WEBVTT
1
00:00:00.960 --> 00:00:03.680
Oh, from our studios this week in Los Angeles and Tampa.
2
00:00:03.720 --> 00:00:07.080
This is Green Tagged Theme parkin thirty. I'm Philip from
3
00:00:07.040 --> 00:00:10.679
Ganton Mining Controls. That is Scott Swinson from Scott Swinson
4
00:00:10.679 --> 00:00:12.960
Cray Development and on Green tag we look at the
5
00:00:13.000 --> 00:00:14.839
top news each week and trying to explain why it
6
00:00:14.880 --> 00:00:19.280
matters to business professionals. And this week we are discussing
7
00:00:19.800 --> 00:00:27.600
Comcast earnings studio and you know this is that I
8
00:00:27.640 --> 00:00:31.120
don't know, well I was, I was like, what is
9
00:00:31.160 --> 00:00:33.119
the universal thing? And I forgot and then I just
10
00:00:33.159 --> 00:00:36.479
went with it. Anyway, it was a hand motion that
11
00:00:36.520 --> 00:00:39.240
I think really got me. It was the DA It's
12
00:00:39.280 --> 00:00:43.280
like curtains party or something. Anyway, the Comcast earnings like,
13
00:00:43.320 --> 00:00:45.280
you know, like the little universal but when it spins,
14
00:00:45.320 --> 00:00:47.640
that's what I was. I don't know, I don't know anyway,
15
00:00:48.479 --> 00:00:51.320
you know what this is to been the biggest news
16
00:00:51.359 --> 00:00:54.799
of the week because for the first time ever, thank
17
00:00:54.840 --> 00:00:57.200
you Scott for your for bringing here.
18
00:00:57.439 --> 00:00:58.240
Spinning orb.
19
00:00:59.600 --> 00:01:03.240
That's we're calling it okay. For the first time ever,
20
00:01:03.960 --> 00:01:09.239
Comcast Parks Division crossed the one billion in quarterly EBITA ever,
21
00:01:09.599 --> 00:01:11.879
so that is what drew all the attention and that's
22
00:01:11.879 --> 00:01:13.799
what all the focus was on. I think in our
23
00:01:15.079 --> 00:01:19.480
little corner of the theme park space is because everybody
24
00:01:19.560 --> 00:01:23.879
was excited about the Comcast and Universal theme Parks hitting
25
00:01:23.920 --> 00:01:27.760
that revenue standpoint, which is great. I think a lot
26
00:01:27.760 --> 00:01:30.079
of people were talking about the success of Epic Universe
27
00:01:30.280 --> 00:01:32.959
and how well that's been going. You know what, Scott, though,
28
00:01:33.000 --> 00:01:34.840
I don't think that's actually the real story.
29
00:01:36.439 --> 00:01:38.640
Well you are, see, so you're the one who's always
30
00:01:38.680 --> 00:01:40.680
been really good at I always think of me as
31
00:01:40.680 --> 00:01:42.879
the conspiracy theory guy, but I'm really not. You're the
32
00:01:42.879 --> 00:01:46.000
one who always has these alternative takes as the deeper
33
00:01:46.040 --> 00:01:48.599
you dig into the facts. So what is what do
34
00:01:48.599 --> 00:01:49.920
you think the real story is, Philip?
35
00:01:51.079 --> 00:01:53.439
I think the real story is the hotels. And I
36
00:01:53.439 --> 00:01:57.879
think that the real story is that this is proof
37
00:01:59.159 --> 00:02:03.920
that universal hypothesis that they could create a Disney esque
38
00:02:04.159 --> 00:02:09.000
flywheel is working. I don't think this is really about Epic.
39
00:02:09.039 --> 00:02:11.439
I think Epic, you know, maybe was the thing that
40
00:02:12.520 --> 00:02:14.919
pushed it over or any of that kind of stuff.
41
00:02:15.120 --> 00:02:17.560
But if you the thing to me that popped out here,
42
00:02:17.639 --> 00:02:20.280
there's a few things. One is that Epic is still
43
00:02:20.280 --> 00:02:23.719
not operating at the capacity, and now they keep pushing
44
00:02:23.759 --> 00:02:26.360
it back, right, It's like they use the distraction technique,
45
00:02:26.400 --> 00:02:29.400
distraction one billion this quarter, and then you know they
46
00:02:29.400 --> 00:02:31.759
whisper to the side, but uh yeah, we're not gonna
47
00:02:31.759 --> 00:02:33.680
be a full capacity for a few more months, maybe
48
00:02:34.039 --> 00:02:36.960
may end of twenty twenty six. Maybe you know, they
49
00:02:37.039 --> 00:02:39.400
keep delaying when it's actually going to be operational. But
50
00:02:39.439 --> 00:02:42.280
that kind of doesn't matter because to me, the biggest
51
00:02:42.280 --> 00:02:47.919
thing here was the hotels. Like these hotel numbers are insane.
52
00:02:47.960 --> 00:02:52.039
So they added two thousand hotel rooms. The average daily
53
00:02:52.159 --> 00:02:57.080
rate was up twenty percent and the occupancy was up
54
00:02:57.240 --> 00:03:03.039
three percent. So it almost like defies regular economic theory,
55
00:03:03.120 --> 00:03:06.120
right because they added a bunch of supply, but also
56
00:03:06.240 --> 00:03:10.960
prices went up, right, It wasn't like that make that's.
57
00:03:10.759 --> 00:03:14.199
To meet the new perceived demand of EPIC.
58
00:03:14.919 --> 00:03:17.000
That's right, that's right, But I think that the But
59
00:03:17.039 --> 00:03:19.000
the thing is, that's I think where the real value
60
00:03:19.000 --> 00:03:21.560
got captured. I think that's my point is that the
61
00:03:21.639 --> 00:03:24.199
Epic was the catalyst. So it's not to say it's
62
00:03:24.240 --> 00:03:24.680
not important.
63
00:03:24.680 --> 00:03:25.080
Epic was.
64
00:03:25.120 --> 00:03:29.280
It's critical, but it was critical in not just as
65
00:03:29.439 --> 00:03:32.120
Epic as a standalone. It was critical in that it
66
00:03:32.120 --> 00:03:35.960
has proven that Universal can create a flywheel because now
67
00:03:35.960 --> 00:03:39.039
they have the hotels, then they have the centerpiece. Now
68
00:03:39.240 --> 00:03:42.520
it's not become we're here for Disney for a week
69
00:03:42.560 --> 00:03:45.240
and one day for Universal. You can see now where
70
00:03:45.280 --> 00:03:48.639
guests could come just for Universal and spend their whole
71
00:03:48.680 --> 00:03:51.520
time in the Universal bubble, which is what they've been
72
00:03:51.520 --> 00:03:54.719
trying to Like, I think that's been the grand strategy,
73
00:03:55.039 --> 00:03:57.599
you know, for for Universal for a long time, but
74
00:03:57.759 --> 00:04:00.199
the question was still out as to whether it is
75
00:04:00.199 --> 00:04:01.639
going to actually work.
76
00:04:01.960 --> 00:04:04.759
I think I think that's the real I think that's
77
00:04:04.879 --> 00:04:08.479
the the real story, is that epic epic in and
78
00:04:08.520 --> 00:04:11.840
of itself, because again it does have its challenges, but
79
00:04:11.960 --> 00:04:14.840
it's still it's still getting great press, and there's still
80
00:04:14.840 --> 00:04:17.480
some amazing games there blah blah blah blah blah. But
81
00:04:17.560 --> 00:04:22.639
I think more than anything, it is the it's the
82
00:04:22.680 --> 00:04:26.079
tipping point. We've we've hit the tipping point now where
83
00:04:26.360 --> 00:04:30.279
when you've got four attractions, when you've got four parks,
84
00:04:31.120 --> 00:04:34.480
then you can spend a week at Universal. I yeah,
85
00:04:34.519 --> 00:04:38.800
I think it's just critical mass. Epics hit critical mass.
86
00:04:39.000 --> 00:04:41.360
So it's just like when I was a kid, and
87
00:04:41.879 --> 00:04:44.560
you know, we used to go to we used to
88
00:04:44.639 --> 00:04:48.240
go to Walt Disney World. It was you do. You'd
89
00:04:48.240 --> 00:04:51.040
plan a day at one park, a day at another park,
90
00:04:51.360 --> 00:04:54.240
a day at the hotel. And this is back before
91
00:04:54.480 --> 00:04:56.519
there were you know, all the parks that were at Disney.
92
00:04:56.519 --> 00:05:00.600
But once, but once they hit four parks, then all
93
00:05:00.639 --> 00:05:04.319
of a sudden, everything just skyrocketed. That is the that
94
00:05:04.480 --> 00:05:06.920
is the critical mass and the tipping point. And that's
95
00:05:07.000 --> 00:05:10.759
why the hotels. They needed more hotels. And it's something
96
00:05:10.759 --> 00:05:14.759
that quite honestly they learned from Disney. It's why they
97
00:05:14.800 --> 00:05:18.160
needed the more hotels. It's why the people are, you know,
98
00:05:18.360 --> 00:05:20.879
going to these hotels. It's it's like, for example, I
99
00:05:20.920 --> 00:05:23.560
don't know whether you have you stayed at or seen
100
00:05:23.680 --> 00:05:26.879
Steleanova or Tara Luna. It's too expensive for me.
101
00:05:27.240 --> 00:05:29.959
I've seen them though, I've I've done the cheap version
102
00:05:30.000 --> 00:05:31.600
where I pretend to be saying at the hotel so
103
00:05:31.600 --> 00:05:32.399
I could walk around.
104
00:05:32.560 --> 00:05:35.240
Oh yeah, I do that all the time. But the
105
00:05:35.240 --> 00:05:38.399
the other side of it, though, is they're not those
106
00:05:38.399 --> 00:05:41.879
two are not in an immersive, you know environment, They're
107
00:05:41.920 --> 00:05:47.759
not like the Universal studios or the IOA properties. They're
108
00:05:48.680 --> 00:05:51.600
you know, right off of I mean, honestly, not too
109
00:05:51.600 --> 00:05:54.319
far from my drive, they're right, just kind of hotels.
110
00:05:54.360 --> 00:05:58.720
They're nice hotels apparently. But the but the idea is
111
00:05:59.399 --> 00:06:02.480
that once you can say you're going to take a
112
00:06:02.519 --> 00:06:05.439
week long family vacation and you're going to spend your
113
00:06:05.560 --> 00:06:09.079
entire week doing stuff at Universal, that's when the hotels
114
00:06:09.120 --> 00:06:12.839
become viable if you're going to try to stay. You know,
115
00:06:12.879 --> 00:06:14.800
if you say there's really only about enough to do
116
00:06:14.879 --> 00:06:18.000
for three days here, people are going to stay at
117
00:06:18.040 --> 00:06:22.639
Disney and take two days three days to go to Universal.
118
00:06:23.040 --> 00:06:25.720
But once you say there's enough for four things to do,
119
00:06:25.800 --> 00:06:28.000
because your first day is usually checking out the hotel.
120
00:06:28.759 --> 00:06:31.920
If you've got kids the pool, playing in the pool.
121
00:06:32.040 --> 00:06:34.360
That happens with every vacation. It's so much fun to
122
00:06:34.399 --> 00:06:37.199
watch families because the kids will be like, they'll be
123
00:06:37.560 --> 00:06:39.920
at some great theme park and go when can we
124
00:06:39.959 --> 00:06:41.519
go back to the hotel and play in the pool.
125
00:06:41.800 --> 00:06:44.879
So you know, parents have to arrange for that, They
126
00:06:44.879 --> 00:06:49.560
have to arrange for that time. And I think that
127
00:06:49.560 --> 00:06:52.839
that Epic being the fourth park, hit the critical mass
128
00:06:53.399 --> 00:06:56.720
and made it so that there was enough to do
129
00:06:56.800 --> 00:06:59.399
for a full week. So therefore we need more hotels
130
00:06:59.399 --> 00:07:02.079
if we're going to cap sure, all of that money. Yep,
131
00:07:02.240 --> 00:07:02.720
that's right.
132
00:07:03.360 --> 00:07:06.480
And I think this also what it did all this
133
00:07:06.600 --> 00:07:08.720
together the critical mass, as you mentioned, I.
134
00:07:08.720 --> 00:07:09.639
Think it also.
135
00:07:10.920 --> 00:07:15.600
Kind of waylaid or it dissolved some of the fears
136
00:07:15.680 --> 00:07:18.120
that Wall Street had, because a lot of the fears
137
00:07:18.120 --> 00:07:20.160
of some of the analysts had was that it would
138
00:07:20.240 --> 00:07:23.240
this would be the epic, would be just stealing guests
139
00:07:23.240 --> 00:07:26.160
from islands or from University of Florida, and I think
140
00:07:26.199 --> 00:07:28.920
these it proves the opposite here is that it, like
141
00:07:28.959 --> 00:07:30.959
you said, it was the catalyst that made the critical
142
00:07:30.959 --> 00:07:33.800
mass jump. It was not something that's going to be
143
00:07:33.879 --> 00:07:37.160
just stealing guests. And you can see that because you know,
144
00:07:37.160 --> 00:07:40.519
they still haven't done the multi you know, the worked
145
00:07:40.519 --> 00:07:42.720
it into the annual passes and all this kind of stuff,
146
00:07:42.759 --> 00:07:46.480
and so it really is just serving on its own ground.
147
00:07:47.120 --> 00:07:50.240
You know, the theme park quarterly revenue jump twenty two percent,
148
00:07:50.399 --> 00:07:51.879
and even I grew twenty four percent.
149
00:07:52.040 --> 00:07:53.199
So it's.
150
00:07:54.959 --> 00:07:57.160
It's doing what we're saying, and which is I think
151
00:07:57.319 --> 00:07:59.720
making some of the analysts. We'll talk about a little
152
00:07:59.720 --> 00:08:01.680
bit more how that could be a dangerous thing because
153
00:08:01.720 --> 00:08:03.839
I think now some of the analysts are suggesting that
154
00:08:03.879 --> 00:08:06.240
the parks division is going so well that it would
155
00:08:06.240 --> 00:08:09.000
make sense for them to split off and it to
156
00:08:09.040 --> 00:08:13.439
be a separate company. Which that's the risk when you
157
00:08:13.519 --> 00:08:16.040
do too well, is that now people are saying you
158
00:08:16.040 --> 00:08:18.560
shouldn't be part of this dying media company.
159
00:08:18.600 --> 00:08:25.680
Basically, yeah, it's I'm not I have very very mixed
160
00:08:25.680 --> 00:08:27.839
feelings in regards to that. But that's that's a whole
161
00:08:28.319 --> 00:08:30.079
that's a whole nother story. I think part of the
162
00:08:30.079 --> 00:08:32.759
reason that the analysts were so hesitant about this is because,
163
00:08:33.120 --> 00:08:36.879
you know, those of you who have not been to
164
00:08:37.080 --> 00:08:40.320
Orlando to see to actually see where these parks are.
165
00:08:40.720 --> 00:08:43.159
I think the analyst's big concern was you have to
166
00:08:43.240 --> 00:08:46.240
leave property in order to go to the other property. Yeah,
167
00:08:46.399 --> 00:08:48.240
you know, and that they were going to get they
168
00:08:48.240 --> 00:08:50.639
were going to get distracted or waylaid as they went
169
00:08:50.879 --> 00:08:52.799
from you know, if they were staying in one of
170
00:08:52.840 --> 00:08:59.399
the the studios hotels and they had to get to
171
00:09:00.759 --> 00:09:03.000
they had to get to Epic, you actually have to
172
00:09:03.080 --> 00:09:06.240
leave universal property in order to get to the other
173
00:09:06.399 --> 00:09:10.840
universal property. Now, I don't know, I'm assuming that the
174
00:09:10.840 --> 00:09:13.919
hotels are providing transportation. I'm assuming that the hotels are
175
00:09:14.279 --> 00:09:16.600
making it so that you know, we will we will
176
00:09:16.600 --> 00:09:18.559
lock you in this vehicle and not let you out
177
00:09:18.600 --> 00:09:20.320
until we get you to our other property, so that
178
00:09:20.360 --> 00:09:23.399
every time you spend goes into our pockets. I would
179
00:09:23.440 --> 00:09:27.399
assume that that's happening. But you know, I think that
180
00:09:27.559 --> 00:09:29.240
was one of the big concerns. I was one of
181
00:09:29.240 --> 00:09:33.639
my big concerns from a from a business standpoint, is
182
00:09:33.919 --> 00:09:39.320
wait a minute, you're basically creating two separate park locations
183
00:09:39.879 --> 00:09:45.200
that could conceivably compete with one another. And I will
184
00:09:45.279 --> 00:09:49.320
say that what I've heard and again this is this
185
00:09:49.399 --> 00:09:53.159
is speculation, but what I've heard other people speculate about
186
00:09:53.240 --> 00:09:55.720
is that, you know, part of the reason that the
187
00:09:55.759 --> 00:09:59.000
Epic Universe parking lot is a big flat parking lot
188
00:09:59.039 --> 00:10:02.559
is because eventually they're going to to build another city
189
00:10:02.600 --> 00:10:05.320
walk or something along those lines there and then build
190
00:10:05.320 --> 00:10:07.960
a parking garage. But they didn't want to do that
191
00:10:08.000 --> 00:10:10.039
before opening Epic. They wanted to open Epic earn some
192
00:10:10.080 --> 00:10:13.960
money back. So now as it as the two as
193
00:10:14.000 --> 00:10:18.200
the two entities grow, or as the second entity that
194
00:10:18.240 --> 00:10:21.200
we'll call it, the the Epic entity, as it grows,
195
00:10:21.480 --> 00:10:24.000
then they may just start to compete with one another.
196
00:10:24.519 --> 00:10:29.200
If they don't make it really easy for the guests
197
00:10:29.200 --> 00:10:30.200
to get from one to the other.
198
00:10:30.399 --> 00:10:36.039
Yeah, reduce friction, reduce friction on that point. You know,
199
00:10:36.159 --> 00:10:40.039
they didn't really I think, I think to what you
200
00:10:40.080 --> 00:10:42.519
just said, I think that a lot of the people
201
00:10:42.559 --> 00:10:45.519
in our space, again, our theme park realm, were expecting
202
00:10:45.519 --> 00:10:48.159
them to talk about that how they're going to reduce friction,
203
00:10:48.480 --> 00:10:50.279
or what they were going to expand, or how they
204
00:10:50.279 --> 00:10:53.720
were going to you know, upgrade you know, whatever their
205
00:10:53.759 --> 00:10:56.000
expansion plans or something about what they were going to
206
00:10:56.080 --> 00:11:00.399
do next for Epic, and they actually didn't. Don't doing
207
00:11:00.480 --> 00:11:04.679
any of that. I mean, they they were pretty clear.
208
00:11:05.360 --> 00:11:08.480
And you know, whether or not it's because the expanding
209
00:11:08.559 --> 00:11:11.399
ride through put is still their their main focus or
210
00:11:11.639 --> 00:11:15.840
I don't, but basically they kind of made it clear
211
00:11:16.840 --> 00:11:20.879
that they are, you're going to be concentrating on their
212
00:11:20.919 --> 00:11:24.399
diversification strategy that we've talked about like so much, you
213
00:11:24.399 --> 00:11:26.960
know where right now Epic they're just focusing on getting
214
00:11:27.000 --> 00:11:31.360
the throughput fixed, but they're looking at the Texas Universal
215
00:11:31.440 --> 00:11:34.879
Kids Park that she'll be opening, plus the breaking ground
216
00:11:35.080 --> 00:11:38.159
in the UK, and then of course the coasters coming
217
00:11:38.200 --> 00:11:41.639
to Hollywood and Orlando. So that's really they mentioned those
218
00:11:41.840 --> 00:11:44.679
so they kind of were like, we're not really going
219
00:11:44.759 --> 00:11:47.720
to be focusing on too much of the expansion or
220
00:11:47.720 --> 00:11:50.000
any of this type of thing yet. So it sounds
221
00:11:50.039 --> 00:11:52.440
like I think people were expecting an answer to what
222
00:11:52.519 --> 00:11:54.399
you're saying, But it seems like they're trying to fix
223
00:11:54.480 --> 00:11:58.720
the bottleneck thing first there for the capacity and operations before,
224
00:11:58.799 --> 00:12:01.679
and then work on their diversification strategy.
225
00:12:01.320 --> 00:12:03.159
Right, And I think that and I think that's a
226
00:12:03.240 --> 00:12:05.360
very smart thing to do. You know, they they've also
227
00:12:05.480 --> 00:12:08.759
there's also the rumors that we've seen about you know,
228
00:12:08.799 --> 00:12:11.679
the new rides come, the new ride already coming, uh
229
00:12:11.720 --> 00:12:15.960
breaking ground for at at Epic. You know, we've seen
230
00:12:16.039 --> 00:12:18.679
the stories of permits have been pulled and blah blah
231
00:12:18.679 --> 00:12:24.120
blah blah blah. So you know, there's there's a possibility
232
00:12:24.120 --> 00:12:25.440
that there's going to be expansion there. But I think
233
00:12:25.440 --> 00:12:27.559
you're right. I think the biggest thing that they're going
234
00:12:27.639 --> 00:12:30.919
to focus on now simply because again when the park opened,
235
00:12:30.960 --> 00:12:34.600
there was such negativity about it is and that negativity
236
00:12:34.639 --> 00:12:36.879
honestly continues. There's not a day goes by where I
237
00:12:36.879 --> 00:12:39.279
don't see something come across one of my social media
238
00:12:39.320 --> 00:12:42.919
feeds where somebody will be asking is epic really worth
239
00:12:42.919 --> 00:12:45.320
it if I get a front of line passed, because
240
00:12:45.320 --> 00:12:47.679
I don't want to wait three hours for a line
241
00:12:48.360 --> 00:12:50.639
for a for an exper for an experience that's going
242
00:12:50.679 --> 00:12:52.840
to break down down a guess four times in the
243
00:12:52.879 --> 00:12:53.519
three hours.
244
00:12:53.879 --> 00:12:57.159
So the guests experience probably needs to be improved before
245
00:12:57.200 --> 00:12:58.840
they start making putting more guests.
246
00:12:58.919 --> 00:13:01.879
There is what I think you're yes and there. I
247
00:13:01.919 --> 00:13:03.679
think they're kind of going on parallel paths. I think
248
00:13:03.720 --> 00:13:07.039
they're trying to get their rides up and running consistently
249
00:13:07.600 --> 00:13:11.240
so that they can manage the attractions they have. Plus
250
00:13:11.679 --> 00:13:13.919
if they add, if they can add one more big
251
00:13:14.159 --> 00:13:17.799
crowd suck so to speak, it might make guests feel
252
00:13:17.799 --> 00:13:19.200
as the other day was more worthwhile.
253
00:13:19.960 --> 00:13:21.120
Yep, yep, yep.
254
00:13:21.720 --> 00:13:24.559
Well, I agree with all that.
255
00:13:24.960 --> 00:13:28.080
I think to me, the other big thing besides the hotels,
256
00:13:28.440 --> 00:13:30.799
to me that was maybe I'm just biased because from
257
00:13:30.840 --> 00:13:34.080
my background in hotels and having worked at Disney Hotels,
258
00:13:34.080 --> 00:13:36.399
but you know, gotten my degree in hotel management. I
259
00:13:36.399 --> 00:13:38.080
mean like I have a lot of hotel background. But
260
00:13:39.799 --> 00:13:43.720
the other big thing that struck me here was we're
261
00:13:43.759 --> 00:13:46.960
so focused on the theme park division. I looked at
262
00:13:47.000 --> 00:13:48.679
the numbers for the rest of the company, and actually
263
00:13:48.840 --> 00:13:51.480
Comcast is not doing well writ large, and I think
264
00:13:51.480 --> 00:13:55.440
that's why some of the you know, maybe some of
265
00:13:55.440 --> 00:13:57.919
the analysts are kind of like it would make more sense,
266
00:13:58.159 --> 00:14:03.080
Like the Bank of America analysts specifically kind of pushed
267
00:14:03.159 --> 00:14:06.440
a little bit about how there's a conglomerate discount going on,
268
00:14:06.559 --> 00:14:09.320
meaning that like they don't they Wall Street likes the parts,
269
00:14:09.320 --> 00:14:10.840
but they don't like that they're hidden inside a cable
270
00:14:10.840 --> 00:14:13.240
company because that cable company is not doing well. And
271
00:14:13.279 --> 00:14:17.200
so what's happening now is that the parks are distracting
272
00:14:17.879 --> 00:14:23.879
from like they're spectacularly masking the decline in the main company.
273
00:14:24.039 --> 00:14:25.919
If you look at the company as a whole, the
274
00:14:26.039 --> 00:14:29.120
revenue is flat, their adjusted EBITA is down, the EPs
275
00:14:29.279 --> 00:14:31.960
is down. If you look at their connectivity, the revenue
276
00:14:32.000 --> 00:14:34.200
is down two percent. Adjusted EBITA is down four print
277
00:14:34.200 --> 00:14:36.799
five percent. They lost one hundred and eighty one thousand
278
00:14:36.799 --> 00:14:39.240
broad band subscribers in Q four and this is despite
279
00:14:40.039 --> 00:14:43.080
massive investments they've been doing a try and keep those subscribers. So, like,
280
00:14:44.240 --> 00:14:45.960
if we zoom out and look at the thing as
281
00:14:46.000 --> 00:14:49.159
a whole, it's not doing great, it's not doing terribly,
282
00:14:49.679 --> 00:14:51.720
but it's not doing great. And I think what this
283
00:14:51.879 --> 00:14:55.240
underscores is the same thing that we talked about last
284
00:14:55.279 --> 00:14:57.960
time we did a deep dive in their earnings is
285
00:14:57.960 --> 00:15:01.759
still true now in that the reason they're trying to
286
00:15:01.799 --> 00:15:04.360
go so fast and probably also the reason they're diversifying
287
00:15:04.360 --> 00:15:07.960
so quickly, and like I guess the reason we're seeing
288
00:15:08.000 --> 00:15:10.039
some of the breaks here and the friction and the
289
00:15:10.039 --> 00:15:12.759
guest experience is because they don't have time to really
290
00:15:12.799 --> 00:15:15.000
like make it a Disney level type of thing. They
291
00:15:15.039 --> 00:15:17.399
have to like move fast and break things like they
292
00:15:17.440 --> 00:15:21.799
have to diversify quickly because the time clock here is
293
00:15:22.360 --> 00:15:25.879
the amount of deterioration still happening in their core business.
294
00:15:26.279 --> 00:15:28.159
Well, I think I think I agree with you. I
295
00:15:28.159 --> 00:15:29.960
think that is I think that is part of it.
296
00:15:31.399 --> 00:15:33.720
I also think, I mean, just looking at having worked for,
297
00:15:34.000 --> 00:15:37.600
you know, major corporations and still consulting with major corporations,
298
00:15:37.919 --> 00:15:43.159
major corporations, stockholders are much more eager to approve spending
299
00:15:43.200 --> 00:15:47.200
money where the where they're making profit. So I think
300
00:15:47.240 --> 00:15:49.639
that's also why the diversification is happening. I think it's
301
00:15:49.679 --> 00:15:53.440
also why you know, the family park in Texas.
302
00:15:53.039 --> 00:15:53.120
The.
303
00:15:54.960 --> 00:16:01.519
UK park, the Universal Monsters thing, in Vegas. I mean,
304
00:16:02.240 --> 00:16:04.879
I think that's they're looking the stockholders looking at it,
305
00:16:04.960 --> 00:16:08.120
going well, I don't think we need to spend any
306
00:16:08.159 --> 00:16:11.720
more money on trying to get new UH subscribers, new
307
00:16:11.720 --> 00:16:14.840
streaming subscribers, because that's just like you know, putting a
308
00:16:14.879 --> 00:16:16.919
putting a cork in a massive hole of a sinking chip.
309
00:16:16.960 --> 00:16:19.360
There's no point there. Let's invest where, let's shoot where
310
00:16:19.360 --> 00:16:22.159
the ducks are flying. Let's let's make our money where
311
00:16:22.240 --> 00:16:24.519
we're proving that we can make money. So I think
312
00:16:24.519 --> 00:16:25.200
that's part of that.
313
00:16:25.320 --> 00:16:27.480
We go fast, that that's part of it, but the
314
00:16:27.480 --> 00:16:31.360
speed is still I guess what I'm saying is I
315
00:16:31.440 --> 00:16:35.120
think that explains a little bit about why some of that,
316
00:16:35.159 --> 00:16:38.039
because you know, the pace they're doing here is is
317
00:16:38.759 --> 00:16:41.200
a lot, and I think part of the reason behind
318
00:16:41.240 --> 00:16:45.600
the pacing is is that it's it's still a time
319
00:16:45.639 --> 00:16:49.559
clock basically. So let's look at or just be okay
320
00:16:49.600 --> 00:16:51.919
being a smaller company. I mean, I don't know, that's
321
00:16:51.960 --> 00:16:54.120
always my question, like we would just be a smaller company,
322
00:16:54.120 --> 00:16:55.799
but shareholders don't want to hear that, I get it.
323
00:16:55.759 --> 00:16:57.879
Right, But let's but I mean, let's just look at
324
00:16:57.879 --> 00:16:59.919
this analyst thing. What if what if they were to
325
00:17:01.240 --> 00:17:06.559
break off the theme park theme park entity to become
326
00:17:06.599 --> 00:17:08.079
their own company, what.
327
00:17:08.079 --> 00:17:10.400
Are the Universal Destinations experiences.
328
00:17:10.240 --> 00:17:14.160
What are the what are the negatives to that? That's
329
00:17:14.160 --> 00:17:16.559
a stockholder, my, yes, this is a stockholder. You would
330
00:17:16.599 --> 00:17:21.759
then have stock in both Comcast and Universal Destinations. Yeah.
331
00:17:21.799 --> 00:17:24.480
My understanding is generally those types of deals are actually
332
00:17:24.519 --> 00:17:27.680
better for the stockholders because the multiple would be treated
333
00:17:27.759 --> 00:17:30.119
higher at the theme park company. But the reason that
334
00:17:30.119 --> 00:17:32.279
they usually don't want to do it is the resistance
335
00:17:32.279 --> 00:17:34.960
in the board because CEO compensation is tied to the
336
00:17:35.000 --> 00:17:36.160
overall size of the company.
337
00:17:36.319 --> 00:17:36.880
So if they had to.
338
00:17:36.839 --> 00:17:39.519
Get a new right, so like then you these these
339
00:17:39.599 --> 00:17:42.920
all these CEOs would take pay cuts because they're going
340
00:17:43.000 --> 00:17:46.319
to be doing especially them whoever's left a Comcast, their
341
00:17:46.319 --> 00:17:48.480
pay cut would be huge because it's, you know, on
342
00:17:48.519 --> 00:17:50.759
its own, it would be not a great business. And
343
00:17:50.799 --> 00:17:52.599
then they'd have to hire a different person for the
344
00:17:52.640 --> 00:17:56.440
parks and destinations. But that's my understanding is it's more
345
00:17:56.519 --> 00:17:58.240
to do with some of the politics on that. But
346
00:17:58.279 --> 00:18:01.000
I'm sure our listeners probably will know about the you know,
347
00:18:01.079 --> 00:18:03.799
I'm what's possible and what's not from a legal standpoint,
348
00:18:03.839 --> 00:18:07.000
and the dual clashhaholders versus not and in all that
349
00:18:07.079 --> 00:18:10.319
kind of stuff. But that's my base baseline understanding. And
350
00:18:10.519 --> 00:18:14.400
don't not financial advice yet not I am not a
351
00:18:14.440 --> 00:18:17.799
financial expert. I do not claim to be a financial expert.
352
00:18:18.279 --> 00:18:20.559
The other thing that I often wonder too, is, you know,
353
00:18:22.039 --> 00:18:25.519
because I've seen this happen in other companies when the
354
00:18:25.559 --> 00:18:28.960
company was formed to be one thing and then something
355
00:18:29.000 --> 00:18:32.640
else happens that starts to overshadow the original intent of
356
00:18:32.640 --> 00:18:35.119
the company. But there are enough people that usually dig
357
00:18:35.160 --> 00:18:37.640
their heels in and the original company to say, no, no,
358
00:18:37.920 --> 00:18:39.960
we're going to Yes, we'll take that money for the
359
00:18:40.000 --> 00:18:42.240
time being. We will take that and we will invest
360
00:18:42.240 --> 00:18:44.799
it so that the purpose of this company will continue
361
00:18:45.119 --> 00:18:47.160
to be what we set it out to be. And
362
00:18:47.279 --> 00:18:49.920
that's the politics that I think you're talking about. That's
363
00:18:50.000 --> 00:18:51.640
the we're going to dig our heels in because we
364
00:18:51.680 --> 00:18:55.200
believe this to be right. Quite honestly, you know, I
365
00:18:55.240 --> 00:18:58.319
think that's kind of what happened with Anheuser Busch. And
366
00:18:58.319 --> 00:19:00.119
I'm not just with the theme part side of it,
367
00:19:00.440 --> 00:19:02.519
but even with the with the beer side of it,
368
00:19:02.720 --> 00:19:05.599
they were so locked into here's what we've always done.
369
00:19:05.640 --> 00:19:08.880
Here's what we've always had success with that they weren't
370
00:19:09.039 --> 00:19:12.799
willing or able to shift and move. And I think
371
00:19:12.839 --> 00:19:16.119
this could be potentially the same challenges that Comcast could
372
00:19:16.119 --> 00:19:21.000
discover that the original Comcast Company is actually become an
373
00:19:21.000 --> 00:19:25.599
anchor around the neck of Universal destinations. Yep, yep.
374
00:19:26.240 --> 00:19:27.920
And I never thought I'd be saying that. I always
375
00:19:27.920 --> 00:19:30.079
thought it would be the opposite, you know, we always
376
00:19:30.079 --> 00:19:33.279
thought it like even Disney. You know, Disney was like
377
00:19:33.519 --> 00:19:35.640
the whole reason they did the parks was to advertise
378
00:19:35.680 --> 00:19:39.079
the movies. That was the whole purpose of it. And
379
00:19:39.119 --> 00:19:39.799
boy has that up.
380
00:19:39.920 --> 00:19:42.079
But they've done a good job in pivoting. And same
381
00:19:42.119 --> 00:19:44.839
with Netflix here. They've all done good jobs in really pivoting,
382
00:19:45.240 --> 00:19:47.799
re orienting, you know it from a from a whole
383
00:19:47.960 --> 00:19:52.200
brand perspective. But yeah, speaking of Disney and Netflix and
384
00:19:52.240 --> 00:19:54.759
all that, that is another element here that was brought up,
385
00:19:54.759 --> 00:19:58.319
but they seem to dodge around. Was the whole you know,
386
00:19:58.359 --> 00:20:01.920
who's gonna buy Warner Brothers? That whole thing. And as
387
00:20:01.960 --> 00:20:04.839
far as I understand, we haven't talked about this in weeks,
388
00:20:04.880 --> 00:20:08.359
but Netflix has. It's like Paramount tried to sue and
389
00:20:08.440 --> 00:20:10.880
launched a direct bid to all the people and then
390
00:20:11.839 --> 00:20:16.000
it's uh, Warner Brothers. They were like, no, you guys
391
00:20:16.000 --> 00:20:18.960
are crazy, and then like uh, and then there was
392
00:20:19.000 --> 00:20:21.839
a personal guarantee from the from Ellison, from the Dad,
393
00:20:22.119 --> 00:20:24.680
and then on the Netflix side to counter all that,
394
00:20:24.720 --> 00:20:27.039
Netflix moved to like a mostly cash offer. And so
395
00:20:27.119 --> 00:20:30.039
it seems like I have no idea. People are still
396
00:20:30.039 --> 00:20:32.359
on the fence where everyone's like, what's gonna happen about it?
397
00:20:32.400 --> 00:20:35.160
But you know what we know is like net Comcast
398
00:20:35.240 --> 00:20:38.119
is nowhere in this discussion, like there, it seems to
399
00:20:38.160 --> 00:20:40.480
be like it's really just these the two players for
400
00:20:40.519 --> 00:20:42.640
Warner Brothers, and so Concast is still not in the
401
00:20:42.799 --> 00:20:46.480
in the discussions anywhere. So that was brought up, but
402
00:20:46.519 --> 00:20:48.160
they kind of dodged around it because it seems like
403
00:20:48.400 --> 00:20:50.880
that's not a priority for them. Clearly the priority is
404
00:20:50.920 --> 00:20:53.759
diversifying their physical experiences.
405
00:20:54.920 --> 00:20:55.559
The only other.
406
00:20:55.480 --> 00:20:57.640
Random East Egg thing that has to do with IP
407
00:20:58.240 --> 00:21:01.400
came from when they were talking about the Yellowstone and
408
00:21:01.400 --> 00:21:04.880
how they are doing a long term partnership with them,
409
00:21:05.079 --> 00:21:07.880
which is interesting because Yellowstone is I think it's more
410
00:21:07.880 --> 00:21:11.680
of a like that IP you know from Peacock. It's
411
00:21:11.680 --> 00:21:14.240
more of like an old and older demographic, if I
412
00:21:14.319 --> 00:21:17.400
understand it correctly. So it's interesting where it's like maybe
413
00:21:17.440 --> 00:21:23.160
they're starting to think about potentially shifting some you don't
414
00:21:23.160 --> 00:21:25.319
know whatever because they have the kids saying right now,
415
00:21:25.400 --> 00:21:27.160
they have the horror and so it seems like they're
416
00:21:27.160 --> 00:21:30.839
almost trying to stratify, you know, their areas into different
417
00:21:30.960 --> 00:21:32.079
target markets.
418
00:21:31.759 --> 00:21:34.480
Which which i've you know, again not being a true
419
00:21:34.519 --> 00:21:37.599
business analyst, but something that I've always suggested is what
420
00:21:38.799 --> 00:21:41.799
demographic is not being covered? You know, let's not let's
421
00:21:41.799 --> 00:21:46.079
not compete, Let's not compete directly with somebody who's already
422
00:21:46.440 --> 00:21:50.119
mastered that demographic. Let's find a demo that's not being covered.
423
00:21:50.400 --> 00:21:52.119
And I think that's honestly, I think that's what why
424
00:21:52.200 --> 00:21:54.680
Universal has had such a success to begin with, because
425
00:21:54.720 --> 00:22:00.200
they recognized Disney kind of owns the the family friend.
426
00:22:01.559 --> 00:22:03.559
So let's be the bad boys with theme park. Let's
427
00:22:03.599 --> 00:22:07.319
let's set that next demographic. And now they've kind of
428
00:22:07.359 --> 00:22:11.160
gone back and forth finding that location, and now Universal
429
00:22:11.200 --> 00:22:15.599
feels confident or powerful or wealthy enough pick one to
430
00:22:15.680 --> 00:22:17.359
all of a sudden say well, we can go into
431
00:22:17.359 --> 00:22:20.200
the we can go into the kid market, but let's
432
00:22:20.240 --> 00:22:22.799
not do it in California or Florida. Let's do it
433
00:22:22.839 --> 00:22:23.359
in Texas.
434
00:22:24.039 --> 00:22:26.160
That's right, that's right, that's right, that's right.
435
00:22:28.319 --> 00:22:29.079
And let's see.
436
00:22:29.079 --> 00:22:30.920
I think the only last thing I just there was
437
00:22:30.960 --> 00:22:33.000
an interesting story that came out in the BBC this
438
00:22:33.079 --> 00:22:36.559
week concerning Universal's plan there, because of course, on the
439
00:22:36.599 --> 00:22:38.880
earnings call, they're like, we're breaking ground this year and no,
440
00:22:39.000 --> 00:22:41.599
we're you know, we're moving fast and all these crazy things.
441
00:22:42.000 --> 00:22:43.759
And then there's this story that comes out in the
442
00:22:43.799 --> 00:22:48.960
BBC about, of all things, the sewage plans for Universal,
443
00:22:49.640 --> 00:22:53.599
and basically it's it's the BBC interviewed all the people
444
00:22:53.680 --> 00:22:57.599
that run the sewage and local town and everything, and
445
00:22:57.640 --> 00:23:00.000
basically they're like, Universal hasn't really talked to us yet
446
00:23:00.039 --> 00:23:02.839
about their plan to do this. And the guy is like,
447
00:23:03.240 --> 00:23:07.519
I just think this is really funny. Where Like here
448
00:23:07.559 --> 00:23:10.960
it says BBC says that they're optimistic that the works
449
00:23:10.960 --> 00:23:13.599
will be ready for Universal to open, but the sewage
450
00:23:13.640 --> 00:23:15.799
plans still need firming up and will need to be
451
00:23:16.000 --> 00:23:19.839
sped through the regulatory process because it's something that usually
452
00:23:19.880 --> 00:23:22.680
takes multiple years and they will need to do it
453
00:23:22.880 --> 00:23:25.359
in a few weeks.
454
00:23:26.720 --> 00:23:27.599
And it's just funny.
455
00:23:27.640 --> 00:23:30.400
Because that kind of illustrates this whole thing right where
456
00:23:30.440 --> 00:23:32.519
it's not. And they did say, you know, the sewage
457
00:23:32.519 --> 00:23:34.000
people are like, yeah, Universe is gonna have to pay
458
00:23:34.000 --> 00:23:36.079
their fair share of the development costs in order to
459
00:23:36.119 --> 00:23:41.400
get this to be happening on time, and that it's
460
00:23:41.519 --> 00:23:45.240
just basically like there's just no way that what they
461
00:23:45.240 --> 00:23:47.359
have currently set up is not going to operate with
462
00:23:47.960 --> 00:23:50.680
the extra capacity in that region, and that they don't
463
00:23:50.720 --> 00:23:53.440
want it to compromise the natural river they have in
464
00:23:53.440 --> 00:23:54.839
the area, so they don't want to just dump it
465
00:23:54.920 --> 00:23:57.680
into that, and that this is normally a process it
466
00:23:57.680 --> 00:23:59.480
takes years and years and years and if they're going
467
00:23:59.559 --> 00:24:02.279
to do this groundbreaking uh coming up, they're gonna have
468
00:24:02.319 --> 00:24:03.599
to figure it out in a few weeks and it's
469
00:24:03.640 --> 00:24:06.000
going to take a lot of money to like make
470
00:24:06.039 --> 00:24:10.319
this work and a lot of cooperation and uh, Universal
471
00:24:10.400 --> 00:24:13.519
refused to comment, uh to BBC and apparently they haven't
472
00:24:13.519 --> 00:24:17.720
talked to these people. And I was like, these are
473
00:24:17.759 --> 00:24:20.079
the cracks right when you're having to move that fast.
474
00:24:20.119 --> 00:24:22.000
I mean, I'm not saying they're not gonna do it.
475
00:24:22.000 --> 00:24:24.920
I'm not there's I'm just saying it's just fascinating This
476
00:24:25.000 --> 00:24:28.880
is like a micro cosm of times a thousand.
477
00:24:28.960 --> 00:24:31.160
Right. The devil's in the details. The devil's in the details.
478
00:24:31.240 --> 00:24:34.079
And that's always the case with any new UH, with
479
00:24:34.200 --> 00:24:37.440
any new park. You know, an example from from many
480
00:24:37.519 --> 00:24:39.039
years ago, I don't know whether you remember or not,
481
00:24:39.079 --> 00:24:43.119
when UH, when Disney was working very diligently to build
482
00:24:43.279 --> 00:24:47.359
a park in Virginia. They wanted very badly. They were
483
00:24:47.359 --> 00:24:49.680
starting to just like they did in Florida. They had
484
00:24:49.720 --> 00:24:53.480
a separate company that was buying up land and and
485
00:24:54.200 --> 00:24:56.319
but the end of what ended up, what they never
486
00:24:56.359 --> 00:25:00.559
took into consideration was the all so none of the
487
00:25:00.640 --> 00:25:06.599
land that they had purchased was considered battlefield land or
488
00:25:06.880 --> 00:25:10.599
historic land of historic relevance. What they didn't take into
489
00:25:10.599 --> 00:25:15.160
consideration is somebody came up with a study that showed
490
00:25:15.599 --> 00:25:19.680
with the additional tourism, the additional cars, the additional people,
491
00:25:19.720 --> 00:25:23.680
the additional attendance in the area, that the battlegrounds would
492
00:25:23.680 --> 00:25:26.799
be at risk, the historic battlegrounds would be at risk.
493
00:25:27.319 --> 00:25:29.880
And they Disney was never able to come up with
494
00:25:29.920 --> 00:25:33.359
an actual plan that apparently made sense with their financial
495
00:25:34.039 --> 00:25:37.799
overview of the project to help compensate for that, and
496
00:25:37.839 --> 00:25:41.039
that's why the Disney park never happened. It was supposed
497
00:25:41.079 --> 00:25:43.759
to happen just outside of It was not too far
498
00:25:43.799 --> 00:25:45.359
from Williamsburg. And the only reason I know that is
499
00:25:45.400 --> 00:25:47.680
because I was living in Williamsburg, Virginia at the time.
500
00:25:47.799 --> 00:25:48.200
And.
501
00:25:49.759 --> 00:25:51.839
It was all going to be an Americana themed park,
502
00:25:51.920 --> 00:25:55.200
and it made total sense. It made total sense to
503
00:25:55.240 --> 00:25:57.640
be in that location. But what they didn't take into
504
00:25:57.680 --> 00:26:04.440
consideration was the FED really protected historic land that you know,
505
00:26:04.480 --> 00:26:06.720
they never they said, well, we don't have any of
506
00:26:06.759 --> 00:26:09.680
the historic land, and they said, yes, but the additional
507
00:26:09.680 --> 00:26:11.559
emissions from all of the cars that are going to
508
00:26:11.599 --> 00:26:15.880
come to populate this park are going to deteriorate this
509
00:26:16.000 --> 00:26:22.160
land significantly faster than it's currently going on. So yeah,
510
00:26:22.160 --> 00:26:24.640
so it could be. It could be anything from emissions
511
00:26:24.640 --> 00:26:28.920
from cars to sewage that can can put I won't51200:26:28.920 --> 00:26:31.759
say stop, I'm not going to say stop, but can51300:26:31.839 --> 00:26:35.640
slow down or put the brakes on. And I think,51400:26:35.680 --> 00:26:37.200
you know, I think this is really important, even if51500:26:37.240 --> 00:26:41.079
you're not a Disney or a Universal make sure you know,51600:26:41.119 --> 00:26:43.920
you've heard us say a thousand times, make sure that51700:26:43.960 --> 00:26:46.279
you address creature comfort. But I'm also going to say51800:26:46.279 --> 00:26:48.519
make sure that you address the real world too, you know,51900:26:48.559 --> 00:26:52.640
because your park or your even your smaller facility, any52000:26:52.640 --> 00:26:54.880
expansion you make is going to impact those around you.52100:26:55.240 --> 00:26:57.200
So make sure that you've done your homework, make sure52200:26:57.200 --> 00:26:59.039
that you cross all the t's and dot all the52300:26:59.079 --> 00:27:03.279
eyes so that you won't run into some surprise in52400:27:03.319 --> 00:27:07.680
the future. Some of my clients have run into things like,52500:27:08.200 --> 00:27:12.440
if we put this new XYZ in, we will be52600:27:12.920 --> 00:27:18.359
covering all of this green space with concrete, and drainage52700:27:18.400 --> 00:27:20.839
became an issue, so they had to come up with52800:27:20.880 --> 00:27:24.400
a whole new way because concrete, you know, concrete or52900:27:24.400 --> 00:27:27.599
blacktop does not soak in water. It all just runs53000:27:27.599 --> 00:27:30.559
off to somewhere else. They had not planned where that53100:27:30.720 --> 00:27:33.880
somewhere else was going to be or how it was53200:27:33.880 --> 00:27:37.039
going to get there, So you know, make sure and53300:27:37.079 --> 00:27:40.480
I know this is I know this sounds really basic,53400:27:41.640 --> 00:27:44.599
but you'd be surprised even very large companies with very53500:27:44.680 --> 00:27:49.119
large projects don't take this into consideration at the beginning.53600:27:49.759 --> 00:27:52.119
They kind of kick the can down the road until53700:27:52.559 --> 00:27:54.440
they have to deal with it, and then it ends53800:27:54.519 --> 00:27:56.519
up costing them a lot of money, which is fine53900:27:56.599 --> 00:27:58.720
if you're a Universal or a Disney, but it's not54000:27:58.920 --> 00:28:02.599
fine if you are a smaller or an independent uh attraction.54100:28:03.839 --> 00:28:08.920
Well, I think, why do you think that's the case,54200:28:09.039 --> 00:28:11.640
because I was I was thinking about this where.54300:28:13.319 --> 00:28:18.599
You know, well, we talked about they're pitching. When they're54400:28:18.599 --> 00:28:21.000
pitching new parks or when they're pitching expansions, they're going54500:28:21.079 --> 00:28:23.440
to talk about new roller coasters. Knew this, knew that54600:28:23.559 --> 00:28:26.480
new fun stuff. They're never going to pitch. They're never54700:28:26.480 --> 00:28:30.039
going to pitch now with better storm drains, that's never54800:28:30.160 --> 00:28:32.400
going to be part of the pitch to the to54900:28:32.559 --> 00:28:35.319
the powers that be they get. So I guess I'm55000:28:35.400 --> 00:28:38.880
so excited. Yeah, I agree with that.55100:28:39.000 --> 00:28:41.079
I do agree with that. I guess I just think55200:28:41.160 --> 00:28:44.720
that like, uh, at this point, it's like such a meme,55300:28:44.920 --> 00:28:47.839
right that like Disney goes so slow and Universal is55400:28:47.880 --> 00:28:50.720
doing all these crazy things, and I'm like, yeah, we55500:28:50.799 --> 00:28:53.039
don't know they're all going to work out fine whatever,55600:28:53.359 --> 00:28:56.079
epic is great, but but again you see these little55700:28:56.599 --> 00:29:00.279
things like that the ride capacity and these little things55800:29:00.319 --> 00:29:03.839
with all these little details, and I think that that's55900:29:03.920 --> 00:29:06.759
exactly what you're saying. It's like they're not there, they56000:29:06.880 --> 00:29:10.720
have they It's almost like they're moving too fast out56100:29:10.759 --> 00:29:13.039
of necessity, but they don't really have the time for56200:29:13.119 --> 00:29:15.519
the details, and hopefully the details will just work themselves56300:29:15.559 --> 00:29:18.000
out eventually, like with the right capacity will just eventually56400:29:18.039 --> 00:29:20.440
it'll get there and it'll be all great in the sewage,56500:29:20.480 --> 00:29:22.480
you know, I'm you know, hopefully it'll work out. But56600:29:22.519 --> 00:29:24.720
I think that's it's one of those it's just a56700:29:24.759 --> 00:29:27.880
different approach, like Universals is. Like it's like Disney is56800:29:27.960 --> 00:29:30.880
like everything has to be planned from inception, and then56900:29:31.039 --> 00:29:33.000
Universals is like we all just figure it out and57000:29:33.160 --> 00:29:36.400
and you know, again, hopefully it'll it'll be fine.57100:29:36.640 --> 00:29:38.640
Well, and quite often what will happen in those projects,57200:29:38.720 --> 00:29:42.680
like the Universal projects, they'll get enough support and enough57300:29:42.799 --> 00:29:45.720
enthusiasm behind them that they won't mind that they're going57400:29:45.799 --> 00:29:47.680
to have to spend three times as much to get sewage.57500:29:48.039 --> 00:29:50.920
You know, they won't mind that. But it always I57600:29:52.119 --> 00:29:54.680
and that's fine for Universal, it's fine for Disney, it's57700:29:54.720 --> 00:29:58.640
fine for the larger corporations of parks. But the purpose57800:29:58.680 --> 00:30:00.599
of our show is to always let other people in57900:30:00.720 --> 00:30:04.359
other levels of attractions know. Just keep that in mind58000:30:05.039 --> 00:30:07.400
as you're planning, because your pockets are not as deep58100:30:07.599 --> 00:30:10.440
as a Universal or a Disney, So just make sure58200:30:10.440 --> 00:30:12.759
that you don't get stuck trying to figure out where58300:30:12.759 --> 00:30:16.279
does this wastewater go. Speaking of wastewater going away, this58400:30:16.400 --> 00:30:19.440
is the end of our show. That's the worst transition58500:30:19.519 --> 00:30:21.400
I've done in how many years have we done the show?58600:30:21.599 --> 00:30:25.240
Worst transition ever? But the show our times up. So58700:30:26.240 --> 00:30:29.279
before before we say goodbye, of course, we have to58800:30:29.359 --> 00:30:33.319
say please subscribe on YouTube. I know you're getting sick58900:30:33.319 --> 00:30:35.279
of that. We're so close to a thousand. That's all59000:30:35.400 --> 00:30:38.039
we need know And someday, someday, I'll tell you what59100:30:38.279 --> 00:30:40.880
when we hit a thousand subscribers on YouTube. When we59200:30:40.920 --> 00:30:43.759
surpass that thousand mark, we I promise we will not59300:30:43.960 --> 00:30:48.119
end every show saying please subscribe for a month and59400:30:48.240 --> 00:30:50.799
then then we'll bring it back again. But anyway, thank59500:30:50.799 --> 00:30:55.680
you guys, OK, thank you for listening. And on behalf59600:30:55.799 --> 00:30:59.839
of Philip Hernandez with Gantam Lighting and Controls myself Scot's59700:31:00.119 --> 00:31:02.240
with Scott Swinson Creative Development. This is Green Tag Theme59800:31:02.279 --> 00:31:04.559
Park in thirty and we will see you next week.
