- Beretta leaves Maryland over gun laws, heads for Tennessee
- Neal Boortz defends Hillary Clinton for representing child rapist
- House task force to recommend National Guard on border, faster deportations
- Top federal judge uses pizza to explain complex Obamacare situation
- Obama, Biden overhaul job training programs
- Drought-plagued Californians turn to paint to keep lawns green
- ISIL now forcing Iraqi shopkeepers to veil mannequins in Mosul
- 11 parents of Nigeria’s abducted girls die
- Genetic mapping triggers new hope on schizophrenia
- Turkish P.M. Erdogan won’t speak to Obama, but he’ll take calls from Biden
Comcast challenging Disney’s hold on tourism trade
Question of the Day
PHILADELPHIA (AP) - Comcast Corp. will invest hundreds of millions of dollars in California and Florida theme parks, stepping outside its core business of telecommunications in an effort to boost revenue and profits.
Comcast took over Universal Orlando Resorts as part of its NBCUniversal acquisition in 2011. This summer, it plans a new Harry Potter ride at a second theme park that will share the same 750 acre Universal complex.
Once fully open later this year, Cabana Bay will boost Universal’s hotel room count in Orlando by 75 percent, to 4,200 rooms. The first 600 are scheduled to open this month.
CEO Brian Roberts said Comcast is “doubling down on theme parks” because the investment will pay off for many years to come.
“We think there is a lot there in the theme park business for many years to come, and that we have the low market share and only one way to go,” Roberts said at an investor conference in January.
In 2013, Comcast’s theme parks and resorts unit, part of NBCUniversal, reported $2.2 billion in revenue and $1 billion in operating cash flow - a measure of the division’s profitability.
Between the second Potter attraction and Cabana Bay, the Universal theme park complex is expected to add 3,500 jobs this year, bringing its Orlando-area employment to about 17,000.
Universal executives in Orlando do not say they are targeting Disney, the tourism giant with more than 20,000 hotel rooms and four theme parks. But they believe there is additional revenue - more room stays, more visitors, and more themed merchandise to sell them.
“We don’t have to win,” Thomas L. Williams, chairman and chief executive officer of Universal Parks & Resorts, said in a recent interview. “We just have to get our share.”
Information from: The Philadelphia Inquirer, http://www.inquirer.com
TWT Video Picks
The president could pay the full price for ignoring Congress
- David Perdue defeats Jack Kingston in Georgia Republican Senate primary runoff
- IRS seeks help destroying another 3,200 computer hard drives
- D.C. appeals panel deals big blow to Obamacare subsidies
- 'Straight White Guy Festival' supposedly set for Ohio park
- Beretta moving to Tennessee over Maryland gun laws
- Gen. James Amos, Marine Corps commandant, slams Obama's handling of Iraq
- Pentagon team dispatched to Ukraine amid crisis with Russia
- BERMAN & MADYOON: An Iranian-Turkish reset
- MAY: Barbarians at Jordan's gate
- CARSON: Costco and the perils of mixing politics and business
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world
Fighting in Iraq