United Parks' Q1 Misses & Sphere Lands at Yas Island

United Parks Q1 was rough across the board: attendance & revenue were down, and the net loss widened to $34.1 million. CEO Marc Swanson blamed unfavorable weather (again) and a decline in international visitation. Despite the misses, United Parks repurchased approximately 2.6 million shares for nearly $93 million, reiterating its belief, as in last QTR, that the stock is materially undervalued.Meanwhile, the next Sphere installation was announced for Miral's Yas Island in Abu Dhabi — a $1.7 billion, 20,000-seat venue going up right next to SeaWorld Abu Dhabi and the Yas Mall, with construction set to finish by 2029. The Sphere business model has proven out in Vegas through concerts and immersive entertainment; the open question is whether Yas Island has the population density to fill 20,000 seats at the cadence Vegas does (and whether that even matters).Also: Tokyo Disney's second-year Summer Cool-off event is a textbook example of mitigating heat and leaning local.Listen to weekly BONUS episodes on our Patreon.