WEBVTT
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Okay, from our studios in Los Angeles and Tampa. This
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is green Tag Theme Park in thirty. I'm Phillip from Gantum,
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Lighty and Controls, and I'm joined by my delightful co
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host Scott Swinson of Scott Swinson creat Development. On green Tag,
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we look at the top news each week and we
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explain why it matters to industry professionals in the theme
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park and themed entertainment spaces. And of course this week
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we're going to have to talk about Comcast splitting up,
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and that news broke right after we recorded last week's episode,
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and so I'm sure it's old news to all of
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you listening, but hopefully we're going to bring a new
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perspective or at least bring up some questions or discussion
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that might illuminate a different angle for you all as
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you were listening.
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Couldn't these giant corporations be just a little bit more
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considerate and actually break this news right before we record
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instead of right after. I mean, clearly they're paying attention
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to us, and they're like, oh, we don't want them
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to talk about it, because you know they'll they'll say
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something we don't want them to say. So let's give
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it a week, let it settle, and then they'll they'll
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catch up next week.
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Shame on them, Shame on them, Shame on them.
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Indeed, the Comcasts and six Flags my goodness. So I'll
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give some establishing and then maybe we could just talk
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about it, but just to catch everybody up. On June
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twenty ninth, Comcast confirmed it will split into two independent,
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publicly traded companies. They're a tax free spinoff of NBC
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Universal and Sky. So basically they're splitting up the entertainment
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and the connectivity. That's how I would describe it. It's
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like all of the technology, connectivity type of stuff will
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be one company, and then all of the entertainment, including
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the all of the theme parks and all that's going
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to go under another one. So the new NBC Universal
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will have Mike Cavanaugh as the CEO, and it's going
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to be focused on the entertainment, anchored by its growing
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theme park division. It's going to have the television studios NBC, Telemundo, Peacock, Provo,
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and Sky, and then the former Comcast CFO is going
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to become the CEO of the broadband side of things.
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So Wall Street was pretty pleased.
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It was.
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On the announcement, it went up quite a lot, and then,
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of course, you know, it goes up and down, but
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it was closed. It closed up about four and a
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half percent, which is one of the largest gains it's
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had in a very long time. And during the day
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this talk spiked up to twenty five percent and then
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ended there. So that's the background. I wrote several articles
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about this last week, if those of you that are
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read any of my stuff. But overall, I think this
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is an excellent move. I actually agree with Wall Street.
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I think no matter how you slicely, it's a good move,
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and it's a really good move currently for theme parks.
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Maybe in the future it could be complicated, but I
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think currently it's a good move. And the reason is because, okay,
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so you have these big companies like this, and I
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think maybe, you know, there was some argument in the beginning,
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you know, ten years ago when it was originally purchased,
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maybe there was some argument about connectivity and synergy, because
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everyone loves to say synergy is going to make us money,
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so there might have been some argument. But it's pretty
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clear that there's not really any synergy between a theme
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park and the Ethernet and broadband stuff that goes into
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your you know that provides, So there's really no synergy there.
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The cost savings we're not there. So I think the
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problem is that both that the theme park company, the
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Nbsuniversal has been devalued because it has been bundled and
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nested under Comcast, which is, how will these things work?
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Right?
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Large public, treaded companies they have the CEOs of those
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companies have an incentive to conglomerate different companies together, even
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if it doesn't make any sense. And the incentive is
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because CEO's compensation is usually based off of the total
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revenue or the total size of the company. So their
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incentive based off of their earnings is driven by getting
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bigger and bigger and bigger. That doesn't always make it
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a good company. And then the problem is when they're
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looking when Wall Street is valuing stock, they're valuating based
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off of your worst earners. So basically, the theme park
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division is actually a growth company. We just talked last
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time during our show about the massive growth that they
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have from Epic Universe and all that. So the entertainment
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division is actually a growth company, but the Comcast side
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of it is a mature, slowing company. And so the
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theme parks company has been suffering because it's been taking
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the earnings multiple of the broadband company. So that's kind
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of what's happening. So when you split these two things up,
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you know you're going to see that the theme park
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company is going to be have a higher multiple, and
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potentially that could help because it could potentially mean it
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gets better access to free capital or better access to capital.
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It also is going to be a higher multiple. It's
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going to be worth more.
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It's going to be more adequately evaluated right based off
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of its potential. So I think and that lens it's
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a good move in no matter how you do it.
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It's just not good for the CEOs because they make them.
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But I'm sure there was some deal to get the
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money so they could be happy about it. But some
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of the things I was thinking, there are two besides that.
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Besides that, there are two things I was thinking about.
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One is that now that it's going to be split up,
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we're going to get a lot more granularity about each division.
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So we're going to be able to see the theme
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parks and how much each is making. We're going to
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be able to see universal whoor and Leashed and Universal
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Kids and how all those things are fleshing out. But
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also it's going to be interesting because I think they're
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going to have to decide if they're going to put
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their capital behind Peacock or keep it in the parks.
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And the only reason that they might be.
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Thinking about Peacock is because Peacock is not competitive. And
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look at how long it took Disney Plus to become
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profitable and Netflix and all that, and so I think
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it's that that's going to be a decision point down
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the road, which is what'll we do with Peacock. If
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we're going to make it actually viable, it's going to
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take a lot of money, which could take away from
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the park section, but that's going to be potentially down
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the road. And then further down the road, right, is
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the idea of mergers and acquisitions, because it's going to
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be when it splits up, it's going to be potentially
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more attractive to be acquired because it's just it's just
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theme parks and entertainment, right, So you could see it
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being acquired. And this is similar to something that Robert
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Niles wrote. He was talking about Netflix, Amazon and Apple
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are looking to get bigger to support their streaming services,
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and so that could be potentially could they could make
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themselves a target. Now it's important to note that they
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literally have denied the spin will result in some sort
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of acquisition. They actually have already talked about this. But
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I kind of feel like whenever you deny something at
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the beginning, it could be it could be clues. I mean,
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that's a little bit of a weird thing to say,
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but anyway, that's my thoughts on this. Scott, what do
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you think I ran.
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Well, I think it's yeah, no, And again you have
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you've you've put in a lot of effort into this
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and as you say, you've written several articles about it,
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So yes, you had to. You had to kind of
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spew and let head explode for a moment. I'm gonna
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I'm gonna step back just a little bit and look
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at it from a whole. Whenever a company an out
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a company that is is at best a parallel corporation
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to a theme park. Whenever they buy a theme park,
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you know that eventually they're going to sell it or
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they're going to split it off. They're not doing it
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because you know, yes, there's the talk that sounds good
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to stockholders of their synergy between their synergy between the
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connectivity that we have with Comcast and the and the
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theme parks and blah blah blah blah blah, and there
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is as long as you develop it. But that requires
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a focus to develop it specifically, uh and and to
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make that your your business model and not just the
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the sales pitch for the for the acquisition of the
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of the parks. So this is this is not really
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a surprise. The fact that it's dividing, I think is
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is probably the most surprising piece about it, as opposed
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to selling it off to another another entity. So I
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think the division, the division basically means that Comcast has
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a great deal of confidence in NBC Universal and they
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they have a lot of confidence in the fact that
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I mean because the key parks are doing well, They've
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had great growth, they continue to grow, they've continued to
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do announcements. But I think that generally speaking, when things
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like this happen, when these these gigantic conglomerates decide, let's
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break these into work groups that make sense. Let's break
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these into work groups where we can actually focus. You know,
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as you say, we're going to get far more granual
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on what's working and what's not. And I think that
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is part of the reason, so that these two entities
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do not need to compete with each other for funding.
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You know, when they become separate corporations are separate entities.
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You know you're you're funding. You're either funding. You know,
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you're either funding the digital side, the connectivity side, or
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the entertainment side. And to you know, to to link
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to sever that link of these they have to they
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have to contribute to one another. Now they don't. Now
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they are separate entities. And and and that usually nine
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times out of ten is good for both of the
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sides involved. Yes, it is at least temporarily going to
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elevate Universal. We'll see what happens with with some of
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the newer stuff that we've talked about in previous episodes.
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But I think that it's I agree with you that overall,
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at least for the next I would say five to
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ten years, this is probably a very good move. I
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can't believe that going back to when Comcasts acquired Universal
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in the Parks, I ca can't believe that this was
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not part of the ultimate plan. Eventually is to either
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sell them off or divide them off. Like I said,
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it is more surprising that they have divided the company.
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But I think that's a positive sign versus a negative sign.
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So we'll just we'll just have to kind of keep
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an eye on it and see how it how it progresses.
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If I were working if I were working at Universal
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right now, I would see this as a If I
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work at one of the parks, or or even in
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the corporate level from the entertainment side, I'd be thrilled
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by this because all of a sudden, it's not because
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no matter how much, no matter what the paperwork actually says,
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when a company buys a company that is a different industry,
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they're always the also rans, you know, they're always the
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uh we're you know, Comcast is a is a communications company,
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not an entertainment company. And so no matter what happens
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with the money, no matter who's profiting the most, there's
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always that feeling of oh, yeah, the new kids. You know,
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no matter how long it's been, it's always the new kids.
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This is the this is the the entity that takes
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money away from our core business. And I would be thrilled.
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I would be like, Okay, so now we are our
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own core business. We are in the entertainment industry. We
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are not in the communications industry. We are not a
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subsidiary of a company that's in a in a community
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in the communications industry. We are our own entity. And
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then as far as the you know, CFO, I think
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the CFO becoming a CEO is something that he's going
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to be thrilled about. And I think having someone who
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can at the CEO level, who is not who does
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not have to focus on what's happening with the ethernet
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and the connectivity side of the business is going to
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be beneficial for the parks. I think it's the right move.
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I think if I were part of the parks, I
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would feel good about it. And I also think that
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it may it may actually and I'm gonna make this
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up a little bit, I'm you know, but there is
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a possibility that part of the reason that this was
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decided is because they're starting to see some of their
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recent park for as not living up to expectations or
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not being top top notch, and maybe that has been
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maybe that was a straw, not it won't be the
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only reason, but maybe that was a straw that broke
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the Camel's back say, yep, we got to we need
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to separate these because you know, everybody kids resort, everybody
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was suspicious from the get go. It's it's one of
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those situations where it might be that their own their
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own business has changed enough that they're looking at it
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going we really need somebody to look at this. This
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can't be part of a larger, disrelated, disassociated entity. So yeah,
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I agree, I think this is all. I think this
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all makes sense. This is very much in line with
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what normally happens when larger corporations buy entertainment or theme
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park companies. So yeah, I think I think all the
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stuff that you said, and I think it is all
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is all true. I think it's something that we should
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watch and make sure that whoever's in charge is making
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the right decisions for the theme parks and whoever's in
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charge of the connectivity side makes the right decisions for
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that side as well.
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So it is a twelve month timeline.
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I didn't mention that in the beginning, but that means it's,
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you know, we're this is a year before anything is
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going to happen on paper. But I think to your point, Scott,
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like internally, I think obviously people already moving with that
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direction in mind, and you know you're you're thinking about
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it internally. The in terms of for us, how this
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might impact us in our you know, anybody works the
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Universal or works in events position with it.
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I think.
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You know, one path is that this could allow them
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to be a little bit more risky or to be
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more entrepreneurial, I think is how they put it when
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I think Mike talked about being more entrepreneurial. But essentially,
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if you're a growth company, you can take more risks
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and you can bet on new new ventures.
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And if you're going to bet on new ventures, you
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need the ability to be nimble. And if you're a
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smaller corporation, you can be more nimble without with.
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Less risk, right right.
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And I think so that could mean potentially that they
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might be trying some new additional new items. You know,
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we have the whoror Unleashed and kids Universal kids are
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as are new testings, but potentially even more testing from
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that or new experiments. So we could see that opportunities
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open up for us as well. But there's also a
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theory that comes from Robert at Theme Parkingsider. So his
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theory is a two parter. First, he thinks that this
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is going to make them the NBCUniversal too much of
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an acquisition, so he thinks that it'll be acquired pretty quickly,
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and then that once it's acquired, potentially the theme parks
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will be sold off to private equity because because essentially
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the theme parks still may not fit within the entertainment umbrella,
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right because all the other entertainment's pretty classic studios and
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that sort of thing, and the theme parks are the
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physical experiences in the entertainment space. So he's thinking that
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might be split up and then given the private equity.
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So basically somebody would buy like maybe Netflix or Amazon
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would buy NBCUniversal, they would keep all of the film
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and all the studios and all that stuff, and they
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would sell the physical experiences to private equity. And then
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that could lead to a decline because then private equity
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would do what private equity does. See six flags for
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the playbook on that, right, that's how that would work.
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I don't know about that, because I actually think that
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of the people that we would think and maybe somebody
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will come out of that would work that we're not
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thinking about that might come in to be a potential acquisition.
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But of those people, I think Netflix would probably maybe
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try and keep it because they already do physical experiences.
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I think Apple would actually probably potentially also keep it
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because I think Apple having physical experiences would be a
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huge boom for them. I think they could work. I
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mean so, I think any of these companies, I think
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physical is the new thing, is what I'm trying to say.
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I guess the boil this down. You know, physical brand experiences,
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physical in person things are where it's at right now.
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And I think that even if they were to be acquired,
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I'm not sure they would spin it to PE because
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I think every brand is kind of thinking about how
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they can do physical experiences right now, and this would
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be a good opportunity for them to get in. Even
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if they just do a theme to store at the
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Universal CityWalk places for their new brand that they just bought,
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that would still be an inroad.
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But what do you think of that, Scott.
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Well, I think that I think it's possible, I think,
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but I don't necessarily don't necessarily think that just because
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they become a prime target for acquisition, that they will
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become acquired by someone else. I think being a front
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and target is not a bad place to be. You
320
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know that that keeps the focus on you and therefore
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internally gives you more reason to spend money and continue
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to grow to get greedy. Now with private equity, you
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also have to recognize that private equity, when private equity
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acquires something, it's not necessarily always bad for the entity,
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especially not short term. Recently we've seen a lot of
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examples of where it has been. But but private equity,
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when a private equity purchases an entity, yes they're buying
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it to sell it, absolutely, but they're going to sell
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it in one of several different ways. They're either going
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to they're either going to elevate elevate its value so
331
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that they can sell it off to someone who wants
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it really badly, and they can and they can, you know,
333
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pay top dollar for it because they make it worth
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on paper significantly more. They will hang on to it
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and just make it part of their portfolio. That has
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happened in the past, not for very long usually, but
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it becomes part of the portfolio, which then elevates the
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entire private equity firm and then of course going public.
339
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And so there's always there's always those opportunities. I mean,
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you know, I I don't think it's always necessarily a
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bad thing. But as I said recently, we haven't seen
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a whole lot of good come out of these kinds
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of sales. I don't think. I guess my feeling is
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and I think I said it earlier. If they were
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going to sell them off, they would have sold them off.
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They wouldn't have made it a separate company. They wouldn't
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have split the company.
348
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Right.
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If the idea was to generate, to generate profit and
350
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generate revenue through the sale of these things, they wouldn't
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have split it off as a separate company. They would
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have gone ahead and said, you know, we're putting the
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parks up up for sale. We're putting the park's division
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up for sale and kept because the alliance between connectivity
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and streaming services is significantly closer than that between the
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connectivity or the digital side and the live experience. So
357
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I don't know. It is possible that they could be AQUI,
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but they would have made it much simpler, and they
359
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would have made their They would have made it much
360
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more profitable for them. I would think to just sell
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off what organizations want, as opposed to splitting into two
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separate companies and then selling the full company and then
363
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having the company have to sell off what it just
364
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I don't know. I don't know. It doesn't quite ring
365
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true to me, but it's certainly a possibility. It is
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certainly a possibility. Right.
367
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Well, I guess we'll just again, like you said at
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the beginning, we just have to We're just going to
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be waiting and watching. But I think for now it
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is good news, and I think for for us as professionals,
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it's good news. It also signals though there could be
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some opportunity with Universal experimenting with new, something new, whether
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it be a new destination or a new type.
374
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Of land or whatever.
375
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I know that they have the Pokemon build out that's
376
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going to be exciting that's coming to Universal, so are
377
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in Orlando side.
378
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So it's basically it's basically a new FoST forced focus
379
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on the live experience side, right right, right, So short term.
380
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That will be good for us, right exactly. Yeah, And
381
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that's all we're going to think about, because twelve twelve
382
00:21:00.480 --> 00:21:03.000
months in this in this day and age, is a lot.
383
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It's just a long time. What thirty six news cycles
384
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I believe, isn't it.
385
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Yeah, So.
386
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Let's move on.
387
00:21:12.440 --> 00:21:15.759
I think our next story is something that a listener
388
00:21:15.960 --> 00:21:19.880
last week asked us to discuss. He said here he
389
00:21:19.920 --> 00:21:22.440
asked us. Next week, I'm hoping you'll discuss the closing
390
00:21:22.480 --> 00:21:24.920
of fun Spot Atlanta, as well as closing of several
391
00:21:24.920 --> 00:21:26.920
smaller parks in the US in the past years, and
392
00:21:26.960 --> 00:21:29.559
why this trend is happening, and a discussion on what
393
00:21:29.640 --> 00:21:32.599
might happen to the coaster there, air Force one, and
394
00:21:32.640 --> 00:21:35.599
the logistics of moving and attraction that size, if you
395
00:21:35.640 --> 00:21:38.400
think it would happen. And the story, of course, is
396
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that I'm sure all have also heard that fund Spot
397
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America has announced it will close permanently on August second,
398
00:21:46.119 --> 00:21:48.480
which is less than a month away at this point.
399
00:21:48.799 --> 00:21:51.279
The announcement mark Sianda nearly a decade of Fundspot America's
400
00:21:51.319 --> 00:21:53.319
presence in Georgia and leaves the future of the park's
401
00:21:53.319 --> 00:21:59.079
signature attraction, air Force one unanswered. So that's the story, Scott,
402
00:21:59.119 --> 00:22:03.519
do have any insight on well, you know, I don't
403
00:22:03.559 --> 00:22:07.599
have any insider information on on fun Spots specifically. I
404
00:22:07.640 --> 00:22:15.720
will say that, you know, the the post COVID quote
405
00:22:15.799 --> 00:22:19.000
unquote recovery has has happened, and if companies still can't
406
00:22:19.000 --> 00:22:21.400
make it. Then they're finally deciding we can't make it.
407
00:22:21.440 --> 00:22:22.079
We gotta let go.
408
00:22:22.880 --> 00:22:26.160
It's time to We've been sitting on the sinkhole too
409
00:22:26.200 --> 00:22:28.599
long and we can't. You know, our whole our whole
410
00:22:28.599 --> 00:22:30.119
company is going to go under. So I think that's
411
00:22:30.119 --> 00:22:33.079
why we're seeing. We're seeing what I will refer to
412
00:22:33.279 --> 00:22:40.279
as well, we tried sales, well, we tried closures. As
413
00:22:40.279 --> 00:22:42.720
far as moving a coaster, you know, moving coasters is
414
00:22:42.759 --> 00:22:45.799
something that for many, many years, during the golden age
415
00:22:45.799 --> 00:22:47.480
of theme park was something that was done all the time.
416
00:22:48.160 --> 00:22:50.720
A park would close, another park would would buy its
417
00:22:50.799 --> 00:22:53.680
assets by its you know, and and it can be
418
00:22:53.799 --> 00:22:57.759
it's something that can be done. But I think, and
419
00:22:57.839 --> 00:23:00.279
again I don't build coasters, so I don't have the
420
00:23:00.359 --> 00:23:03.960
numbers for this, but I think we're almost at the
421
00:23:04.000 --> 00:23:10.680
point where, in most cases things like that, the asset
422
00:23:10.720 --> 00:23:15.039
transfers will they don't transfer to an experience or an
423
00:23:15.039 --> 00:23:17.480
attraction that is above the one it's leaving. They will
424
00:23:17.480 --> 00:23:21.759
transfer to an attraction below the one it's leaving. The
425
00:23:21.799 --> 00:23:25.319
only exception to that usually is if the attraction has
426
00:23:25.400 --> 00:23:28.599
historic significance, and then they can they can brag about
427
00:23:28.640 --> 00:23:31.480
you know, we brought the world famous X Y Z
428
00:23:31.640 --> 00:23:34.799
coaster from so and so to here, and that may
429
00:23:34.799 --> 00:23:36.240
be the case. I don't know that may be the
430
00:23:36.240 --> 00:23:39.240
case with this coaster. It does have some it does
431
00:23:39.279 --> 00:23:42.759
have some clout in the coaster industry. But you know,
432
00:23:42.839 --> 00:23:45.920
I'm wondering if it doesn't just go to another fun spot, right,
433
00:23:46.559 --> 00:23:51.240
you know, because that happened. That used to happen all
434
00:23:51.279 --> 00:23:55.079
the time at Bush Gardens, It happened at six Flags,
435
00:23:55.079 --> 00:23:58.319
it happened, you know that. In fact, Six Flags for
436
00:23:58.359 --> 00:24:02.279
a while did a whole like two or three seasons
437
00:24:02.440 --> 00:24:06.200
of what they called touring coasters, which would be they
438
00:24:06.200 --> 00:24:09.480
were permanent quote unquote permanent installations that would only be
439
00:24:09.519 --> 00:24:12.680
in a park for two to three seasons and then
440
00:24:12.920 --> 00:24:15.480
move to another park and rotate, so that they could
441
00:24:15.759 --> 00:24:18.960
instead of buying new coasters, they could take perfectly good
442
00:24:18.960 --> 00:24:21.279
existing coasters, move them to a new location, and then
443
00:24:21.319 --> 00:24:25.160
all of a sudden it becomes a new marketing a
444
00:24:25.200 --> 00:24:29.480
new marketing focus. So the idea of moving assets from
445
00:24:29.519 --> 00:24:32.359
one part to another nothing new. It can be done.
446
00:24:32.880 --> 00:24:35.519
What I don't know is whether it's more cost effective
447
00:24:35.559 --> 00:24:40.839
to start from scratch or to move in an existing piece,
448
00:24:40.839 --> 00:24:42.480
and I think that almost has to be taken on
449
00:24:42.480 --> 00:24:44.680
a case by case basis. I mean, the first thing
450
00:24:44.720 --> 00:24:46.440
I think of, and this is probably the most simplistic,
451
00:24:47.000 --> 00:24:49.680
is do you have the ground to put it on?
452
00:24:50.319 --> 00:24:51.720
You know, you have to do you have to go
453
00:24:51.759 --> 00:24:53.880
through because the moment you have to go through redesigns,
454
00:24:53.880 --> 00:24:55.720
you might as well build a new coaster so you
455
00:24:55.799 --> 00:24:57.720
can if you can lift it and PLoP it down.
456
00:24:57.839 --> 00:25:01.960
I would think that that would be still a viable option.
457
00:25:02.319 --> 00:25:04.960
But the moment you go into any sort of redesign,
458
00:25:05.839 --> 00:25:08.640
then it's you might as well just build a new one. Yeah.
459
00:25:09.359 --> 00:25:11.839
And on the trend, do you think this is something
460
00:25:11.880 --> 00:25:15.319
that's kind of in the death of the megapark type
461
00:25:15.319 --> 00:25:17.400
of thing we've been talking about, or is this more
462
00:25:17.559 --> 00:25:19.920
about macroeconomic or is this.
463
00:25:19.839 --> 00:25:22.559
More about the individual market? What do you think?
464
00:25:23.359 --> 00:25:28.200
I think? Well, gosh, I really I wish I had
465
00:25:28.240 --> 00:25:30.960
a good answer for this one. I don't. This is
466
00:25:31.119 --> 00:25:38.039
so I think, well, I'm gonna tell you my gut,
467
00:25:38.119 --> 00:25:39.480
and there's gonna be people out there who's going to
468
00:25:39.519 --> 00:25:41.839
comment and argue with this, and that's completely fine because
469
00:25:41.839 --> 00:25:44.200
I have nothing to back this up other than my gut.
470
00:25:44.839 --> 00:25:50.599
My gut is that these smaller parks are looking at
471
00:25:50.599 --> 00:25:53.079
the at the whole situation, looking at where we are
472
00:25:53.119 --> 00:25:55.839
as a country, looking at what our tourism is, and going,
473
00:25:55.960 --> 00:25:58.279
we just don't want to fight this anymore. We're just
474
00:25:58.359 --> 00:26:02.960
you know, they they survived, they've survived COVID, and they
475
00:26:02.960 --> 00:26:06.319
thought it was all going to be free flowing from
476
00:26:06.519 --> 00:26:10.000
from then on. And the economy has not done what
477
00:26:10.400 --> 00:26:12.519
we thought it was going to do. Tourism has not
478
00:26:12.559 --> 00:26:15.279
done what it's done or what we thought it was
479
00:26:15.319 --> 00:26:20.319
going to do. International tourism is not at all what
480
00:26:20.359 --> 00:26:22.559
we thought it was going to do, and they may
481
00:26:22.559 --> 00:26:24.640
be just looking at it going there we could we
482
00:26:24.680 --> 00:26:27.720
could sell this, invest this money in something completely different
483
00:26:28.039 --> 00:26:32.279
and generate significantly more profit and not have to work
484
00:26:32.319 --> 00:26:38.359
as hard. So I can certainly see that happening. The
485
00:26:38.440 --> 00:26:40.319
question always is what do they do with their assets?
486
00:26:40.559 --> 00:26:43.519
And and we'll see, we'll see where that goes. But
487
00:26:44.559 --> 00:26:48.400
you know, if you if if they've got their line
488
00:26:48.400 --> 00:26:50.519
of ski ball machines at a garage sale, then we
489
00:26:50.559 --> 00:26:55.359
know you know something something. So yeah, I don't know
490
00:26:55.400 --> 00:26:58.920
exactly why. I don't know exactly why, but that's that's
491
00:26:58.960 --> 00:27:00.400
my gut.
492
00:27:00.680 --> 00:27:05.079
Yeah, I am thinking along those lines as well. I
493
00:27:05.160 --> 00:27:09.519
just think that we've been talked about this for weeks,
494
00:27:09.519 --> 00:27:12.519
but I think that the calculus from the guest standpoint
495
00:27:12.680 --> 00:27:16.119
is changing a little bit. And I think it's say,
496
00:27:16.160 --> 00:27:18.240
you put whatever label you want on it. Maybe it's
497
00:27:18.319 --> 00:27:24.559
higher prices, maybe it is lesser supposal income, consumer sentiment,
498
00:27:24.720 --> 00:27:26.559
rising debt, whatever label you want to put on it.
499
00:27:26.640 --> 00:27:29.279
But I think it what it boils down to is
500
00:27:29.359 --> 00:27:32.119
like the value calculus. When they're looking, you're looking at
501
00:27:32.119 --> 00:27:35.119
going to attraction, and I think that we've again we're
502
00:27:35.160 --> 00:27:37.799
seeing the same k type of shape thing. But in
503
00:27:38.279 --> 00:27:41.880
this so you know Disney, because Disney builds attractions that
504
00:27:42.039 --> 00:27:44.319
are worth waiting for that you can't miss because they're
505
00:27:44.319 --> 00:27:47.200
once in a lifetime experiences. You know, Rise of Resistance
506
00:27:47.440 --> 00:27:52.279
is incredible, right, just everything, it's just it's insane. And
507
00:27:52.400 --> 00:27:55.119
same with the universal right. The universal stuff is you know,
508
00:27:55.200 --> 00:27:58.319
battle at the Ministry, it's kind of worth it.
509
00:27:58.319 --> 00:27:59.640
It is, it is kind of worth it.
510
00:27:59.680 --> 00:28:01.519
You know, it's kind of worth the wait. I would say,
511
00:28:01.599 --> 00:28:03.680
you know, I don't wait for anything, And I think51200:28:03.720 --> 00:28:07.079
that's that's the calculus that you're getting, right, is you know,51300:28:07.680 --> 00:28:11.359
it's like we have these incredible destination experiences, but then51400:28:11.720 --> 00:28:13.279
you know, are you really gonna want to wait for51500:28:14.359 --> 00:28:16.559
a coaster at a six Flags or a coaster at51600:28:16.599 --> 00:28:18.920
a fun spot? Or it's kind of like and then51700:28:19.079 --> 00:28:21.519
there's no you know again, then you're the heat, the51800:28:21.559 --> 00:28:23.839
creature comforts, you know, there's not much to do.51900:28:24.400 --> 00:28:26.279
Then the food. I mean, it's it's kind of like.52000:28:26.240 --> 00:28:28.680
The calculus is kind of bad as opposed to going52100:28:28.720 --> 00:28:32.880
and doing something that is cheaper that you could have52200:28:33.799 --> 00:28:36.599
kind of maybe just as much fun with a group52300:28:36.640 --> 00:28:38.720
of people doing something and better food or you know,52400:28:38.920 --> 00:28:40.400
I don't know, it's kind of like why why would52500:28:40.400 --> 00:28:41.960
you do this instead of just going to a restaurant.52600:28:42.240 --> 00:28:44.759
And I also think specifically, you know, the the two52700:28:44.759 --> 00:28:47.640
examples you gave are things that people can do with52800:28:47.680 --> 00:28:48.359
their families.52900:28:48.960 --> 00:28:49.480
That's right.53000:28:49.680 --> 00:28:51.759
It does not. It's not a divide and conquer kind53100:28:51.759 --> 00:28:53.440
of park. It's not let's set up a meeting time53200:28:53.480 --> 00:28:56.119
and meeting place you go. You guys, go off and53300:28:56.160 --> 00:29:00.839
do you go off and do your those crazy kid53400:29:00.920 --> 00:29:04.279
rides and we'll meet you later. So I think that53500:29:04.319 --> 00:29:05.880
may be a part of it, that may be a53600:29:05.880 --> 00:29:07.759
factor in it as well, is that they want to53700:29:07.759 --> 00:29:10.559
make sure that and we see, you know, six Flags53800:29:10.640 --> 00:29:12.640
is trending that way, Bush Gardens is trending that way.53900:29:12.680 --> 00:29:16.200
SeaWorld is trending that way. To go back to the54000:29:16.599 --> 00:29:20.640
here's things you can do as a family, and I'm54100:29:20.680 --> 00:29:24.359
not sure. I'm not sure that fun Spot is necessarily54200:29:24.400 --> 00:29:25.039
something you can do.54300:29:25.920 --> 00:29:26.599
I agree with that.54400:29:26.720 --> 00:29:28.880
I want to end here with one thing, but we54500:29:28.920 --> 00:29:30.759
didn't put in the show notes. But it's interesting to54600:29:30.799 --> 00:29:34.160
note because I'm here in Disneyland. So Disneyland has opened54700:29:34.240 --> 00:29:40.720
up week night passes specifically targeted to They have kids54800:29:40.759 --> 00:29:43.359
passes and they have adults passes, so they're kind of54900:29:43.359 --> 00:29:45.960
targeting the idea of you can bring your whole family55000:29:46.000 --> 00:29:48.880
to Disneyland for an affordable price because you can show55100:29:48.960 --> 00:29:51.440
up at six pm and stay till midnight, or you55200:29:51.480 --> 00:29:55.079
can or whatever. So it's still a good amount of time.55300:29:55.279 --> 00:29:59.759
And it is sixty dollars, which is a really good55400:29:59.759 --> 00:30:04.039
price point for southern California. Ye, that is an incredible55500:30:04.079 --> 00:30:06.640
price point for the summer, for summer when the kids55600:30:06.640 --> 00:30:09.799
were off school and you know, you could take them55700:30:10.039 --> 00:30:10.559
your family.55800:30:10.640 --> 00:30:12.079
It's a pretty good evening, right.55900:30:12.079 --> 00:30:16.240
And we talked previously about how kids don't always spend56000:30:16.279 --> 00:30:17.920
the entire You're not going to go park open and56100:30:17.960 --> 00:30:20.680
park clothes. They're going to get tired, you know, food breaks, whatever,56200:30:20.880 --> 00:30:22.440
you could have dinner, you could show up, you could56300:30:22.480 --> 00:30:25.359
do actual in park time at six hours, which is56400:30:25.400 --> 00:30:28.240
plenty of time for sixty dollars. It's ten dollars an hour.56500:30:28.359 --> 00:30:31.839
That's pretty good for Disneyland. And they're doing two shows56600:30:32.119 --> 00:30:36.400
to paint the nights, two Fantasmics, plenty of entertainment, plus56700:30:36.440 --> 00:30:39.240
the fireworks show. So there's you know, five big crowd56800:30:39.279 --> 00:30:42.160
sucks every night. So it's it's a pretty so anyway.56900:30:42.160 --> 00:30:45.640
But also it points out that if Disneyland is having57000:30:45.680 --> 00:30:52.119
to offer fifty nine dollars tickets, yeah.57100:30:51.440 --> 00:30:54.720
Yeah, yeah, well and it's and it's to rebuild the57200:30:54.720 --> 00:30:58.400
family audience. That's I think that's it, you know, because57300:30:59.039 --> 00:31:01.000
all too often they have so hard to make it57400:31:01.039 --> 00:31:05.359
a kid's audience, an adult audience, a tween audience, and57500:31:05.640 --> 00:31:08.039
it's always been very elusive to find out, what is it,57600:31:08.079 --> 00:31:10.680
something that will bring the whole family together, and maybe57700:31:10.680 --> 00:31:13.359
this price point will help. I don't know. Well, hopefully57800:31:13.359 --> 00:31:15.680
we've brought the whole family together and everybody's sitting around57900:31:15.920 --> 00:31:19.119
listening and watching this show right now. But unfortunately, kids,58000:31:19.200 --> 00:31:21.680
it's time for us to move on because the show's over.58100:31:22.240 --> 00:31:24.000
It's called Green Tag Theme Park in thirty and we've58200:31:24.039 --> 00:31:27.079
already overdone it. So on behalf of Philipernandez with Gantam58300:31:27.160 --> 00:31:29.440
lighting and control on myself, Scott Swinson with Scott's Winson58400:31:29.480 --> 00:31:32.519
Creative development. This is Green Tag Theme Park in thirty.58500:31:32.720 --> 00:31:35.839
Hopefully you've had another lovely Monday listening to us, because58600:31:35.839 --> 00:31:37.559
that's when most people tell me they listen to it.58700:31:37.960 --> 00:31:39.559
And we will see you all next week
