A Well-Composed Board Is Universal

The Universal theme park experience has gone from an add-on to a full-throated competitor in Central Florida. How important is the board to that success?

In my Endnote for the Second Quarter 2024 edition of Directors & Boards, in the course of a piece about the ongoing CEO succession journey at “The Mouse House,” I mentioned my then-upcoming trip “to Disney World.” Well, that trip has since taken place. The kids had fun. The adults did, as well. It is safe to report that the Disney magic is still very much alive and well, as is the excursion's effect on the wallet.

Here's why I placed “to Disney World” in quotes: Back when I wrote those three words, I was planning to visit Universal Studios in addition to the Magic Kingdom and its fellow parks. But I didn't write that I was going to “Disney and Universal Studios” for several reasons. For one thing, the story I was writing was about Disney. But, perhaps more importantly, I really wasn't that excited about going to Universal Studios.

You see, I had been to Universal Studios before — “back in the day,” when it was designed as a backlot tour of sorts. The E.T. ride was cool, but the Jaws ride was somewhat “meh…” and the Earthquake ride — based on a Charlton Heston movie, of all things — was a total letdown. Fast-forward to the planning stages of my latest trip and I was aware of the new Harry Potter lands, but I wasn't really a fan of the franchise, having fallen asleep during an at-home viewing of the first film back in 2001. To be honest, for those on the East Coast, I was expecting something in the way of a tricked-out Six Flags Great Adventure (not that there's anything wrong with that…) — some really good rides, but something you could knock out in a couple days even though we had signed up for a four-day pass.

Sadly, I have said this more than a few times in my life, but I was utterly mistaken. The rides, such as Jurassic World Velocicoaster, were world-class. The Harry Potter-themed attractions — with Hogsmeade in Universal Islands of Adventure and Diagon Alley in Universal Studios, connected by a train that can transport you from land to land — were totally immersive to the point that they had the capability of creating new fans 23 years after the debut of Harry Potter and the Sorcerer's Stone. Take it from me: I am now six movies into the series and am really interested in seeing what happens to this Lord Voldemort guy. No spoilers, please: It's been only 13 years since the series wrapped.

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Of course, the Universal experience was defined not only by the thrill-inducing rollercoasters, the transporting trips inside the movies, the smiles on my kids' faces or the stomach-churning motion simulator rides (there were a lot of those), but also by the small things. It was the fact that on 100-degree Florida days, you were able to walk right up to a soda fountain and fill your Thermos with ice-cold water at a bounty of stations placed throughout the park. It was the fact that, whether you were leaving the hotel for the day or the park for the night, a bus to take you to wherever you were going seemed to be right around the corner. It was the fact that both parks were connected and that Universal CityWalk, the theme park's entertainment and dining district, was as well, cutting down on transportation and walking during a trip that challenges even those with healthy feet.

I do a good job of compartmentalizing while I am actually on vacation, so I didn't think about this until I got back … but it did make me think about the Comcast board. Comcast is, of course, the owner of NBCUniversal, which includes Universal Parks & Resorts. What role has the board played in taking what was once a one-day add-on/diversion to a longer trip to Walt Disney World and turning it into a destination that bests all of Disney's parks — save the Magic Kingdom, of course — in annual visitors? Heck, Universal may even be verging on wagging the dog at this point, with Disney's recent announcement of new rides and a park expansion coming close on the heels of Universal's reveal of details connected to its upcoming third theme park, Epic Universe. (I hope to make this one of my only comparisons between Disney and Universal, since I place myself firmly in the “there's room for both” camp as opposed to those who see the competition as a zero-sum race for domination.)

When I look at the Comcast board, I see Thomas J. Baltimore, the chairman, president and chief executive officer of Park Hotels & Resorts Inc., and previously a holder of several management positions at Hilton Hotels Corporation and Host Marriott Services Corporation. Does his expertise play a role in ensuring you're never waiting too long in sweltering heat for the hotel shuttle?

I see relatively new director Louise F. Brady, who is the cofounder and managing partner of Piedmont Capital Partners. That experience alone should help Comcast and Universal Studios make wise decisions in capital expenditures as they move forward with new ventures, but a closer look also reveals that she has been a director of Travel + Leisure Co. since 2016. Does that experience aid Comcast in building positive travel experiences for Universal's present and future customers?

To both of the questions I have asked here, you would get the same answer from me as you would if you asked me whether Hagrid's Magical Creatures Motorbike Adventure was a rip-roaring, rollicking good time. And that would be an emphatic “Yes, I believe so.”

Whether you are a mid-market public company or the multibillion-dollar owner of one of the most visited theme parks in the world, who you have on your board matters. As interesting as it will be to see where Universal goes next, it will be just as interesting to see who Comcast brings on to help get them there.

About the Author(s)

Bill Hayes

Bill Hayes is editor in chief of Directors & Boards.


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