Universal just announced it’s expanding its Horror Unleashed brand to Chicago—but the timing, location, and strategy raise more questions than answers. The company has yet to open its flagship Las Vegas venue, set for August 14, 2025, and already it’s planting a second flag in a market known more for fiercely loyal haunted attraction fans than tourist foot traffic. What’s going on?
Let’s be clear: Horror Unleashed Chicago isn’t about building a surefire haunt. It’s about building investor confidence ahead of Comcast’s next earnings call on July 31.
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A Hedge Against Cord-Cutting Collapse
Comcast’s core business—broadband—is deteriorating. In its last earnings report, the company lost 199,000 broadband subscribers, and that number is likely to accelerate as YouTube siphons off older audiences still clinging to cable. With high-margin broadband making up ~22% of Comcast’s total revenue, the company is under immense pressure to diversify. Theme parks and location-based entertainment have become its new frontier, and Horror Unleashed is part of that strategy.
Universal Destinations & Experiences framed the Chicago announcement as part of a broader push to “reach new audiences, in new markets, through new and original concepts.” But while the announcement makes for a flashy headline, the business case feels premature. Vegas hasn’t opened yet. The company doesn’t know what the attendance curve will look like past Halloween, or whether the promised seasonal overlays and rotating IPs will be enough to sustain repeat visitation.
Instead, Universal is moving fast, hoping rapid expansion into the experiential space will convince investors it can pivot away from cable before it’s too late.
The Vegas Blueprint—Minus the Foot Traffic
If Horror Unleashed Chicago is a copy-paste of the Vegas model—multiple indoor haunts, themed bars, live entertainment, and retail—it’s missing a critical piece: built-in audience flow. Vegas benefits from its location inside AREA15, which drew 3.2 million visitors in 2022. Even a modest 7% conversion rate from that existing crowd could deliver ~226,000 guests annually to Horror Unleashed Las Vegas.
However, the Chicago site, situated at the former Tribune Distribution Center between River North and West Town, lacks such a luxury. There’s no massive tourist draw within walking distance. The location choice leans on Chicago’s reputation as a “vibrant cultural city” and its strong haunt market—but that might be the problem, not the solution.
Chicago already boasts some of the nation’s most established haunted attractions. Many of these haunts offer multiple walkthroughs, themed bars, live entertainment, and extensive storytelling—exactly what Universal is touting as “new.” In this market, Horror Unleashed risks feeling redundant.
Can IPs Actually Save This?
Universal’s bet hinges on brand power. In theory, IPs like Five Nights at Freddy’s, Fallout, and Ghostbusters can cut through the noise. But some of Universal’s most popular horror IPs (FNAF, Fallout) would require licensing deals. If Universal chose to lean on the Universal Monsters for Chicago as they did in Vegas – will that be enough? Dark Universe is not seeing the expected crowds, and the IPs selected for the Vegas location—Scarecrow, The Exorcist: Believer, Texas Chainsaw Massacre—haven’t sparked significant buzz. More importantly, these IPs haven’t proven they can drive year-round demand.
The Chicago market won’t tolerate mediocrity. Locals already have high-quality options that they’ve supported for years. If Universal expects IP recognition alone to pull guests out on a snowy February evening, the content had better deliver—and deliver consistently.
Weather, Weekdays, and the Limits of Horror
Even if Horror Unleashed changes up its offerings seasonally (as planned), attendance patterns in this industry are stubbornly weekend-centric. Our tracking data from Valentine’s Day haunts in 2025 showed that only 20% of attractions operated on Sunday, and almost none opened on weekdays. That kind of demand curve poses a serious challenge to weekday profitability for any year-round haunt.
Now add Chicago’s harsh winters into the equation, and even an indoor venue faces hurdles. When it’s zero degrees and sleeting sideways, it takes more than themed cocktails and legacy IP to drag locals off their couches.
A Strategic Announcement, Not a Proven Plan
So why announce now? Because they need a win, on paper. With Epic Universe open and the Vegas Horror Unleashed yet to be proven, Universal needs something additional to show Wall Street. And the announcement of a second location implies traction. Investors don’t need the Chicago location to succeed—yet—they just need to believe that Universal is on a path to growth in experiential entertainment.
This is Comcast playing offense with its press release, not its profit margins.
Final Take
Universal’s decision to bring Horror Unleashed to Chicago might excite fans of immersive horror, but it’s a risky move that leans more on optics than data. The Las Vegas location hasn’t opened. The Chicago site lacks built-in traffic. The local competition is elite. And Comcast is under pressure to plug the holes in its broadband-dominated balance sheet before the erosion becomes a flood.
Unless Universal adjusts the concept to reflect the Chicago market’s unique dynamics—think localized storytelling, limited-run events, and IPs that truly resonate—this expansion may end up as a costly experiment in overconfidence.
