The Walt Disney Company reported that its net income plummeted dramatically in the three-month period that ended in June when it most of its theme parks were shuttered and theatrical movie releases were postponed. Closing the theme parks for so long was costly. Disney said closing its parks cost the company $3.5 billion during the quarter.
However, its bottom-line results were better than financial analysts expected, although its revenue missed expectations.
In May, it opened Disney Springs, a complex of shops, restaurants and entertainment venues in Lake Buena Vista, Florida.
Hong Kong Disneyland reopened in June, but closed again after a month due to an outbreak in the city. It reopened Walt Disney World’s Magic Kingdom and Animal Kingdom, Epcot and Disney’s Hollywood Studios in Orlando, Florida, in July.
Even though Disney World’s theme parks are open again, Florida’s surge in COVID-19 cases are making many vacationers too nervous to travel. In turn, an unexpectedly higher number of people are canceling their Disney reservations.
Disney CEO Bob Chapek also said the following in an earnings call:
“Every day, we’re pretty close to the percentage of the park that we can fill and still maintain the social distancing.”
A major change during Disney World’s reopening is that parks no longer allow walk-up visitors. Everyone, including annual passholders, are required make an online reservation in advance.
Source: Orlando Sentinel
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