United Parks & Resorts Inc. (NYSE: PRKS) is a leading theme park and entertainment company operating a diverse portfolio that includes famous brands like SeaWorld, Busch Gardens, Discovery Cove, and Sesame Place. The company reported its first-quarter financial results for 2025 on May 12, 2025.

The company is currently in a stable condition but is facing challenges due to timing issues affecting its revenue. In the first quarter of 2025, United Parks saw total revenue of $286.9 million, down 3.5% from $297.4 million in the same period last year. Attendance also decreased by 1.7%, from approximately 3.45 million to 3.39 million guests. The decline in attendance was largely attributed to the shift of the Easter and Spring Break holidays into the second quarter from the first quarter this year. Adjusting for this factor, attendance would have seen an approximate 2% increase.

In terms of financial specifics, net loss widened to $16.1 million, compared to a loss of $11.2 million in the prior-year quarter. Adjusted EBITDA fell 14.8% to $67.4 million from $79.2 million in the first quarter of 2024. The company’s revenue per capita decreased by 1.8%, settling at $84.62, while admission per capita declined by 4.2% to $46.04. In-park spending, however, recorded an increase of 1.1%, reaching a record high of $38.58.

United Parks’ operating expenses saw a reduction, decreasing by 2.2% to $161.3 million, primarily due to a drop in non-cash adjustments. Selling, general, and administrative expenses also decreased by 7.8%, totaling $44.1 million.

The company’s balance sheet on March 31, 2025, showed a net total leverage ratio of 3.1x and total liquidity of approximately $764 million, including $76 million in cash. This liquidity will aid the company in continuing to invest in its business and capitalize on growth opportunities. In the first quarter, United Parks repurchased around 100,000 shares at a total cost of approximately $4.6 million.

For 2025, total capital expenditures are anticipated to be between $175 million and $200 million for core projects, alongside an additional $50 million focused on expansion and ROI projects.