SeaWorld Entertainment Inc. (SEAS) announced on Tuesday its plans to undergo a rebranding effort and change its name to United Parks & Resorts Inc., effective February 12th. Additionally, the company will also be changing its stock ticker from SEAS to PRKS starting February 13th.
Over the past few years, SeaWorld has faced significant controversy surrounding its treatment of killer whales and other marine mammals, which was prominently highlighted in the critical documentary, "Blackfish". Despite these challenges, SeaWorld successfully opened its first aquatic life park outside of the United States in the United Arab Emirates last year. Notably, this new park does not feature orcas, as reported by the Associated Press.
Despite the upcoming rebrand, SeaWorld assures its patrons that its park brands will retain their original names. These beloved brands include SeaWorld, Busch Gardens, Discovery Cove, Sesame Place, Water Country USA, Adventure Island, and Aquatica. With a total of 12 parks located in the United States, SeaWorld Entertainment aims to maintain its strong presence within the industry.
While premarket trading for the stock has yet to begin, it is important to note that SeaWorld's shares have experienced an 18% decline over the past 12 months. In contrast, during the same time period, the S&P 500 index has seen a substantial 22.5% increase in value.