On layoffs, very bad attendance, and Iger's legacy being one of disgrace

[Sirwalterraleigh]

Doing something I’ve never done before on the next “big original content” - actually writing drafts in a word processor.

Plus there are rumors and narratives I want to fully research and vet before I post. This thread really blew up on some interesting places on YouTube. The next “big original content” may do the same.

But the next thread is coming. Might be a while. Might be tomorrow. But it’s coming.

In the meantime, I’ll be here taking my licks as “the old guy who got it wrong.” When things go another way I will be drinking troll tears.

You are very intriguing on this...

But to not make it about you...let’s be serious: Bob the puppet master was never going to give any inkling they aren’t in control completely on 8/4. Not yet...they only “admitted” what we knew: their business is shutdown except for a no profit streaming service and games shows on abc and they got their hands on a pile of cash. “My pile is bigger than yours”

Look at what happens during the END of the year. Business is getting a pass for the first half. At least those that have power. Stores are going bankrupt left and right...because they were already going to. But not big banks, tech, entertainment, medical, etc.

Only the pawns have moved on the board so far. And I know that far exceeds Americans patience. It is what it is.

 

[Jefro]

I can also endorse that I've never seen some of the Canadian Provincial/Federal parks so busy. Maybe not the quintessential tour bus portions of the parks (like Lake Louise or Banff), but everywhere else is bananas on weekends.

Outdoor recreation in many forms is seeing a boom.

Part of this is a regional desire to retake areas that often were overcrowded by non-locals. We definitely see that out here in Hawai'i, although sometimes the consequences of overindulgence have bit us.

 

[Sirwalterraleigh]

Part of this is a regional desire to retake areas that often were overcrowded by non-locals. We definitely see that out here in Hawai'i, although sometimes the consequences of overindulgence have bit us.

...tough place to have zero tourism bucks coming in

 

[AEfx]

I think it’s more than that...

All their plans for parks involve more people at higher prices...the dog doesn’t stop chasing the rabbit on Wall Street.

Even is some miracle vaccine comes out quickly...anyone believe they have the patience to lose tens of millions of fat clicks for the next few years and build back up?

And since there won’t be any real investment...what’s park stagnation gonna look like then??

2 hour waits for mine train gonna get the people there in 2025??

Or is the country going to be waiting with baited breath to ride...Tron? LOL.

That’s why, in the mid-to-longer view, I think Universal has the advantage over Disney in terms of park rebounding, how ever many years in the future that becomes possible. They have an entire new theme park which may be on hold, but is now waiting in the wings to be restarted when the time comes for new product.

 

[Sirwalterraleigh]

Or is the country going to be waiting with baited breath to ride...Tron? LOL.

That’s why, in the mid-to-longer view, I think Universal has the advantage over Disney in terms of park rebounding, how ever many years in the future that becomes possible. They have an entire new theme park which may be on hold, but is now waiting in the wings to be restarted when the time comes for new product.

Depends on how well Comcast handles it’s own problems/debt.

I actually like what they’re doing in wdw...all “solid” potential additions that add to a desperate lack of capacity.

But it’s just a bit of catch up for what Iger didn’t do...not advancement at all. Not enough...and now they’ll go cheap for a decade.

All that work at mgm...is the day much different??

 

[bryanfze55]

Depends on how well Comcast handles it’s own problems/debt.

I actually like what they’re doing in wdw...all “solid” potential additions that add to a desperate lack of capacity.

But it’s just a bit of catch up for what Iger didn’t do...not advancement at all. Not enough...and now they’ll go cheap for a decade.

All that work at mgm...is the day much different??

MGM is a head scratcher. In theory, it should be a great park made even better by recent investment. You can do a theme park with 9 rides. Not saying Disney “should.” But Universal Studios Hollywood laid the blueprint for an enjoyable full day park with less than 10 rides. But throw in mix of crowds, Florida weather, and FastPass+, however, and the landscape changes.

 

[Sir_Cliff]

Or is the country going to be waiting with baited breath to ride...Tron? LOL.

That’s why, in the mid-to-longer view, I think Universal has the advantage over Disney in terms of park rebounding, how ever many years in the future that becomes possible. They have an entire new theme park which may be on hold, but is now waiting in the wings to be restarted when the time comes for new product.

I don't know. It seems like we're years away from a new theme park in Orlando being a viable prospect and the rumours are that Universal will be building the Nintendo land in one of the existing parks in the meantime. So that in and of itself suggests there will have to be some major re-thinking of the Epic Universe proposal if anything ever comes of it. The Nintendo area should be popular, but it seems that all bets are off regarding a new park for the foreseeable future.

It looks like Orlando will be in survival mode in coming years rather than splashing around billions of dollars on new attractions to attract visitors. Beyond that seems unknowable to me. The advantage Disney has right now is that the infrastructure is already all there, and they can open up the resort as demand increases without really having to build anything. They also have a few major attractions in various stages of completion ready to roll out over the coming years, which seems like a decent position to be in as tourism (hopefully) begins to recover.

 

[Lilofan]

Within 2 minutes of the earnings being released many users were claiming it was an accounting trick. I highly doubt anyone on here has the capacity to read and digest the mechanics of an earnings report in that amount of time.

Surely Disney used a few perfectly legal tactics to move money and losses, but nothing they did was illegal in order to puff up their financial situation to appear exponentially better than what many are trying to allude to.

The same doom and gloom insiders were preaching dooms day was FINALLY upon us and got caught, again. This is their time to do damage control.

Companies know how to move $$ around to before earnings call with Wall Street. Disney is not going to pull an Enron.

 

[Lilofan]

What are you talking about?

Iger's not the CEO, he's on the board. He's out of management. He has a term on the board that goes to the end of 2021.

People are naive if they think Chapek is calling the shots without Iger’s blessing. He’s not going to finish his term by end of 2021. Bet on it.

 

[Lilofan]

Basically the parks are screwed and they expect Disney + to keep them afloat? Lolol, The Disney bubble will burst. Kind of makes no sense like how my local Mall Store is closed but the outlet disney store is open. That’s Disney for you.

Parks and resorts aren’t screwed. Disney brass will restructure impacted areas that will include less staff on payroll. That is business 101.

 

[Lilofan]

This is what they say every earnings call. They did before the pandemic, and they will continue to do so.

Earning Calls exist to tell investors what they want to hear and drum up media attention. It's mostly PR/marketing fluff.

What was trending on twitter after the call? Mulan's Disney+ release.

They don't want you thinking about hard numbers. Or the long term impact of this recession. Just what's new at DIS.

Earnings calls exist to impress Wall Street to hopefully raise company stock price to satisfy the Street and company shareholders.

 

[celluloid]

MGM is a head scratcher. In theory, it should be a great park made even better by recent investment. You can do a theme park with 9 rides. Not saying Disney “should.” But Universal Studios Hollywood laid the blueprint for an enjoyable full day park with less than 10 rides. But throw in mix of crowds, Florida weather, and FastPass+, however, and the landscape changes.

Not to mention a park filled with Actor Equity roles and fairly heavy on meet and greets and shows that seem to either be closing up or pausing with no forseeable replacements in the future. Thus making the lack of rides more noticable again.

 

[mikejs78]

And how hard did you hit your head, exactly??

His point is exactly right. It was a success given the circumstances. I.e., it could have been a hell of a lot worse. What Disney showed in this quarter is that they are capable as a company at weathering the storm, and that they have the cash and financial discipline to get through this and not go bankrupt anytime soon. In sane times, it would be an absolutely disasterous earnings report, but expectations have been altered given the fact that we are in the midst of a global pandemic.

But the problem for Disney is the fundament alteration to what their business is going to be...and the pain is just beginning for everyone involved.

I think it's too premature to judge. 2020 is definitely a wash. If we enter 2021 with COVID waning, Disney can rebound. It will look different and will take a while to bounce back to previous levels, but all indications right now are that bookings are solid for 2021.

That’s why, in the mid-to-longer view, I think Universal has the advantage over Disney in terms of park rebounding, how ever many years in the future that becomes possible. They have an entire new theme park which may be on hold, but is now waiting in the wings to be restarted when the time comes for new product.

Comcast is in far worse financial shape than Disney and this is hurting them a lot more because their cash situation and decisions they made. I think long term Uni suffers far more than WDW.

People are naive if they think Chapek is calling the shots without Iger’s blessing. He’s not going to finish his term by end of 2021. Bet on it.

You're probably right there but @MisterPenguin's point was that it's not surprising that Iger wasn't doing the earnings call.

 

[Touchdown]

DHS is a study in the extreme, it has some of the best and newest attractions in the resort (Rise, MF, MMRR,) the two “scariest” thrill rides, and Toy Story but all of those rides (pre Covid) would have waits >1 hour for most of the day, requiring a Fastpass, so what else do you have at the park to do waiting in between FPs? A bunch of shows that haven’t been updated since the last century (and Frozen.)

Thats where DHS fails, I don’t want to see those shows again (except Muppets) AK has FotLK and Nemo that I love watching, MK has TTA, Philharmagic, CBJ and Tiki Room and Epcot is Epcot and has a million things I find worthwhile with no waits. Judging by the crowds, I’m not alone.

DHS is still not a complete park, it lacks good filler attractions, update Indy to a Mandolorian stunt show, replace Mermaid with a PatF show that still uses black light puppets, replace BatB with a high quality Tangled show, and add streetmosphere to Galaxys Edge Pronto.

 

[Sirwalterraleigh]

His point is exactly right. It was a success given the circumstances. I.e., it could have been a hell of a lot worse. What Disney showed in this quarter is that they are capable as a company at weathering the storm, and that they have the cash and financial discipline to get through this and not go bankrupt anytime soon. In sane times, it would be an absolutely disasterous earnings report, but expectations have been altered given the fact that we are in the midst of a global pandemic.

So it worked then, huh? We need to congratulate RealChappie...

I think it's too premature to judge. 2020 is definitely a wash. If we enter 2021 with COVID waning, Disney can rebound. It will look different and will take a while to bounce back to previous levels, but all indications right now are that bookings are solid for 2021.

Because things haven’t been cancelled yet...doesn’t make them strong.

You’re not the the “other” person buying that “V shaped recovery” nonsense are you?

Comcast is in far worse financial shape than Disney and this is hurting them a lot more because their cash situation and decisions they made. I think long term Uni suffers far more than WDW.

Neither is going anywhere...for all intents and purposes. The demise of Comcast is greatly exaggerated.

You're probably right there but @MisterPenguin's point was that it's not surprising that Iger wasn't doing the earnings call.

Iger quit...I see this all the time. I’m not sure why everyone thinks he “fake quit”. Whatever consultant type thing he’s operating under - it was with a purpose. He severed his ties enough to avoid earnings calls.

 

[Sirwalterraleigh]

MGM is a head scratcher. In theory, it should be a great park made even better by recent investment. You can do a theme park with 9 rides. Not saying Disney “should.” But Universal Studios Hollywood laid the blueprint for an enjoyable full day park with less than 10 rides. But throw in mix of crowds, Florida weather, and FastPass+, however, and the landscape changes.

Mgm is NOT a great park. I gave them more credit before they did what they’ve done the last 5 years...in a weird way. All this time and what they did is what they think is “adequate” for the future?

Right...they’ll expand into the cast parking lot...that one has been spun more times than new country pavilions in EPCOT

Earnings calls exist to impress Wall Street to hopefully raise company stock price to satisfy the Street and company shareholders.

Right...and it worked like a charm this time. More “value” in the stock for a company on ice and people here lauding them...when the reality is 100% “sucks right now”. Not really hard to track.

 

[Sirwalterraleigh]

I don't know. It seems like we're years away from a new theme park in Orlando being a viable prospect and the rumours are that Universal will be building the Nintendo land in one of the existing parks in the meantime. So that in and of itself suggests there will have to be some major re-thinking of the Epic Universe proposal if anything ever comes of it. The Nintendo area should be popular, but it seems that all bets are off regarding a new park for the foreseeable future.

It looks like Orlando will be in survival mode in coming years rather than splashing around billions of dollars on new attractions to attract visitors. Beyond that seems unknowable to me. The advantage Disney has right now is that the infrastructure is already all there, and they can open up the resort as demand increases without really having to build anything. They also have a few major attractions in various stages of completion ready to roll out over the coming years, which seems like a decent position to be in as tourism (hopefully) begins to recover.

I can’t see Comcast pushing through with their park now...I think it will be delayed multiple years at a minimum.

They’ve put up a good front...but I think the circumstances will cause them to draw back. It’s second site development...which creates more problems naturally...and they’re going to cannibalize their own crowds for some time.

 

[ptaylor]

Disney has the answer to the Epcot attendance problems - send in the "influencers!"

And yes, there is someone at WDW with the job title of "Influencer Communications Manager"

#DisneyCreators: ‘Stories from the Parks’ at Taste of EPCOT International Food & Wine Festival

Today, we’re continuing our new “Stories from the Parks” series with more #DisneyCreators magic from guests and friends visiting the Walt Disney World Resort. This time, we’re sipping, savoring and strolling around this year’s Taste

disneyparks.disney.go.com

 

[tirian]

BTW, if anyone is naive enough to think they are getting inside stock information from a WDW fansite, and act on it, they deserve anything they get. Anyone who thinks the SEC would consider what is being said on a WDW fan forum as "real" insider information that could affect company stock is also pretty naive. Take all rumors stated here with a grain of salt - or a whole salt shaker.

Hence the definition of Rumors on a fan forum.

But people forget that.

It’s gossip, folks. It’s gossip about an entertainment company. Be entertained and enjoy discussing the fandom, but don’t build your life on it.

 

[tirian]

The OP did.

Maybe I misread the OP multiple times, but I was under the impression the earnings call would signal the reaction we might see within P&R at some point in the future. Iger’s reputation was wrapped within that.

Plus, the OP states a better, leaner company would emerge. He doesn’t imply Disney is closing shop. Immature posts screeched that.
By the time people started arguing about pay rates in Orlando, the thread shifted to being about the whole company.

Considering the creative accounting used for yesterday’s call, the company obviously spent time massaging things. They took D+ international and only picked up a few extra million subscribers. They’re counting bundle subs as individual ones. They’re counting D+ content as sales to D+. Other numbers are indeed better than expected, but this sort of tomfoolery betrays there was a scramble behind the scenes. Nevertheless, it also demonstrates why the accountants are paid big bucks.