Universal taking a big hit

Nothing but bad news for the theme park business through 2008

Joining SeaWorld & Disney World, Universal is experiencing a reduction in park attendance and operating revenues resulting in a drop in profit. Universal's parent cited two reasons for the fourth quarter dip including one-time gain on sale of excess property, and the construction of the signature roller coaster Wizarding World of Harry Potter.

Universal reported nearly a 1 percent reduction in operating revenues totaling $264 million, but the net income was down 18 percent to $49 million. This is a about a 2 percent drop between the combined theme parks.

In order to cover-up the reality of the parks performance, Bill Davis president and chief operating officer described his business as "strong and resilient."