Wizarding World brings in Magical Profits for Universal (Again)

As few of you may recall, Universal Studios reported a spike in revenue with the construction of the Wizarding World of Harry Potter Hogsmeade several years ago. It appears that the new Diagon Alley addition of the theme park is proving to be as magically profitable. The Chicago Tribune tells of a 38% increase in Universal’s fourth quarter profits, arguably due to Diagon Alley opening in July. Profits rose to a solid $735 million in the fourth quarter, with cash flows (before depreciation, etc.) rose from $257 million to $352 million. The Chicago Tribune reports:

“Investments in our theme parks are clearly generating strong returns as we drive increased attendance and per capita spending,” Chief Financial Officer Michael Angelakis said on a conference call. “We are transforming our parks into must-see destinations and are very enthusiastic about their potential.”

The results are part of a wave of amusement park investments that have lifted profits and attendance at operators including Walt Disney Co.

Comcast has an attraction based on Harry Potter, one of the most popular youth book and film franchises in history, scheduled to open at its Universal Studios Hollywood theme park in California next year.