United Parks & Resorts Inc (NYSE: PRKS) is a theme park and entertainment company that owns and operates a portfolio of zoological theme parks, water parks, and family entertainment destinations across the United States. Revenue is generated through admissions and in-park spending, with admission per capita calculated as total admissions revenue divided by total attendance and driven by ticket pricing, admissions product mix (single-day, multi-day, and annual/season passes), and park attendance mix. The company's 12 parks as of the 10-K filed 2026-03-03 include SeaWorld, Busch Gardens, Aquatica, and Sesame Place branded properties located in Florida, California, Texas, Virginia, and Pennsylvania. Parks carry animals, rides, educational programs, and animal encounters as core guest attractions. The business is exposed to discretionary consumer spending cycles, as attendance and per-guest spending decline during economic downturns. The company holds trade names and trademarks including Sesame Street elements under a license agreement with Sesame Workshop, used across standalone Sesame Place parks and Sesame Street-themed lands within other parks.

Revenue model

Admissions revenue from single-day tickets, multi-day tickets, and annual/season passes, supplemented by in-park spending on food, merchandise, and other guest services. Admission per capita is the primary unit economic metric, reflecting ticket pricing and the mix of pass versus single-visit attendance.

Products and services

Zoological theme parks (SeaWorld, Busch Gardens), water parks (Aquatica, Water Country USA), family theme parks (Sesame Place Langhorne PA, Sesame Place San Diego CA), animal encounters, educational exhibits, entertainment programming, food and beverage, and retail merchandise.

Customers and end markets

Domestic and international leisure travelers, local and regional families, and group visitors seeking theme park and zoological entertainment. Demand is driven by discretionary consumer spending and travel; international guests generally purchase higher admission per capita ticket products than local guests.

Value-chain role

Owner and operator of physical theme park destinations. Purchases food, merchandise, and operational goods from third-party suppliers under responsible sourcing policies. Licenses intellectual property (Sesame Street) from Sesame Workshop for park theming and marketing.

Geographic exposure

United States operations across California (San Diego, Chula Vista), Florida (Orlando, Tampa), Texas (San Antonio), Virginia (Williamsburg), and Pennsylvania (Langhorne), based on the 2025 theme park portfolio disclosed in the 10-K filed 2026-03-03.

Source: SEC 10-K, filed 2026-03-03

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