Universal’s new Epic Universe park set to generate $2 billion for Florida in year one

Epic issues are coming to Orlando.

In a little bit greater than a month, Common will formally open the doorways of its latest theme park, the primary main theme park in the Florida space in 25 years, spurring a significant shift in Orlando’s tourism business.

Epic Universe is the most important of all Common properties at 750 acres and options 5 themed worlds: The Wizarding World of Harry Potter – The Ministry of Magic, Tremendous Nintendo World, How to Prepare Your Dragon – The Isle of Berk, Celestial Park and Darkish Universe.

It should be part of Common Studios and Walt Disney World in theme park mecca Orlando.

Tourism has lengthy been the main sector in central Florida, drawing each home and worldwide guests. Greater than 74 million folks journeyed to Orlando in 2023, contributing round 50% of the full gross sales tax collected in Orange County.

Epic Universe is just not solely anticipated to bolster theme park revenues for Common, in addition to its rival simply down the freeway, Disney, but in addition deliver in billions of {dollars} to the native economic system.

“That is the primary main, completely new theme park in the U.S. in 25 years. It is a compelling motive to go to Orlando,” mentioned Casandra Matej, CEO of Go to Orlando, a tourism commerce affiliation. “So, whenever you see a significant milestone undertaking resembling Epic Universe, you already know it is going to have undoubtedly a domino impact of financial advantages for our group.”

Epic Universe, first introduced in 2019, represents the most important single funding Universal’s dad or mum firm Comcast has ever made in its theme parks enterprise and in Florida general, Comcast CEO Brian Roberts mentioned on the time. That determine is rumored to be round $7 billion.

This large endeavor, which formally opens Might 22, is a approach for Common to showcase and monetize its numerous library of franchises and bolster its amusements enterprise. It at the moment operates Islands of Journey and Common Studios in addition to Volcano, a water park, a few mile down the street.

Common Orlando generated $44 billion in financial influence between 2019 and 2023, in accordance to a report from Sean Snaith, director of the College of Central Florida’s Institute for Financial Forecasting, that was solicited by the media firm.

And Universal’s latest theme park is already making waves: Snaith decided that Universal’s direct funding in Epic Universe has resulted in $11 billion of financial influence nationwide in the type of development and operational expenditures, in addition to the hiring of new staff.

Common Orlando generated 94,000 jobs throughout the nation in 2023, together with engineers, software program specialists, artists, architects and set designers, in accordance to Snaith’s research. Round 65,000 jobs had been created simply to assemble Epic Universe, the corporate mentioned.

Snaith’s analysis additionally discovered that Epic Universe will seemingly generate round $2 billion for the state of Florida in its first year of operation. It is projected to create greater than 17,500 new jobs in its first year of opening.

“The labor market is in Florida is kind of robust proper now,” Snaith mentioned. “So it is type of the wealthy get richer right here. We’re projecting that Florida will proceed to outpace the nationwide economic system, each in phrases of financial progress and job progress.”

As soon as the park opens, guests keep at native lodges, hire vehicles, buy groceries and go to eating places, boosting revenues for different native companies.

“You see the zone round Epic Universe truly boosting since that development,” mentioned Jakob Wahl, CEO of Worldwide Affiliation of Amusement Parks and Sights. “You see new infrastructure. You see new housing. You see new lodges being constructed. You see new eating places being construct. It is a enhance for the entire space.”

Theme park consultants instructed CNBC that different locations in the world, together with Disney, will seemingly see a bump from Epic Universe’s opening.

“When Disneyland Paris opened in ’92 there have been issues from the theme parks round Paris,” mentioned Wahl. “However the reverse truly occurred. They elevated their viewers. And that’s one thing which is probably going to occur additionally in Orlando as a result of it strengthens the vacation spot.”

New developments, whether or not they be parks, lands or rides, additionally spark competitors between the businesses to create extra compelling and modern sights to lure in company.

“It is a rising tide that lifts all boats,” mentioned Matej.

Usually, each Common and Disney obtain patronage from these visiting Orlando, particularly from company who’re touring from out of state or from different nations. Having the extra park implies that many will lengthen their holidays to enable extra time to expertise Epic Universe alongside Disney’s 4 theme parks and Universal’s different amusement places.

“What we do know is each day that somebody extends their keep, that’s thousands and thousands of {dollars} price of financial influence for our group,” Matej mentioned.

Disclosure: Comcast is the dad or mum firm of NBCUniversal and CNBC.