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The global pandemic is affecting nearly everyone this year in some capacity. Even the tourism industry is being hard hit as COVID-19 is impacting businesses that formerly relied upon crowds. The financial impact is what spurred Disney to have mass layoffs. But these layoffs might indicate an uncertain short-term future. Analysts believe that tourism business such as Disney won’t see a financial rebound until 2024.
Disney is taking a financial hit with both the temporary closure of Disneyland Resort and the delay in movie theater releases. Its theme park division could swing from a $4.9 billion pretax profit last year to a $1.5 billion loss in 2020. Earnings might not return to last year’s levels until 2024 according to the firm MoffettNathanson LLC.
People are just not ready to come back yet, and we’re experiencing that in every segment of the industry—theme parks, water parks, family entertainment centers. It has been catastrophic.
-Dennis Speigel, a theme park consultant in Cincinnati.
Even local Disney World hotels and resorts are reporting lower figures for room reservations. They believe it will take a while for tourism to return to pre-COVID levels.
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