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Epic Universe Set to Transform Orlando’s Tourism Landscape
As anticipation builds, Universal’s Epic Universe theme park is set to open its doors on May 22, marking the first major theme park debut in the Orlando area in 25 years. Located in Florida, this $7 billion development is poised to significantly alter the region’s tourism dynamics.
Epic Universe spans an impressive 750 acres and encompasses five themed areas: 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. This enormous addition will sit among other prominent parks in Orlando, including Universal Studios and Walt Disney World.
Tourism has long been a cornerstone of central Florida’s economy, attracting over 74 million visitors in 2023 alone, which accounted for nearly half of the total sales tax revenue in Orange County. The launch of Epic Universe is not only expected to enhance Universal’s financial performance but also to provide a substantial boost to the local economy, enriching both Universal and its competitor, Disney.
Casandra Matej, CEO of Visit Orlando, emphasized the significance of Epic Universe: “This is the first major, entirely new theme park in the U.S. in 25 years. This is a compelling reason to visit Orlando. A project like Epic Universe is guaranteed to stimulate economic growth in our community.”
Originally revealed in 2019, Epic Universe constitutes the largest single investment by Comcast, Universal’s parent company, in its parks operations and in Florida as a whole. The funding, rumored to be around $7 billion, underlines Universal’s strategy to capitalize on its myriad franchises while enhancing its amusement offerings throughout Florida.
According to a study commissioned by Universal, the park’s construction and operations have already generated significant economic ripples, contributing an estimated $11 billion nationwide. This includes the creation of approximately 94,000 jobs linked to Universal Orlando’s operations in 2023, with roughly 65,000 jobs generated solely for the construction of Epic Universe, as detailed by Sean Snaith, director at the University of Central Florida’s Institute for Economic Forecasting.
In its inaugural year, Epic Universe is projected to generate around $2 billion for the state of Florida and create over 17,500 new jobs, as Snaith’s research indicates. “The labor market in Florida is quite strong right now,” he noted, suggesting that the state’s growth will continue to surpass national trends.
The upcoming park is likely to have a substantial impact on surrounding businesses as visitors flock to local hotels, dining establishments, and retail shops. Jakob Wahl, CEO of the International Association of Amusement Parks and Attractions, observed that the area around Epic Universe has already begun to flourish with new infrastructure developments, including housing and dining options.
Experts believe that the opening of Epic Universe could also have a positive effect on existing attractions, similarly to what occurred when Disneyland Paris opened in 1992. “Historically, new developments increase overall visitor numbers, rather than harm existing parks,” said Wahl. “Orlando’s tourism destination will only become stronger.”
New attractions often ignite a competitive spirit among theme parks to innovate, creating a win-win scenario for both operators and visitors. “It’s a rising tide that lifts all boats,” noted Matej, pointing to the benefits that Epic Universe will create across the region.
Visitors to Orlando typically explore multiple attractions during their stays, and with Epic Universe in the mix, many are likely to extend their vacations to enjoy a wider variety of experiences. “Every day someone extends their stay translates to millions of dollars in economic impact for our community,” Matej added.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC.
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