In May, SeaWorld reported a 13 percent drop in attendance, which the company blamed on bad weather and the timing of the Easter holiday. And when California State Assemblyman Richard Bloom announced the proposal of a bill that would outlaw all captive orca shows in his state back in March, SeaWorld's stock dropped by 7 percent.
In a statement, SeaWorld's CEO Jim Atchison said:
"Consistent with the update we provided in August, the attendance trends the Company experienced in the latter part of the second quarter continued into the third quarter. Clearly 2014 has been a challenging year, but I am confident we are taking the necessary steps to address our near term challenges and position the Company to deliver value over the long term."
Business Insider reports that the company expects revenue to decline 6 to 7 percent against last year, and revenue to fall about 6.4 percent to $1.37 billion in 2014. And Bloomberg notes that SeaWorld shares fell 3.5 percent to $17.94 this morning in early trading in New York.
In August 2013, SeaWorld's market cap stood at $3.26 billion. On Wednesday morning, it stood at $1.54 billion.
This is only the latest in a growing train of financial woes for SeaWorld Entertainment, Inc.
In August, SeaWorld finally admitted in a report to shareholders that animal activism sparked by the documentary "Blackfish," which detailed mistreatment of orca whales at the park and the 2010 death of a trainer, had hurt attendance at its parks. SEAS promptly lost a third of its value.
In October, SEAS experienced its lowest closing price at $17.92, followed by its lowest point overall. On Monday, SEAS fell 2.3 percent to $17.92 - its lowest closing price since the April 2013 IPO, which opened at $27 per share.
This is what a graph of SEAS over the past year looks like: