SeaWorld hit by late Easter and Shamu absence

SeaWorld Entertainment (NYSE:SEAS) saw a sharp drop in visitors in the first quarter of 2017 following the closure of its killer whale show at the San Diego park in January. The theme park is planning a new natural killer whale attraction following ending of its shows featuring Shamu, San Diego’s star whale, in January. Seaworld had already ended its orca breeding programme following heavy criticism over their treatment in a documentary in 2013 and a new 'natural' orca experience will start this summer. Revenues in the three months to March fell to US$186.4 mln from US$$220.2 mln a year earlier, a drop that also reflected the shifting back of the Easter break into the second quarter. Underlying losses [adjusted EBITDA] were US$30.4 mln (US$5.9 mln), though net losses improved to US$61 mln, or 72 cents per share (US$84mln or $1 per share) and the company was optimistic over the remainder of the year. “Given the improving attendance trends we saw in April, and the incredibly robust line-up of new attractions we are launching in the coming weeks, we are well-positioned going into our seasonally important second and third quarters," said Joel Manby, chief executive. Chinese firm Zhonghong Zhuoye has also agreed to buy Blackstone's 21% stake in the company and help with the establishment of new parks in China, Taiwan, Hong Kong and Macau, he said.