One sector of the economy that has regained its footing after taking a serious beating during the COVID pandemic is the amusement industry.
StatsCan has just released a summary detailing the financial performance of players in this sector in 2023 which represented the third consecutive year of revenue growth.
Now it is not a straight line for all the players in this business. For example, ski resort operators are contending with shorter seasons while golf course owners are benefiting from a longer season. But generally, the sector has found its footing.
Those in the golf business saw operating margins rise to 11-percent last year. Amusement parks and arcades did even better with operating profits touching 17-percent.
The first few months of 2023 marked the complete removal of restrictions for ski hills which triggered a 140-percent increase in foreign skiers pushing the industry as a whole back into the black.
The one segment that really took it on the chin during the pandemic was fitness facilities. Last year they surpassed pre-pandemic levels and are now showing black ink on the bottom line.
