Universal’s Epic Universe park to generate billions for Florida

Epic things are coming to Orlando.

In a little more than a month, Universal will officially open the doors of its newest theme park, the first major theme park in the Florida area in 25 years, spurring a major shift in Orlando’s tourism industry.

Epic Universe is the largest of all Universal properties at 750 acres and features five themed worlds: The Wizarding World of Harry Potter – The Ministry of Magic, Super Nintendo World, How to Train Your Dragon – The Isle of Berk, Celestial Park and Dark Universe.

It will join Universal Studios and Walt Disney World in theme park mecca Orlando.

Tourism has long been the leading sector in central Florida, drawing both domestic and international visitors. More than 74 million people journeyed to Orlando in 2023, contributing around 50% of the total sales tax collected in Orange County.

Epic Universe is not only expected to bolster theme park revenues for Universal, as well as its rival just down the highway, Disney, but it will also bring in billions of dollars to the local economy.

“This is the first major, entirely new theme park in the U.S. in 25 years. This is a compelling reason to visit Orlando,” said Casandra Matej, CEO of Visit Orlando, a tourism trade association. “So, when you see a major milestone project such as Epic Universe, you know it’s going to have definitely a domino effect of economic benefits for our community.”

Epic Universe, first announced in 2019, represents the largest single investment Universal’s parent company Comcast has ever made in its theme parks business and in Florida overall, Comcast CEO Brian Roberts said at the time. That figure is rumored to be around $7 billion.

This massive endeavor, which officially opens May 22, is a way for Universal to showcase and monetize its diverse library of franchises and bolster its amusements business. It currently operates Islands of Adventure and Universal Studios, as well as Volcano Bay, a water park, about a mile down the road.

Universal Orlando generated $44 billion in economic impact between 2019 and 2023, according to a report from Sean Snaith, director of the University of Central Florida’s Institute for Economic Forecasting, that was solicited by the media company.

Universal’s newest theme park is already making waves. Snaith determined that Universal’s direct investment in Epic Universe has resulted in $11 billion of economic impact nationwide in the form of construction and operational expenditures, as well as the hiring of new employees.

Universal Orlando generated 94,000 jobs across the country in 2023, including engineers, software specialists, artists, architects and set designers, according to Snaith’s study. About 65,000 jobs were created just to construct Epic Universe, the company said.

Snaith’s research also found that Epic Universe will likely generate around $2 billion for the state of Florida in its first year of operation. It is projected to create more than 17,500 new jobs in its first year of opening, according to Snaith’s research.

“The labor market in Florida is quite strong right now,” Snaith said. “So it’s sort of the rich get richer here. We’re projecting that Florida will continue to outpace the national economy, both in terms of economic growth and job growth.”

Once the park opens, visitors will stay at local hotels, rent cars, go shopping and visit restaurants, boosting revenues for other local businesses.

“You see the zone around Epic Universe actually boosting since that construction,” said Jakob Wahl, CEO of the International Association of Amusement Parks and Attractions. “You see new infrastructure. You see new housing. You see new hotels being built. You see new restaurants being build. It’s a boost for the whole area.”

Theme park experts told CNBC that other destinations in the area, including Disney, will likely see a bump from Epic Universe’s opening.

“When Disneyland Paris opened in ’92, there were concerns from the theme parks around Paris,” said Wahl. “But the opposite actually happened. They increased their audience. And that is something which is likely to happen also in Orlando because it strengthens the destination.”

New developments, whether they be parks, lands or rides, also spark competition between the companies to create more compelling and innovative attractions to lure in guests.

“It’s a rising tide that lifts all boats,” said Matej.

Typically, both Universal and Disney receive patronage from those visiting Orlando, especially from guests who are traveling from out of state or from other countries. Having the additional park means many will extend their vacations to allow more time to experience Epic Universe alongside Disney’s four theme parks and Universal’s other amusement locations.

“What we do know is every day that someone extends their stay, that is millions of dollars worth of economic impact for our community,” Matej said.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.