The global pandemic exacted a heavy toll on Disney theme parks, costing the Magic Kingdom an estimated $1 billion from the unit that last year accounted for more than one-third of the entertainment giant’s revenue
“We’re going to open up far below that just to have our training wheels on with processes and procedures,” Chapek told analysts in his first investor call since being named Disney CEO. “We’re going to approach that very very slowly.”
“While Disney has the advantaged assets to win in this new world, we fear that the uncertainty of the present situation creates significant and unrivaled earnings risk for the foreseeable future,” wrote analyst Michael Nathanson. Theme park attendance typically lags a recovery, as well, notes Nathanson, as families who’ve booked vacations ahead of a recession tend not to cancel. He also noted that the hits will be around for quarters to come, since Disney typically uses heavy ticket discounting and promotions to win guests back.
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