're hinting that it's not
286
00:15:06.480 --> 00:15:08.799
going to work in Beijing. And that's why they're saying
287
00:15:08.879 --> 00:15:14.440
challenging macroeconomic because I got it, because it's not it's hard.
288
00:15:14.480 --> 00:15:16.399
It's hard right now in Beijing, so that's going to
289
00:15:16.440 --> 00:15:18.840
be hard. But I think in Osaka you saw them
290
00:15:18.919 --> 00:15:23.559
launch the partnership with freer in which I wrote an
291
00:15:23.600 --> 00:15:27.320
article about that too. But basically it's opening up next month,
292
00:15:27.399 --> 00:15:31.320
and it's a walkthrough experience that seemed to freer In,
293
00:15:31.679 --> 00:15:35.399
which is a really popular anime and manga series. You know,
294
00:15:35.480 --> 00:15:38.159
over thirty million copies of the novel sold and then
295
00:15:38.279 --> 00:15:42.000
the anime just finished season two and it is the
296
00:15:42.000 --> 00:15:45.440
most highly rated anime on my Anime List, which tracks
297
00:15:45.440 --> 00:15:48.879
all anime, and it's it's an incredible story. I watch it. Also,
298
00:15:48.960 --> 00:15:52.320
it really fits in well with the theme of the
299
00:15:52.320 --> 00:15:55.480
twenty fifth anniversary, which is Discovering You, because the whole
300
00:15:55.480 --> 00:15:57.919
story about freer In is about self discovery. So it's literally,
301
00:15:57.919 --> 00:16:00.519
it's quite literally thematically very linked. They are making a
302
00:16:00.559 --> 00:16:03.720
walk through experience, they're making a restaurant, they're doing right overlays,
303
00:16:03.879 --> 00:16:07.080
so they're and this is what they're doing.
304
00:16:07.600 --> 00:16:13.200
Japanese content to to to re encourage or or reinvigorate
305
00:16:13.639 --> 00:16:15.559
the local Japanese market.
306
00:16:15.960 --> 00:16:17.879
And they're able to do it quickly. And that's the
307
00:16:17.919 --> 00:16:20.279
thing that we struggle with here in the US, where
308
00:16:20.600 --> 00:16:23.799
they're able to capture the zeitgeist of the moment because
309
00:16:24.240 --> 00:16:27.639
fe're in just wrapped like so they're going to launch
310
00:16:27.679 --> 00:16:30.639
it in May, and season two just finish finished airing
311
00:16:31.480 --> 00:16:35.200
last month, right, so it's a quick quick turnaround where
312
00:16:35.200 --> 00:16:37.519
they can bring in the characters and bring in the
313
00:16:37.559 --> 00:16:41.279
content and overlay it. And that's probably just because of
314
00:16:41.320 --> 00:16:43.399
their unique position in the market where they can they
315
00:16:43.440 --> 00:16:44.519
have relationships.
316
00:16:44.799 --> 00:16:47.000
I would also guess, and maybe I'm wrong here, but
317
00:16:47.039 --> 00:16:49.519
I would also guess because I've I've actually made this
318
00:16:49.639 --> 00:16:56.399
comment to my friends who produce film and and games.
319
00:16:58.080 --> 00:17:00.000
Stop trying to make film and games, start trying to
320
00:17:00.039 --> 00:17:02.759
make a brand. So my guess is they already had
321
00:17:02.840 --> 00:17:07.079
plans as to how can we make this a pop
322
00:17:07.160 --> 00:17:10.839
up experience or a walkthrough experience that was all built
323
00:17:10.880 --> 00:17:13.599
in and if you're smart, that's what you're doing. That
324
00:17:13.640 --> 00:17:15.640
was all built into the original plan, so you didn't
325
00:17:15.680 --> 00:17:17.640
have to really even wait for it to wrap. You
326
00:17:17.759 --> 00:17:20.039
already had, like we've talked about so many times, have
327
00:17:20.119 --> 00:17:23.759
parallel plans in place, and so that way the moment
328
00:17:23.920 --> 00:17:28.319
it hits or or if you need to promote it
329
00:17:28.400 --> 00:17:31.680
some more, if it doesn't hit, then you can turn
330
00:17:31.759 --> 00:17:34.960
to these these other ways of experiencing the same content.
331
00:17:35.480 --> 00:17:38.799
You know, it's it makes it makes It makes so
332
00:17:38.920 --> 00:17:39.599
much sense to me.
333
00:17:39.759 --> 00:17:41.559
It makes a lot of sensell And that's the point
334
00:17:41.680 --> 00:17:44.759
is I think that it makes so much sense. It's
335
00:17:44.839 --> 00:17:47.079
like to bring six flags back in right. We keep
336
00:17:47.079 --> 00:17:50.960
talking about it's not necessarily rocket science, it's just doing it.
337
00:17:51.160 --> 00:17:54.519
And I think that that's what the Universe USJA does
338
00:17:54.559 --> 00:17:57.359
well because they've been doing this program for ten years
339
00:17:57.759 --> 00:18:01.359
and every year. Then it's like you're saying, they already know.
340
00:18:01.519 --> 00:18:04.000
They haven't planned in their operations they're going to do something.
341
00:18:04.480 --> 00:18:07.680
Maybe the exact IYEP or the exact script will change
342
00:18:07.759 --> 00:18:11.759
up to the last minute, but the base basic outlines
343
00:18:11.759 --> 00:18:14.680
are there so that it allows them to prepare for it.
344
00:18:14.759 --> 00:18:16.920
And I think that that's kind of what you're saying.
345
00:18:16.960 --> 00:18:18.640
It's like they knew they were going to do something.
346
00:18:18.960 --> 00:18:22.160
And I would venture to say that they've got they've
347
00:18:22.160 --> 00:18:27.680
got preliminary contracts with multiple anime uh anime ey ps
348
00:18:27.960 --> 00:18:30.039
that you know, and they're just they're just gonna look
349
00:18:30.039 --> 00:18:33.559
at and go, Okay, whichever one hits this, whatever, their
350
00:18:33.640 --> 00:18:39.480
their margin of success is, whatever one hits uh this, yeah,
351
00:18:39.519 --> 00:18:42.200
benchmark first, that's gonna be the one that we're gonna
352
00:18:42.240 --> 00:18:46.039
go with. You know, they're again parallel planning. Parallel planner.
353
00:18:46.160 --> 00:18:48.519
It's not it's not just for disasters anymore.
354
00:18:49.000 --> 00:18:52.799
Yes, yes, or or everything is a disaster, so you
355
00:18:52.839 --> 00:18:57.720
kind of well, yeah, uh, but yeah, it's a I
356
00:18:57.720 --> 00:19:00.440
think frear In is a lates example, but they've been
357
00:19:00.480 --> 00:19:02.599
doing this thing every few months, you know, as part
358
00:19:02.640 --> 00:19:05.720
of the universal Cool Japan, because the Cool Japan basically
359
00:19:05.799 --> 00:19:10.000
runs like January through end of summer, you know, before fall,
360
00:19:10.319 --> 00:19:12.640
and so it kind of gives them this nice little
361
00:19:12.880 --> 00:19:16.519
frame that they can just kind of insert different activations,
362
00:19:16.559 --> 00:19:19.200
but it brings encourage people to come back, and especially
363
00:19:19.240 --> 00:19:21.720
if you're a if you're in fan, it gives you
364
00:19:21.799 --> 00:19:24.000
justin that's the other thing to talk about, that critical mass.
365
00:19:24.160 --> 00:19:27.160
It gives you just enough, right, because it's not just
366
00:19:27.480 --> 00:19:31.559
one thing. There's the walkthrough, which is original content part
367
00:19:31.599 --> 00:19:34.039
of the story. That's great, it's themed to the anime.
368
00:19:34.200 --> 00:19:37.200
I've read ahole article that it's really cool. But there's
369
00:19:37.200 --> 00:19:40.759
also the restaurant, which is an overlay, but there's special
370
00:19:40.799 --> 00:19:43.599
dishes and each dish is themed into the things that
371
00:19:43.640 --> 00:19:46.039
the characters love to eat in the series, so it
372
00:19:46.160 --> 00:19:48.839
really is well thought out. And then there's a ride
373
00:19:48.839 --> 00:19:53.920
overlay with custom audio recorded by the actors and they
374
00:19:53.960 --> 00:19:56.279
put that in one of the rides. And then there's
375
00:19:56.440 --> 00:20:00.000
merch and there's Chu RoHS, so you have enough.
376
00:20:00.480 --> 00:20:03.799
Then there's merch, and there's churros. I think that that
377
00:20:03.880 --> 00:20:06.759
would be the name of like how to book on
378
00:20:06.759 --> 00:20:09.559
on overlays. Then there's merch, then there's churros.
379
00:20:10.160 --> 00:20:11.079
We should write that book.
380
00:20:11.319 --> 00:20:13.119
There you go, we'll do that. So so let me
381
00:20:13.160 --> 00:20:14.759
ask the Philip, because I know you've I know you've
382
00:20:14.799 --> 00:20:21.079
experienced this. This sounds parallel to what's going on at
383
00:20:21.240 --> 00:20:24.559
Universal California with fan Fast Nights. How do those how
384
00:20:24.559 --> 00:20:27.599
do these two compare? I mean, are they That was
385
00:20:27.640 --> 00:20:30.079
a really good segway scott O. Congrat Thank you, Philip.
386
00:20:30.119 --> 00:20:32.640
I do my You know, even a blind hog will
387
00:20:32.640 --> 00:20:35.160
find an acorn now and then I'll get them occasionally.
388
00:20:36.200 --> 00:20:38.799
But because I know you've experienced it, I have seen
389
00:20:38.920 --> 00:20:42.119
video of it, and you know one of we talked
390
00:20:42.119 --> 00:20:44.480
about it briefly on the show a couple of times,
391
00:20:45.160 --> 00:20:49.599
but you've actually seen it. So it sounds like it's
392
00:20:49.960 --> 00:20:56.359
theoretically the same thing, is it.
393
00:20:57.079 --> 00:21:00.440
I think that fan Fest Nights no yes and no,
394
00:21:00.599 --> 00:21:06.200
yes and no. It isn't that it uses ips, uh,
395
00:21:06.279 --> 00:21:10.200
it is not in that fan Fest Nights is the
396
00:21:10.240 --> 00:21:13.039
spring version of folloween hor Nights. So it is a
397
00:21:13.079 --> 00:21:16.839
hard ticket event that is happening after hours.
398
00:21:17.079 --> 00:21:20.640
It's the Americanized version, you know America. In America, we're
399
00:21:20.680 --> 00:21:22.720
not going to give anybody anything. We've got to sell
400
00:21:22.759 --> 00:21:23.559
them an extra ticket.
401
00:21:23.640 --> 00:21:25.680
So right, and I think that that that that is
402
00:21:25.720 --> 00:21:29.839
a big right. That's a big difference because the Universal
403
00:21:29.839 --> 00:21:33.519
Cool Japan is included and it also happens throughout, so
404
00:21:33.680 --> 00:21:36.559
you know, they basically swapped them out, so they're like,
405
00:21:36.839 --> 00:21:38.880
you know, here's the Pokemon thing, and then here's this
406
00:21:38.920 --> 00:21:40.720
thing and there, and then you know, each a few
407
00:21:41.079 --> 00:21:42.839
month and a half or whatever, they swap them out.
408
00:21:43.759 --> 00:21:46.680
For fan Fest. You know, it's only one month ish
409
00:21:46.720 --> 00:21:53.119
and it is a separate ticket, so passolders have to
410
00:21:53.160 --> 00:21:57.599
pay extra, same thing. It's yeah, follows all the HHN rules, right.
411
00:21:57.759 --> 00:22:00.599
And the other part I would say is that on
412
00:22:00.680 --> 00:22:07.599
the Zeitgeist thing, I think maybe not quite. It's not quite.
413
00:22:07.799 --> 00:22:11.640
Let's say it's not as nimble because they're not swapping
414
00:22:11.680 --> 00:22:14.599
out kind of in real time. At USJ they're kind
415
00:22:14.599 --> 00:22:16.559
of locked into this thing. It's only open for a month,
416
00:22:16.720 --> 00:22:18.519
so it's not as nimble, and so I think you
417
00:22:18.519 --> 00:22:22.599
can see that in their IP choices. So this year
418
00:22:24.000 --> 00:22:27.000
we talked about themphest last year. This year they're doing.
419
00:22:27.279 --> 00:22:31.839
Their headline is Universal Monsters with Scooby Doo, so it's
420
00:22:31.839 --> 00:22:35.160
like the Scooby Doo Gang and Universal Monsters in a
421
00:22:35.200 --> 00:22:38.559
mystery caper together. And then there's a one piece in
422
00:22:38.640 --> 00:22:44.839
Sailor Moon and Harry Potter and Super Mario and Jurassic
423
00:22:45.200 --> 00:22:50.079
And you'll notice that more than half of them are
424
00:22:50.480 --> 00:22:52.640
things they already kind of do during the day, so
425
00:22:52.640 --> 00:22:56.160
they're really just ipick, Like the Harry Potter is like
426
00:22:56.240 --> 00:22:58.200
an extension of Harry Potter, right, I mean, it's not
427
00:22:58.240 --> 00:23:00.240
like they're not new ips right in that sense, right,
428
00:23:00.319 --> 00:23:03.039
they're not like so the only you know, the only
429
00:23:03.039 --> 00:23:05.079
ones they don't offer during the day. Normally it's a
430
00:23:05.119 --> 00:23:07.240
Sailor Moon and which is a meet and greet and
431
00:23:07.240 --> 00:23:09.960
a four D show they took from Japan, a forty
432
00:23:11.240 --> 00:23:14.400
video they took from Japan, and then the the one
433
00:23:14.480 --> 00:23:18.119
piece element, which they also lifted partially from Japan. They
434
00:23:18.200 --> 00:23:21.039
just shortened it again they americanized it. Wherein in Japan
435
00:23:21.160 --> 00:23:24.039
it's a full stage show that has a story that
436
00:23:24.200 --> 00:23:27.920
is about an hour long. They converted that to a
437
00:23:28.200 --> 00:23:32.359
eighteen minute stunt show that follows similar beats to water
438
00:23:32.400 --> 00:23:34.799
World and put it in the water Road stage and
439
00:23:34.839 --> 00:23:36.599
then they have meet and greets. So the only things
440
00:23:36.599 --> 00:23:39.920
they the only like ips they don't normally touch I guess,
441
00:23:39.920 --> 00:23:42.640
are the Sailor Moon and the One Piece, but all
442
00:23:42.720 --> 00:23:44.359
the other ones are stuff they do. And so back
443
00:23:44.400 --> 00:23:47.799
to our argument we made last year, I just think
444
00:23:47.839 --> 00:23:53.400
it's interesting their year two is different in that I'm
445
00:23:53.400 --> 00:23:57.519
not sure it's bringing in new new fans other than
446
00:23:57.599 --> 00:24:02.079
One Piece because all of the other fandoms that they're
447
00:24:02.079 --> 00:24:05.400
activating are things that they already do at Universal.
448
00:24:06.160 --> 00:24:10.880
Well, so to me, what that's saying is this year
449
00:24:11.480 --> 00:24:15.039
they're looking the decisions are being made based off of
450
00:24:15.160 --> 00:24:19.079
the the the accountant's books, because they're looking at they're
451
00:24:19.079 --> 00:24:20.839
looking at it going well, we've already got these people,
452
00:24:20.839 --> 00:24:23.039
how do we get more money out of them? Yeah,
453
00:24:23.200 --> 00:24:27.640
it's it's money versus driving the attendance or driving sorry,
454
00:24:27.680 --> 00:24:31.000
expanding the the interest of the park to different fandoms.
455
00:24:32.799 --> 00:24:35.039
But what is the so I haven't even seen it.
456
00:24:35.079 --> 00:24:39.000
I've seen I've seen video of the One Piece stunt show,
457
00:24:39.440 --> 00:24:41.720
which looks I mean, I'll be honest, it looks really cute.
458
00:24:42.000 --> 00:24:44.359
I mean, it's incredible it looks it is. It is
459
00:24:44.400 --> 00:24:46.960
the It is the best thing at fan Fast Nights
460
00:24:47.079 --> 00:24:50.680
by a pretty large margin. I would say it's incredible.
461
00:24:51.160 --> 00:24:56.079
The effects, especially, like it's not just water world effects,
462
00:24:56.119 --> 00:24:59.119
Like they they pull effects from the anime. So there's
463
00:24:59.200 --> 00:25:02.920
like this is actually one anime I haven't watched. So please,
464
00:25:03.039 --> 00:25:05.240
haters or whatever, you can comment on how ignorant I
465
00:25:05.240 --> 00:25:09.039
am if you want. But basically, the there are I
466
00:25:09.079 --> 00:25:11.400
know that there are you know, special attacks, and they do this,
467
00:25:11.519 --> 00:25:15.160
they recreate the special attacks but irl and so one
468
00:25:15.160 --> 00:25:17.119
of them is a giant glowing sword. So the guy
469
00:25:17.160 --> 00:25:20.039
will actually like he like activates the sword, and he
470
00:25:20.200 --> 00:25:22.319
like as he runs his hand across the blade, the
471
00:25:22.480 --> 00:25:26.319
entire sword lights up like while he's doing that. And
472
00:25:26.359 --> 00:25:30.960
then there's another man who kind of his hands disconnect
473
00:25:31.000 --> 00:25:32.960
and he can use them to go do attacks, and
474
00:25:33.000 --> 00:25:35.240
so the hands are their own puppets and so they
475
00:25:35.319 --> 00:25:37.839
like fly off of his arms and they go around
476
00:25:37.920 --> 00:25:42.319
and they cause chaos. And just seeing this those stage effects,
477
00:25:43.200 --> 00:25:45.680
I mean, those are great stage effects to have at
478
00:25:45.720 --> 00:25:49.400
this you know, at this theme park show. Effectively, these
479
00:25:49.400 --> 00:25:52.400
are like really they were really cool effects. And then
480
00:25:52.680 --> 00:25:55.240
there's all of the fighting and the swords, and you know,
481
00:25:55.240 --> 00:25:57.680
it's it's not just the water and the fire, right,
482
00:25:57.680 --> 00:26:01.359
It's it's these effects that are created to mimic the anime,
483
00:26:01.400 --> 00:26:03.480
which I think is what really sets out apart. And
484
00:26:03.519 --> 00:26:06.400
then the night that I went, the show was so
485
00:26:06.559 --> 00:26:10.119
popular they opened up the line for the seating forty
486
00:26:10.119 --> 00:26:14.200
five minutes before the showing and it reached it reached
487
00:26:14.240 --> 00:26:20.559
capacity for all the shows, and they were doing meet
488
00:26:20.599 --> 00:26:24.000
and greets with the characters in between the shows. They
489
00:26:24.000 --> 00:26:25.720
had three showings, they were doing meet and greets with
490
00:26:25.720 --> 00:26:29.279
the characters, and every time I checked on it, which
491
00:26:29.319 --> 00:26:31.559
was most of the night, the meet and greet lines
492
00:26:31.559 --> 00:26:32.400
were at capacity.
493
00:26:32.960 --> 00:26:33.119
Right.
494
00:26:33.240 --> 00:26:37.640
So same with Sailor Mooon, right, Taylor.
495
00:26:37.359 --> 00:26:39.960
Moton was these are the two that they don't have
496
00:26:40.079 --> 00:26:43.640
during you know, during regular operating hours. That's right. Clearly
497
00:26:43.640 --> 00:26:45.960
there is interest in them. So we may see the
498
00:26:45.960 --> 00:26:49.000
pendulum swing. I'm guessing we may see the pendulum swing
499
00:26:49.079 --> 00:26:53.079
back next year to you know, looking at where their
500
00:26:53.319 --> 00:26:59.000
their true their true guest satisfaction was in the in
501
00:26:59.079 --> 00:27:03.200
the thes that they don't necessarily normally use or have
502
00:27:03.319 --> 00:27:06.359
access to. Yeah, I've seen, and I've seen, and I
503
00:27:06.480 --> 00:27:09.200
it's funny because I saw just a very brief video
504
00:27:09.240 --> 00:27:11.920
clip of Sailor Moon, and the thing that impressed me
505
00:27:12.000 --> 00:27:15.119
the most is it was her actually walking to her
506
00:27:15.160 --> 00:27:18.079
meet and greet, and she was surrounded. She had more
507
00:27:18.359 --> 00:27:21.920
she had more handlers than like the president. You know,
508
00:27:22.039 --> 00:27:25.759
she was completely surrounded on all sides, and but she
509
00:27:25.880 --> 00:27:27.920
was very polite and waving to everybody, of course, but
510
00:27:28.839 --> 00:27:33.759
the guest. The guest response was huge, and I didn't
511
00:27:33.759 --> 00:27:37.559
think Sailor Moon was still was still that that viable,51200:27:37.640 --> 00:27:38.880
But clearly I'm wrong.51300:27:39.880 --> 00:27:42.079
It isn't. And again I think you have to consider51400:27:42.440 --> 00:27:44.960
this probably wouldn't work in Orlando. I think that's the51500:27:45.000 --> 00:27:49.559
other big part of this, And I'm unsure if they51600:27:49.599 --> 00:27:51.880
even need to because we've talked about this before. Where51700:27:52.039 --> 00:27:56.119
the idea that you know, it's just different in Orlando,51800:27:56.160 --> 00:27:58.880
and how they need more seasonal stuff in Hollywood. But51900:27:59.640 --> 00:28:03.000
that's one of those things, like the popularity of these52000:28:03.079 --> 00:28:05.359
some of these anime stuff is just so much greater52100:28:05.559 --> 00:28:09.799
in Soul Cow because we have a huge Asian population52200:28:09.920 --> 00:28:11.319
but also a basic interest in.52300:28:11.279 --> 00:28:14.880
Anime and well and it's also you know, the home52400:28:14.960 --> 00:28:17.440
of so many anime conventions. If they're gonna if they're52500:28:17.440 --> 00:28:21.119
gonna do Orlando. They actually, in my opinion, based on52600:28:21.200 --> 00:28:24.480
the conventions that hit hard here, things like spooking the Empire,52700:28:24.559 --> 00:28:28.839
things like Mega they need to go they need to52800:28:28.839 --> 00:28:31.039
go dark if they're going to make them work here52900:28:31.839 --> 00:28:36.279
in Orlando, and the darker. So the uh.53000:28:36.400 --> 00:28:39.680
Before we leave the show, because we're getting to the53100:28:39.759 --> 00:28:42.480
end of time, I just want to wrap up the53200:28:42.920 --> 00:28:45.519
kind of big picture about the earnings, just put it53300:28:45.519 --> 00:28:48.759
into context for everybody, just to understand that, like again,53400:28:48.839 --> 00:28:51.039
we're like forest for the trees, we're so in the53500:28:51.039 --> 00:28:53.359
theme park world. The theme parks are still only seven53600:28:53.400 --> 00:28:57.839
percent of Comcast, And in previous earnings, I think they53700:28:57.839 --> 00:29:00.599
were really highlighting the growth of theme parks because their53800:29:00.680 --> 00:29:03.720
other businesses were performing so poorly. But now that the53900:29:03.799 --> 00:29:07.359
other stuff is doing well, it seems like they're kind54000:29:07.400 --> 00:29:11.400
of moderating that a little bit. Somebody on the call54100:29:11.440 --> 00:29:13.480
asked about how they were going to allocate capital, like54200:29:13.519 --> 00:29:15.000
are you going to be putting more capital in the54300:29:15.000 --> 00:29:17.160
theme parks because the profitability or these other things, and54400:29:17.200 --> 00:29:23.599
they kind of said no. They basically said that broadband54500:29:23.680 --> 00:29:26.200
net losses have improved and it's the first improvement they've54600:29:26.200 --> 00:29:28.559
had since twenty twenty, so it's a big deal for them,54700:29:28.759 --> 00:29:31.519
and it seems like they're leaning into that by just54800:29:31.559 --> 00:29:35.680
saying that they're you know, they have six major six54900:29:35.880 --> 00:29:38.400
major growth drivers, of which the theme parks are one,55000:29:38.799 --> 00:29:41.039
and they basically just said that whatever money the theme55100:29:41.079 --> 00:29:43.759
parks generates, we'll be able to use that to help55200:29:43.799 --> 00:29:48.920
put more. But that's, you know, which is very different55300:29:48.960 --> 00:29:51.119
from saying that we're just we're going to keep investing55400:29:51.200 --> 00:29:53.240
or give them a blank check or you know, do whatever.55500:29:53.759 --> 00:29:55.640
You know, before it was like, oh, they're going to55600:29:55.680 --> 00:29:57.279
have to make a whole new business model, and now55700:29:57.279 --> 00:29:59.319
it's like, the theme parks are doing great, and if55800:29:59.359 --> 00:30:01.279
they make money, will put that money and they'll make55900:30:01.319 --> 00:30:02.799
new things with the money that they make. It's kind56000:30:02.799 --> 00:30:04.240
of to their own business, you know.56100:30:04.440 --> 00:30:07.039
Just what Disney was saying that we were talking about,56200:30:07.240 --> 00:30:08.839
you know, on the show here a couple of weeks ago.56300:30:09.279 --> 00:30:13.319
But well, you know, I guess it doesn't matter to56400:30:13.359 --> 00:30:15.079
me as long as the companies are making money so56500:30:15.079 --> 00:30:17.440
that the parks can continue. You know, I often tell56600:30:17.440 --> 00:30:20.799
my clients, what does sustainability look like? Is that is56700:30:20.839 --> 00:30:23.160
that short term profit? Is it long term profit? Is56800:30:23.200 --> 00:30:28.400
it you know, continued guest satisfaction, and it sounds like,56900:30:28.640 --> 00:30:31.559
based on this earnings call, the parks are very sustainable57000:30:31.559 --> 00:30:34.000
because they are part of a much larger company that57100:30:34.119 --> 00:30:37.160
can support them. I mean that many theme parks started57200:30:37.599 --> 00:30:41.079
because they were supporting a much larger or different organization,57300:30:41.400 --> 00:30:44.680
whether it was film based or beer based or whatever,57400:30:45.039 --> 00:30:46.839
and then the theme parks grew out of that. So57500:30:46.880 --> 00:30:49.599
they had that, They had that parachute, they had that57600:30:50.000 --> 00:30:53.039
safety net just in case anything went wrong. But I57700:30:53.039 --> 00:30:55.279
don't think anything went wrong in this show, and it's57800:30:55.440 --> 00:30:56.960
fair of me to say that because we're at the57900:30:57.039 --> 00:30:59.279
end of it. So guys, thank you once again so58000:30:59.400 --> 00:31:02.039
much for watching Green Tag Theme Park in thirty on58100:31:02.119 --> 00:31:05.519
behalf of Philip Bernandez with Ganton Lighting and Control, on myself,58200:31:05.519 --> 00:31:08.119
Scott Swinson with Scott Swentzon creative development. This has been58300:31:08.200 --> 00:31:10.119
green Tag Theme Park in thirty and we'll see all58400:31:10.119 --> 00:31:11.680
of you next week. See y
