United Parks & Resorts’ Shareholders Approve $500M Buyback

United Parks & Resorts Inc. (PRKS) said on Friday that the company’s stockholders have approved a $500 million buyback authorization.

On September 3, United Parks & Resorts held a special meeting of stockholders to approve and authorize the new share repurchase program, subject to the qualification that the company will not repurchase additional shares if Hill Path, its largest shareholder’s common stock ownership, equals or exceeds 70% as a result of any such repurchase.  

"With our strong balance sheet and significant free cash flow generation, we are excited to be able to take advantage of what we believe to be a very attractive opportunity to invest in the shares of our own Company via a share repurchase and return capital to our stockholders,” said United Parks & Resorts CEO Marc Swanson.

Retail sentiment on United Parks & Resorts remained unchanged in the ‘neutral’ territory, with message volumes at ‘normal’ levels, according to data from Stocktwits. Shares of the company were up 4% in early trading.

The company stated that the share repurchase proposal required approval by the holders of a majority of the company's common stock shares, excluding those beneficially owned by Hill Path and its affiliates. 

Last year, SeaWorld Entertainment changed its name to United Parks & Resorts to unite the company's portfolio of seven brands across 13 parks in the United States and Abu Dhabi.

United Parks & Resorts shares have gained nearly 1% this year and over 8% in the last 12 months. 

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