United Parks & Resorts, the parent company of SeaWorld and Busch Gardens, recently announced multiple offers for excess land near its parks. This comes on the heels of a January 26, 2026, earnings call, during which CEO Marc Swanson reported declining attendance and revenue. The company owns around 2,000 acres, with 400 undeveloped, and is exploring various development options, including hotel and residential projects. Interestingly, Swanson didn’t disclose any potential buyers, raising questions about whether this is a strategic initiative or a desperate cash-raising effort amid financial struggles.
The Seaworld Financial Problems Are Real
Here’s the context that makes this land sale announcement feel less like a smart business move and more like a response to financial pressure: United Parks just reported that attendance dropped 1.8% to approximately 21.2 million visitors across their 13 parks, total revenue fell 3.6% to $1.7 billion, and net income dropped 26% to $168.4 million. Those are not good numbers, and they indicate the company is facing serious headwinds trying to compete against Walt Disney World and Universal Orlando Resort, especially with Epic Universe now open and completely reshaping the Central Florida theme park landscape.
Swanson cited uneven consumer conditions, reduced international tourism, and volatile weather during peak visitation periods as reasons for the declining performance, but honestly those sound like excuses when you consider that Disney and Universal are still doing fine despite facing the exact same market conditions. The real issue is that SeaWorld and Busch Gardens are struggling to attract and retain guests when there are bigger, flashier options available.
What Seaworld Land They’re Trying to Sell
United Parks owns substantial acreage at each major property: Busch Gardens Williamsburg has 654 owned acres, Orlando has 418 owned acres housing SeaWorld Orlando, Aquatica Orlando, and Discovery Cove, San Antonio has 415 owned acres, Tampa has 362 owned acres for Busch Gardens Tampa Bay and Adventure Island, San Diego has 66 owned acres plus 190 leased acres, and Langhorne, Pennsylvania, has 55 owned acres for Sesame Place.
Swanson emphasized during the earnings call that the company estimates the replacement cost of their parks to be over $10 billion, which is about 2.5 times United Parks’ current enterprise value. He’s basically arguing that the market is undervaluing the company’s assets, and maybe he’s right, but the fact remains that if your attendance is dropping and your revenue is falling, the theoretical replacement cost of your parks doesn’t really matter if people aren’t actually visiting them.
Multiple Ways to Monetize
The United Parks presentation highlighted several monetization options, including sale-leaseback arrangements, hotel and timeshare partnerships, co-developing excess land for residential and commercial projects, and outright sales of excess land. During the Q&A, Swanson noted multiple ways to monetize the valuable real estate, and the company will consult its board to find the best approach. With over 50% ownership by a private equity firm, whose guidance tends to favor financial maneuvering over strategic development, concerns arise about whether decisions prioritize long-term guest experiences or short-term profits.
One Positive Sign
The one encouraging indicator from the earnings call was that in-park per-capita spending increased by 1% overall with a record-setting 2.1% rise in the fourth quarter, which suggests guests who do visit are spending more money. That’s good news in the sense that it means the people who are coming to the parks are engaged and willing to spend, but it doesn’t solve the fundamental problem that fewer people are choosing to visit in the first place.
What This Could Mean
If United Parks actually sells or develops this land, it could eventually result in new hotels, shopping districts, entertainment venues, or residential communities adjacent to SeaWorld and Busch Gardens parks, potentially transforming them from isolated park experiences into broader destination resort complexes similar to Walt Disney World. But that’s the optimistic scenario. The pessimistic scenario is that United Parks is scrambling to raise cash by selling off assets because they’re struggling financially and need capital to keep operating while attendance continues declining.
