{
  "report": "The Turnstile Report, Edition No. 1",
  "title": "Epic Universe Needs to Let the Locals in",
  "author": "Michael Starlane",
  "published": "Summer 2026",
  "note": "Disney figures are fiscal Q3 2026. Comcast and United Parks figures are calendar Q2 2026. Comcast parks figures include Osaka and Hollywood.",
  "rows": [
    {
      "Metric": "Adjusted EBITDA, theme parks",
      "Company": "Comcast",
      "Period": "Q2 2026",
      "Value": "$609M",
      "Note": "Below the $619M earned in Q2 2024, before Epic existed",
      "Sources": "03, 04"
    },
    {
      "Metric": "Adjusted EBITDA margin, theme parks",
      "Company": "Comcast",
      "Period": "Q2 2024",
      "Value": "31.3%",
      "Note": "Global parks segment, includes Osaka and Hollywood",
      "Sources": "03, 04"
    },
    {
      "Metric": "Adjusted EBITDA margin, theme parks",
      "Company": "Comcast",
      "Period": "Q2 2025",
      "Value": "27.3%",
      "Note": "Partial-opening quarter of Epic Universe",
      "Sources": "03, 04"
    },
    {
      "Metric": "Adjusted EBITDA margin, theme parks",
      "Company": "Comcast",
      "Period": "Q2 2026",
      "Value": "25.2%",
      "Note": "First quarter comping against Epic",
      "Sources": "03, 04"
    },
    {
      "Metric": "Costs, year over year",
      "Company": "Comcast",
      "Period": "Q2 2026",
      "Value": "+5.7%",
      "Note": "Global parks segment",
      "Sources": "03"
    },
    {
      "Metric": "Profit, year over year",
      "Company": "Comcast",
      "Period": "Q2 2026",
      "Value": "-5.1%",
      "Note": "CFO attributes the decline primarily to Osaka",
      "Sources": "05"
    },
    {
      "Metric": "Reported spend on Epic Universe",
      "Company": "Comcast",
      "Period": "2024-2026",
      "Value": "$6-7B",
      "Note": "Reported over roughly two years",
      "Sources": "10"
    },
    {
      "Metric": "Attendance published",
      "Company": "Comcast",
      "Period": "Q2 2026",
      "Value": "None",
      "Note": "Universal publishes no attendance number",
      "Sources": "03"
    },
    {
      "Metric": "Domestic attendance",
      "Company": "Disney",
      "Period": "Fiscal Q3 2026",
      "Value": "+3%",
      "Note": "Powered by domestic tourists, passholders and summer promotions",
      "Sources": "01"
    },
    {
      "Metric": "Per-guest spending",
      "Company": "Disney",
      "Period": "Fiscal Q3 2026",
      "Value": "+4%",
      "Note": "Alongside a local and value offer stack",
      "Sources": "01"
    },
    {
      "Metric": "Florida resident ticket",
      "Company": "Disney",
      "Period": "Summer 2026",
      "Value": "$65",
      "Note": "Florida resident days; rooms from $99; four parks from $99 a day",
      "Sources": "15"
    },
    {
      "Metric": "Attendance",
      "Company": "United Parks",
      "Period": "Q2 2026",
      "Value": "6.06M",
      "Note": "Down 2.9%; the only operator here publishing attendance",
      "Sources": "06"
    },
    {
      "Metric": "Admission spending per guest",
      "Company": "United Parks",
      "Period": "Q2 2026",
      "Value": "-1.8%",
      "Note": "The discount happens at the turnstile",
      "Sources": "06"
    },
    {
      "Metric": "In-park spending per guest",
      "Company": "United Parks",
      "Period": "Q2 2026",
      "Value": "$39.51",
      "Note": "Up 5.1%, another quarterly record",
      "Sources": "06"
    },
    {
      "Metric": "Passholder share of attendance",
      "Company": "United Parks",
      "Period": "Q2 2026",
      "Value": "about 40%",
      "Note": "Per CEO Marc Swanson",
      "Sources": "06"
    },
    {
      "Metric": "Revenue",
      "Company": "United Parks",
      "Period": "Q2 2026",
      "Value": "-1.4%",
      "Note": "Proof of the mechanism, not of prosperity",
      "Sources": "06"
    },
    {
      "Metric": "Profit",
      "Company": "United Parks",
      "Period": "Q2 2026",
      "Value": "-5.2%",
      "Note": "Proof of the mechanism, not of prosperity",
      "Sources": "06"
    },
    {
      "Metric": "Crowd index, Epic Universe",
      "Company": "Queue-Times",
      "Period": "Summer 2026",
      "Value": "46",
      "Note": "Against 67 last year; May at 29. Third-party estimate, flagged noisy",
      "Sources": "-"
    },
    {
      "Metric": "Passholder day ticket discount",
      "Company": "Universal",
      "Period": "Summer 2026",
      "Value": "up to 40%",
      "Note": "By Universal's own advertising",
      "Sources": "-"
    },
    {
      "Metric": "Universal Nights ticket",
      "Company": "Universal",
      "Period": "October 2026",
      "Value": "$179",
      "Note": "After-hours event with a 10% passholder discount",
      "Sources": "08"
    },
    {
      "Metric": "Annual pass access to Epic Universe",
      "Company": "Universal",
      "Period": "As of this report",
      "Value": "$0 available",
      "Note": "No annual pass access at any price",
      "Sources": "09"
    },
    {
      "Metric": "Airfare, year over year",
      "Company": "BLS CPI",
      "Period": "June 2026",
      "Value": "+26.5%",
      "Note": "All types",
      "Sources": "12, 18"
    },
    {
      "Metric": "Gasoline, year over year",
      "Company": "BLS CPI",
      "Period": "June 2026",
      "Value": "+26.7%",
      "Note": "Gas peaked at $4.56 on May 21",
      "Sources": "12"
    }
  ]
}