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Published on Wednesday, August 5, 2020

Disney parks closure leads to USD3.5 billion loss






Even the Happiest Place on Earth is not immune to the Covid-19 crisis.


Disney posted a huge quarterly loss of $4.7 billion, including a $3.5 billion hit to theme park revenues.


It posted a $2 billion loss in its parks and experiences division due to the months-long closure of US parks, which were shuttered for the entire third quarter.


California's Disneyland still remains closed and all cruise operations are paused.


Operating income in parks and experiences fell $3.7 billion.


"The majority of businesses worldwide have experienced unprecedented disruption as a result of the pandemic," Disney CEO Robert Chapek said in an analysts call.


"Most of our businesses were shut down, and this had a huge impact on our third-quarter results."


Although Walt Disney World in Orlando reopened, a surge in Covid-19 infections in Florida led to high cancellations and lower attendance than the company was expecting, especially from out of state.


"We expect demand will grow when the Covid situation in Florida improves," said Christine McCarthy, Disney's CFO.


 


By Ray Montgomery, US editor

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