Legoland owner Merlin Entertainments sees revenues rise to record £2.1billion

25 March 2024 , 14:19

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The owner of Legoland and Madame Tussauds has said its yearly sales soared to a record high (Image: PA Media)

Merlin Entertainments, the company that owns Legoland and Madame Tussauds, has announced a record-breaking year.

The group, which is one of the world’s biggest operators of theme parks and attractions, said consumer appetite for digitally immersive experiences was more popular than ever. It revealed its total revenues jumped by 8% to an all-time high of £2.1billion over 2023.

About 62 million people visited their attractions that's seven million more than in 2022. Most of their revenues comes from Legoland Resorts with sales 1% higher compared with the year before. Sales at their city-based attractions like Sea Life, Madame Tussauds and the London Eye jumped by nearly a quarter.

This shows the populatiry of these attrractions among London tourists. Nearly a quarter of all tourists who visited the capital last year also visited one of Merlin's attractions. Thee group's resorts also proved popular worldwide paritcularly in Sydney in Australia and Bangkok in Thailand. However, it said China was still recovering post pandemic.

However, Merlin revealed it swung to a pre-tax loss of £214million last year, from a profit of £106million the previous year, which the company said was due to one-off costs including refinancing some of its debts.

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The company also said that new attractions, like the World of Jumanji at Chessington World of Adventures Resort, has led to an increase in consumer spending. They're excited to open a brand-new ride at Cadbury World soon, which is part of an £8 million investment in Birmingham.

Merlin just announced on Monday that they're going to buy the Orlando Wheel at Icon Park. It's the biggest Ferris wheel on the east coast of the USA, and it will increase it's sales in a top global tourist spot.

Scott O'Neil, chief executive, said: "2023 will be remembered as a strong year for Merlin, marked by growth in demand for the joyful experiences we deliver to millions of guests annually. We set the company on a path for transformation that will strengthen our position as the global leader in branded entertainment destinations, and one that responds to increased consumer appetite for digitally immersive and premium experiences at world-famous attractions."

Lawrence Matheson