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Merlin Entertainments Interim Results 2019

Matt N

Matt N

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Hi guys. Merlin has now released its mid-year interim results, and they are very interesting. Here's a link to the presentation: https://www.merlinentertainments.biz/media/2368/merlin-interims-2019-presentation.pdf

Some particular points of interest:
  • RTPs and Midways are having a good year so far.
  • Legoland parks are struggling so far, with a 0.7% drop in revenue; Merlin cites the new Lego Movie as the reason for this.
  • CAPEX investment across the Resort Theme Parks for 2019 was substantially lower than in 2018, with £15m invested in 2019 as opposed to £26m in 2018.
  • Accommodation revenue makes up 21% of overall RTP revenue.
There are probably additional interesting points within the presentation, but those were the first that sprung to mind.

So, what do you guys think to Merlin's interim results?
 
Not sure if it's good or bad that RTP is up this year. It either gives them an excuse to continue running them half arsed, or invest more in them... I'd assume the former.

Shock horror - they've blamed the weather for Legolands poor performance.
 
RicketyCricket said:
Not sure if it's good or bad that RTP is up this year. It either gives them an excuse to continue running them half arsed, or invest more in them... I'd assume the former.

Shock horror - they've blamed the weather for Legolands poor performance.
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Isn't it good that RTPs are up? Surely this continues the recovery from The Smiler's incident in 2015?
 
Matt N said:
Isn't it good that RTPs are up? Surely this continues the recovery from The Smiler's incident in 2015?
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With any other park operator in the world, it would definitely be a good thing as they would invest further and improve their service.

But this is Merlin and it gives them an excuse to continue with 4pm closes, shoddy F&B, long monorail queues, upcharge attractions, and permanent ride closures.
 
I think Merlin has got to big for its own boots now and now watching the Lego lands been built worldwide and the midway games I think the uk gets the least amount of money invested into there parks. In Florida that Legoland gets a nearly a whole new land built where in the uk get a half hearted mad house.
 
Yeah I don't get that. The second Lego movie was good. It underperformed at the box office but those who did see it came away with good impressions.

You could argue that it underperforming meant the parks didn't see the rise in guest numbers they expected, but it deffientley wouldn't have caused them to drop.
 
Matt N said:
Isn't it good that RTPs are up? Surely this continues the recovery from The Smiler's incident in 2015?
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I think so Matt. We got Wickerman last year, and the park has been running well this year for the most part, with more open days as well.
 
The land is worth far more for housing than as a theme park...top area of outer London, riverside and lakeside locations.
But.
The area was designated for leisure as part of post war planning.
One of my lovely old lady customers...her husband was on the local planning committee at the time...leisure use only, for the benefit of the local and regional community.
 
rob666 said:
The area was designated for leisure as part of post war planning.
One of my lovely old lady customers...her husband was on the local planning committee at the time...leisure use only, for the benefit of the local and regional community.
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Only because RMC dug it up on the basis that, once they'd finished with it, they would have to return it with some value to the community

On a broader scope, we dont want more mundane housing estates in the long run, Thorpe Park (if it were run well) should be a great asset for the wider region. But housing is currently where the money is
 
It had to be returned to the community for the benefit of the local and regional people for leisure use...like I said!
That was the agreement before gravel quarrying took place on the site.

The owners of the land at Camelot thought they would be able to dodge around the local regional plan...they argued that the leisure demand wasn't there...and the local community would prefer nice executive detached homes...ten years on and the owners still haven't been able to lay a single brick.
 
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