USA: SeaWorld – Will It Stay Afloat ?

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SeaWorld raises cash to stay afloat but can it survive prolonged park closures due to coronavirus?

https://www.sandiegouniontribune.com/business/tourism/story/2020-04-21/seaworld-raises-cash-to-stay-afloat-during-prolonged-park-closures-due-to-coronavirus-pandemic

The theme park company says it was seeing record attendance during first two months of 2020 before the coronavirus shutdown hit

By Lori Weisberg

In a move to shore up its finances during a pandemic that last month forced it to shut down its 12 theme parks, SeaWorld Entertainment announced Tuesday it is raising $227.5 million through a private offering that it can use to help pay its bills.

While the company reported it had seen record attendance and revenue during January and February of this year, the good news quickly soured the following month when it closed all its parks on March 16 and later furloughed 95 percent of its workers starting the first of this month.

 

Read more at the link above.

As SeaWorld Parks remain closed because of COVID-19, the company has taken proactive financial steps to protect its customers, employees and animals.

SeaWorld Entertainment has taken financial steps in response to lockdown measures that are still in place accross America. Interim CEO, Marc Swanson, said that the steps they have taken “will provide us with significant financial flexibility and liquidity to operate in this unprecedented and highly uncertain environment.”

Reducing expenditure

Seaworld Entertainment has reduced its executive officers’s base salary by 20% until its theme parks resume normal operations. Furthermore, the company has substantially reduced its marketing and advertising spending.

Read the full article at:

https://blooloop.com/news/seaworld-financial-response-covid-19/

SeaWorld CEO resigns amid coronavirus furloughs

Marc G. Swanson serving as interim CEO at least through reopening of parks

 

https://www.clickorlando.com/news/local/2020/04/06/seaworld-ceo-resigns-amid-coronavirus-furloughs/

 

ORLANDO, Fla. – SeaWorld has named a temporary chief executive officer following the resignation of Sergio D. Rivera, according to the news release.

Rivera, the most recent chief executive officer of SeaWorld Entertainment, Inc. notified the company of his decision to resign last week, days after SeaWorld announced 90% of employees would be furloughed amid closures due to the coronavirus pandemic. Company officials said Rivera also stepped down from his duties as a member of the company’s board of directors.

According to the release, Rivera said his resignation was due to disagreements over the board’s involvement in the decision making at SeaWorld.

Rivera was on the job for less than five months.

Read the full article via the above link.

 

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