Originally published Dec. 11, 2019
Universal Orlando is in line for nearly $350 million worth of state tax breaks to build a new headquarters for the division that designs its theme parks, rides and hotels, according to records obtained by the Orlando Sentinel.
Universal plans to build its Universal Creative headquarters on the same 750-acre property upon which it is also building “Epic Universe,” which will become the giant resort’s third Central Florida theme park when it opens in 2023.
The $348 million in state income tax breaks, which would be spread over as many as 30 years, is in addition to $125 million in local money that Orange County plans to give Universal to help pay for a new road through Universal’s property. It is also on top of a $16 million state economic development grant that Orange County obtained on Universal’s behalf to help pay for the same road.
Altogether, that adds up to nearly half a billion dollars from state and local taxpayers. Universal would not say whether it is pursuing additional public incentives.
In a written statement, John Sprouls, the CEO of Universal Orlando and the chief administrative officer for Universal Parks & Resorts, suggested that the state incentives helped persuade the company to base the Universal Creative headquarters in Central Florida and said the entire community would benefit from the project.
"Currently, our Universal Creative operation is spread around the world, as are the major ride and show vendors in our industry,” Sprouls said. “Our proposed new facility would allow us to unite the creative team and the many vendors who bring our award-winning experiences to life in one creative campus, which will include significant R&D [research and development] operations. One can easily understand why we would seriously consider where such a campus should be located, considering travel, business support, availability of talent, etc.”
Universal is owned by Comcast Corp., the cable and media giant that turned a profit of more than $11.7 billion last year. The company’s theme-park division has been a big growth engine; Comcast’s theme-park profits have more than doubled in the past six years, from about $1 billion to nearly $2.5 billion.
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