PHILADELPHIA -- Comcast (CMCSA - Get Report) is stepping outside its core business of telecommunications and investing hundreds of millions of dollars in California and Florida theme parks in an effort to boost revenue and profit.
Comcast took over Universal Orlando Resorts as part of its NBCUniversal acquisition in 2011. It plans a new Harry Potter ride this summer at a second theme park and is financing construction of a 1,800-room hotel so guests can eat, sleep and swim on the same 750-acre Universal complex.
CEO Brian Roberts says Comcast is "doubling down on theme parks" because they have potential for many years to come.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts