Blame Harry Potter.
The boy wizard changed the equation in Florida's theme park wars when the "Wizarding World of Harry Potter" opened at Comcast's CMCSA Islands of Adventure in 2010. That was followed by a second theme park land themed to J.K. Rowling's books at Universal Studios Orlando giving the Universal parks a pair of immersive lands that arguably improved on anything Walt Disney (DIS) offered at its four Disney World theme parks.
Wizarding World offered something new in the theme park business. It wasn't just a collection of rides, restaurants, and gift shops. Instead, Universal created a completely immersive world where every detail mattered, Visitors to Wizarding World can't even buy a regular bottle of water. Instead, they can purchase Gillywater, a beverage from the Potter books.
Universal changed expectations for what a theme park could be and made its parks a must-visit for more than just Potter fans. Disney was forced to respond building lands at Hollywood Studios themed to Toy Story and the incredibly impressive Star Wars: Galaxy's Edge at Disney's Hollywood Studios and Pandora: The World of Avatar at its Animal Kingdom Park.
Now, with Disney having countered, Universal has its answer -- a third Florida theme park, Epic Universe, that will take these new concepts and bring them to the next level. That's still going to happen, but Comcast's latest effort has hit a snag.
When Will Epic Universe Happen?
Universal had originally pegged the launch of what it calls its fourth Florida gate (the company counts the Volcano Bay water park) in 2023. The pandemic, however, delayed construction, and, now, Epic Universe looks to be delayed until 2025, according to comments made by Comcast CFO Michael Cavanagh during the company's fourth-quarter earnings call.
"Epic is full steam ahead. I was down there a couple of weeks ago. And the construction is going really well. And I think we said this in the past, but we expect that park to open in '25 and certainly in time for the summer of '25 and we'll be back to you and everybody when we get more granular on the date," he said.
CEO Brian Roberts didn't quite apologize for the delay, but he did make it clear that he felt his company had made a mistake in delaying construction during the pandemic.
"If I look back over COVID, one of the things I wish we could redo was slowing down Epic, because I agree with your both with Jeff saying and with your point, Jessi, this is a business that if you build wonderful attractions, there is pent-up demand. And we're going to make a fabulous park at Epic and we're full steam, he said. "We're going as fast as we can now to make up for lost time."
Image source: Shutterstock.
What Is Universal's Goal with Epic Universe?
Disney offers four theme parks and two water parks. It takes between four and seven days to fully experience everything offered at Disney World. Ticket pricing also makes it more advantageous to spend that long at Disney's parks because the more days you buy, the cheaper your ticket price gets.
Universal, with its two parks and one water park, does not require the same time commitment. Visitors can see the highlight of Universal Studios Orlando and Islands of Adventure in a single day and cover both parks thoroughly in two, three at the most.
The creation of Epic Universe would make Universal a deeper experience where a family could conceivably spend its entire vacation. That could lure visitors to stay on property and spend four or five days visiting the various Universal parks. Those visits would come at Disney's expense which would, in theory, make Epic Universe a gamechanger.
Universal has revealed few details about Epic Universe. The new park is expected to contain the Nintendo (NTDOY) attractions the company has launched at its theme park in Japan. It's also likely, but not confirmed, that the new park will have another land themed to Harry Potter, perhaps based on the "Ministry of Magic," or one tied to the "Fantastic Beasts" films.
