Merlin Entertainments announces record revenues as transformational strategy takes hold

March 25, 2024

Merlin Entertainments, the global leader in branded entertainment destinations, has today reported record revenues for the 2023 financial year, driven, it says, by strong performance in key markets, international tourism and continued consumer demand for quality experiences.

Welcoming 62 million visitors to its 141 attractions across 23 countries during the 12 months to 30th December 2023 (a 13% rise), the company reported record guest satisfaction rates while achieving and 8% rise in revenue of £2.1 billion (US$2.65 billion).

Advising that the results were driven by strong performance in key markets, international tourism, and continued consumer demand for quality experiences, revenues were up 23% year-on-year to £748 million (US$945 million) across Merlin’s Gateway attractions, while revenues within Merlin’s resort theme parks rose 2% - to £453 million (US$572 million) - and 1% within Legoland parks were compared to 2022.

Among the highlights identified by the group were the success of the transformational strategy set in motion by Merlin’s reinvigorated executive leadership team, targeting significant growth and expansion and the capital allocation refined and optimised towards destinations with largest opportunity to enhance guest experience and increase premium experiences with the Merlin portfolio, particularly Legoland® Resorts.

Merlin’s announcement of its results also coincided with its advice that it had acquired of the Orlando Wheel at Icon Park in Florida, the tallest observation wheel on the East Coast of the USA, which will be rebranded as ‘The Orlando Eye’ in line with other similar Merlin attractions.

It is located by Merlin’s Sea Life aquarium and Madame Tussauds sites at Icon Park.

Commenting on the performance release, Merlin Chief Executive, Scott O’Neil stated “in 2023, Merlin Entertainments began a significant transformation, setting a new strategy, assembling a diverse and dynamic leadership team, and investing in capability building to position Merlin for the next phase of growth.”

“Our solid financial performance is a testament to the passion of our 30,000 talented teammates around the world and the authentic, inspiring culture in which we work; the strength of the brands we are entrusted to bring to life.”

Acknowledging that Merlin’s visitors in 2023 reported “the highest levels of guest satisfaction in Merlin history”, O’Neil noted “we intend to continue our growth momentum by driving an increasingly premium position at Legoland resorts, making calculated investments in resorts with outsized potential, and growing our Gateway attractions division, strengthening our presence through ‘mega-clusters’ in the world’s most important tourist cities that show long-term visitation growth.”

Explaining the company’s move to “clusters”, O’Neil continued “today’s acquisition of the Orlando Wheel in the vitally important tourist hub of Orlando demonstrates this new Gateway strategy in action and serves to replicate our successful London Gateway formula, whereby we have clustered four of our branded attractions alongside the iconic anchor that is the London Eye.

“Similarly, the Orlando Eye by Merlin Entertainments will become an unmissable stop on visitors’ itineraries, connecting guests to our wider portfolio of premium attractions and resort theme parks in and around Orlando, including the Sea Life Orlando Aquarium, Madame Tussauds Orlando, and Legoland Florida Resort and Peppa Pig Theme Park.”

Images: Merlin Entertainments and its marine conservation charity Sea Life Trust partnered with children’s audio platform ‘Yoto’ in 2023 (top), the newly acquired of the Orlando Wheel at Icon Park in Florida, USA (middle) and Merlin Chief Executive Scott O’Neil (below).

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