Epic Universe, Universal Orlando – Courtesy: Shutterstock – Image by Ward Aerial Works
Orlando is about to experience epic things.
In just over a month, Universal will formally open its newest theme park, the first significant theme park in the Florida region in 25 years, which will cause a significant upheaval in the travel and tourist sector in Orlando.
The Wizarding World of Harry Potter – Ministry of Magic, Super Nintendo World, How to Train Your Dragon – Isle of Berk, Celestial Park, and Dark Universe are the five themed worlds that make up Epic Universe, the largest of all Universal properties at 750 acres.
It will join Walt Disney World and the other theme parks operated by Universal Orlando in Orlando, the epicenter of theme parks.
In central Florida, tourism has traditionally been the main industry, attracting both local and foreign tourists. In 2023, over 74 million visitors traveled to Orlando, accounting for around half of Orange County’s total sales tax revenue.
Epic Universe is anticipated to generate billions of dollars for the local economy in addition to increasing theme park profits for Universal and its nearby competitor, Disney.
This is the United States’ first significant, brand-new theme park in twenty-five years. Casandra Matej, CEO of Visit Orlando, a trade group for the travel industry, stated that this is a strong argument for traveling to Orlando. “There will undoubtedly be a cascade of economic benefits for our community when you see a major milestone project like Epic Universe.”
When Epic Universe was first revealed in 2019, Comcast CEO Brian Roberts stated that it was the biggest investment Universal’s parent company had ever made in both its theme park division and Florida in general. Rumor has said that the amount is approximately $7 billion.
Universal is using this enormous project, which formally opens on May 22, to promote and make money off of its wide range of franchises and strengthen its amusement division. Today, it runs Universal Studios Florida, Islands of Adventure, and a water park called Volcano Bay a mile away.
The media business requested a report from Sean Snaith, head of the University of Central Florida’s Institute for Economic Forecasting, which found that Universal Orlando had an economic impact of $44 billion between 2019 and 2023.
The newest theme park at Universal is already causing a stir. Snaith found that because to Universal’s direct investment in Epic Universe, the country’s economy has benefited by $11 billion in building and operating costs as well as new hires.
According to Snaith’s analysis, in 2023, Universal Orlando created 94,000 jobs nationwide, including those for engineers, software developers, artists, architects, and set designers. About 65,000 jobs were generated merely to construct Epic Universe, the business said.
Snaith’s research also indicated that Epic Universe will likely produce roughly $2 billion for the state of Florida in its first year of operation. According to Snaith’s analysis, it is anticipated to generate around 17,500 new jobs nationwide in its first year of operation.
“Florida has a very robust labor market at the moment,” Snaith stated. The affluent get richer here, in a sense. According to our projections, Florida’s economy will continue to grow faster than the national average in terms of both employment and economic expansion.
Visitors will stay at nearby hotels, rent vehicles, shop, and dine out after the park opens, increasing sales for other nearby companies.
According to Jakob Wahl, CEO of the International Association of Amusement Parks and Attractions, “you see the zone around Epic Universe actually boosting since that construction.” “New infrastructure is visible. New housing is visible. New hotels are being constructed. New eateries are being constructed. It benefits the entire region.
The inauguration of Epic Universe will probably cause other local attractions, such as Disney, to suffer, theme park experts told CNBC.
“The theme parks around Paris expressed concerns when Disneyland Paris opened in 1992,” Wahl added. However, the exact reverse took place. Their audience grew. And since it enhances the destination, that is something that is probably going to occur in Orlando as well.
Parks, lands, and rides are examples of new advancements that encourage competition among businesses to generate more inventive and captivating attractions to draw visitors.
Matej remarked, “It’s a rising tide that lifts all boats.”
Generally speaking, both Universal and Disney benefit from visitors to Orlando, particularly those who are coming from out of state or abroad. With the arrival of the park, many people will prolong their trips so they may spend more time at Epic Universe in addition to Disney’s four theme parks and Universal’s three other theme parks.
“We are aware that every day that someone stays longer, our community benefits economically to the tune of millions of dollars,” Matej stated.
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Born and raised in South Florida, Krystal is a recent graduate from the University of Miami with professional writing experience at the collegiate and national news outlet levels. She’s a foodie who loves all things travel, the beach, & visiting new places throughout Florida.