Comcast's Q1 earnings call delivered good news almost across the board, and Philip and Scott break down what it means for the theme parks division. Universal's theme park revenue was up 24%, driven mostly by Epic Universe doing exactly what it was supposed to do: increasing per-cap spending and length of stay across the entire Orlando resort. 
The one cloud on the horizon is Asia. Universal called out softening attendance in Osaka and Beijing, with China-related inbound travel pressure hitting Japan and a tougher macro environment in China. We dig into Universal Cool Japan, the 10-year-old programming slate that lets USJ rapidly overlay popular IPs like the upcoming Frieren walkthrough, and why leaning local is the right answer when international demand shrinks. Then we compare that nimble seasonal model to Universal Hollywood's FanFest Nights, the hard-ticket spring version of HHN that's leaning heavily on existing daytime IPs in year two, with One Piece and Sailor Moon doing the real work of pulling in new fans.
We close on the bigger corporate picture. Theme parks are still only 7% of Comcast, and with broadband losses improving for the first time since 2020 and Peacock approaching profitability, the parks division is being treated as one of six growth drivers funding its own reinvestment rather than getting a blank check. Plus, the Iran conflict and oil prices haven't yet shown up in domestic park demand, but Comcast left the door open for that to change in Q2 and Q3.
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