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Paramount Global (PARA) to Launch SpongeBob-Themed Dark Ride
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Paramount Global’s (PARA - Free Report) Nickelodeon is set to unveil the SpongeBob SquarePants-themed Dark Ride on Mar 1 in Circus Circus Hotel in Las Vegas.
Crafted by Sally Dark Rides and inspired by Nickelodeon's globally adored animated series, this $6 million attraction, named SpongeBob's Crazy Carnival Ride, promises an entertaining and interactive experience.
It invites guests to embark on a whimsical journey through Bikini Bottom, brought to life by vibrant sets, animatronics, special effects and captivating integrated projections, ensuring a fully immersive encounter with the nautical nonsense of SpongeBob SquarePants.
From the exhilarating Adventuredome, an indoor amusement park, to the state-of-the-art Midway featuring an array of video games, Circus Circus Hotel emphasizes the wealth of attractions available on its premises.
Additionally, families and thrill-seekers can revel in the refreshing waters of the Splash Zone, a year-round water park flaunting pools, whirlpools and interactive features like the beloved 50-foot slide tower, offering an array of exhilarating experiences. This is expected to aid top-line growth in the current year.
The Zacks Consensus Estimate for 2023 revenues is pegged at $29.79 billion, indicating a year-over-year decline of 1.2%. The consensus estimate for the company’s earnings is pegged at 47 cents per share, indicating a year-over-year decline of 72.51%.
PARA Faces Tough Competition in the Theme Park Market
The theme park market has been a positive growth area for the company amid challenges in its traditional media and streaming businesses. Paramount faces tough competition in the theme park market.
PARA’s highly anticipated Bali theme park is under construction. It is expected to give tough competition to other players in the theme park market.
Shares of this Zacks Rank #3 (Hold) company have gained 5.1% year to date compared with the Zacks Consumer Discretionary sector’s 18.2% rise due to tough competition from Six Flags Entertainment (SIX - Free Report) , Cedar Fair (FUN - Free Report) and Comcast (CMCSA - Free Report) .
Six Flags Entertainment, recognized as the largest theme park company and water park operator in North America, oversees a total of 27 distinct theme and water parks across the region. With robust revenues, the company remains a significant player in the theme park industry and has plans for international expansion.
Cedar Fair, boasting a portfolio of 17 theme parks in Canada and the United States, stands out with its diverse offering, including two facilities catering to sports enthusiasts and a lineup of 11 resorts. This extensive range of attractions contributes to Cedar Fair's prominent position in the theme park and entertainment sector.
Universal Studios, under Comcast's ownership, may have fewer parks compared with other competitors, but its appeal remains strong, particularly due to the popularity of the Harry Potter franchise. The theme parks featuring the wizarding world have notably boosted visitors across its five locations in the United States and Asia.
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Paramount Global (PARA) to Launch SpongeBob-Themed Dark Ride
Paramount Global’s (PARA - Free Report) Nickelodeon is set to unveil the SpongeBob SquarePants-themed Dark Ride on Mar 1 in Circus Circus Hotel in Las Vegas.
Crafted by Sally Dark Rides and inspired by Nickelodeon's globally adored animated series, this $6 million attraction, named SpongeBob's Crazy Carnival Ride, promises an entertaining and interactive experience.
It invites guests to embark on a whimsical journey through Bikini Bottom, brought to life by vibrant sets, animatronics, special effects and captivating integrated projections, ensuring a fully immersive encounter with the nautical nonsense of SpongeBob SquarePants.
From the exhilarating Adventuredome, an indoor amusement park, to the state-of-the-art Midway featuring an array of video games, Circus Circus Hotel emphasizes the wealth of attractions available on its premises.
Additionally, families and thrill-seekers can revel in the refreshing waters of the Splash Zone, a year-round water park flaunting pools, whirlpools and interactive features like the beloved 50-foot slide tower, offering an array of exhilarating experiences. This is expected to aid top-line growth in the current year.
The Zacks Consensus Estimate for 2023 revenues is pegged at $29.79 billion, indicating a year-over-year decline of 1.2%. The consensus estimate for the company’s earnings is pegged at 47 cents per share, indicating a year-over-year decline of 72.51%.
Paramount Global Price and Consensus
Paramount Global price-consensus-chart | Paramount Global Quote
PARA Faces Tough Competition in the Theme Park Market
The theme park market has been a positive growth area for the company amid challenges in its traditional media and streaming businesses. Paramount faces tough competition in the theme park market.
PARA’s highly anticipated Bali theme park is under construction. It is expected to give tough competition to other players in the theme park market.
Shares of this Zacks Rank #3 (Hold) company have gained 5.1% year to date compared with the Zacks Consumer Discretionary sector’s 18.2% rise due to tough competition from Six Flags Entertainment (SIX - Free Report) , Cedar Fair (FUN - Free Report) and Comcast (CMCSA - Free Report) .
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Six Flags Entertainment, recognized as the largest theme park company and water park operator in North America, oversees a total of 27 distinct theme and water parks across the region. With robust revenues, the company remains a significant player in the theme park industry and has plans for international expansion.
Cedar Fair, boasting a portfolio of 17 theme parks in Canada and the United States, stands out with its diverse offering, including two facilities catering to sports enthusiasts and a lineup of 11 resorts. This extensive range of attractions contributes to Cedar Fair's prominent position in the theme park and entertainment sector.
Universal Studios, under Comcast's ownership, may have fewer parks compared with other competitors, but its appeal remains strong, particularly due to the popularity of the Harry Potter franchise. The theme parks featuring the wizarding world have notably boosted visitors across its five locations in the United States and Asia.