To be fair, has Universal started on many new projects since Covid started? Possibly the Donkey Kong ride for Universal Japan.
Often new parks are fairly quickly followed up by an expansion, for example Shanghai Disneyland had Toy Story Land and now Zootopia’s under construction. Do we know if there’s an expansion for Universal Beijing? Although to be fair, China’s Covid restrictions have dragged on for longer than most.
Universal has cracked on with Epic Universe, but there isn’t much going on in the existing Orlando parks or the second phase of Volcano Bay. I think both Disney and Universal have been relatively slow at getting back into new developments. I’m not saying that’s wrong, or bad from a business point of view, but if Universal were pushing through new rides for Islands of Adventure and the Studio Park, it’d be a bigger worry for Disney.
I know that Universal were rumoured to have started on a Fast & Furious coaster for Universal Studios Hollywood.
At USF, they recently reopened Mummy after a huge Hulk-style refurb, and they’re also building a new Minions attraction for 2023.
Admittedly, nothing has gone on at IOA since VelociCoaster, but that park has received a pretty good lion’s share of investment in recent years with both VelociCoaster and Hagrid’s built within short succession.
I think Epic Universe being built for 2025 is justification enough for them not pumping absolute mega bucks into both their existing parks for the time being, though. That park is costing somewhere in the multi billion mark, I believe, and the proposal was most definitely in its infancy pre-COVID, so they would have lost very little had they just cancelled it. They pursued it, however, and it looks, well, epic!
Disney, by comparison, cancelled a considerable bulk of their ambitious plans for WDW as a result of COVID, and after Tron in 2023, I think the whole resort might only have these “blue sky” concepts in the pipeline, which apparently aren’t due until the late 2020s.