The Board of Directors of SeaWorld Entertainment, Inc., has promoted Interim CEO Marc Swanson to the company’s leadership position permanently. It also conferred permanent status on Chief Financial Officer Elizabeth Castro Gulacsy.
These personnel changes reflect the board’s satisfaction with extraordinary operating results in the first quarter of 2021.
On several days during spring break 2021, SeaWorld parks operated at capacity. Although the company reported a net loss of $44.9 million on per capita net revenue of $77.63, revenues were up 17.2% over the first quarter of 2020. The company continued a cash burn of $1.1 million but noted that deferred vendor balances were largely paid by the end of the quarter.
“We are excited to have experienced a robust Spring Break season across our parks, including several days where our parks reached capacity limitations for the current operating environment,” Swanson said. “To be clear, we believe our attendance would have been notably higher, were it not for capacity limitations and closed parks.”
Scott Ross, Hill Path Capital Founder and Managing Partner and SeaWorld Entertainment, Inc.’s Chairman of the Board of Directors, attributed the company’s success to the newly appointed Marc Swanson and Elizabeth Castro Gulacsy:
“Over the past year, Marc and Elizabeth, alongside the board, have continued to execute the strategic initiatives we have been working on over the past several years and have taken the necessary decisive actions to position the company for long-term success,” he said. “We look forward to their continued leadership as we work together to emerge a stronger and more efficient company and realize the full, long-term potential of this great company and its irreplaceable assets and brands.”
Learn more about Ross: https://www.themeparkinsider.com/flume/202105/8187/