Disney theme parks forecast to take $2 billion hit, report says - OCR/SCNG

Darkbeer1

Darkbeer1

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www.ocregister.com

Disney theme parks forecast to take $2 billion hit, report says

Disney’s theme park division is forecast to report a $2 billion quarterly loss in its fiscal third-quarter 2020 results compared to a $1.7 billion profit a year earlier, according to a new report.…
www.ocregister.com www.ocregister.com

>>Disney’s theme parks are expected to take a big hit from the COVID-19 pandemic with a $2 billion loss forecast for the latest quarter following a $1 billion loss in the previous quarter, according to a new report.

Disney’s theme park division is forecast to report a $2 billion quarterly loss in its fiscal third-quarter 2020 results compared to a $1.7 billion profit a year earlier, according to Reuters.

The forecast based on Refinitiv data comes a day before the Walt Disney Co. reports its quarterly earnings on Tuesday, Aug. 4, according to Reuters. <<
 
Darkbeer1

Darkbeer1

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www.themeparkinsider.com

Disney Parks Report $3 Billion-Plus Loss Due to Covid-19

www.themeparkinsider.com

>>The Walt Disney Company today reported that it took an approximately $3.5 billion hit on operating income in its theme park segment from Covid-19 in the three months ending June 30.<<

>>Overall, Disney's Parks, Experiences and Products segment reported $983 million in revenue during the company's third quarter, down 85 percent from the $6.575 billion it recorded in the same period in 2019. The segment also includes the Disney Cruise Line (which also is closed) as well as Disney's merchandise and other non-media consumer product lines. <<

>>McCarthy said later in the call that although WDW was operating on a cash-positive basis, it was not generating as much income as the company had expected after its return, due to the surge in Covid cases in Florida.

Chapek noted "some level of trepidation to travelers who are anxious about long distance travel jumping on a plane and flying to Walt Disney World." He acknowledged that Disney World has seen "a higher than expected level of cancellations" during the current outbreak, but that Disney was maintaining its planned attendance levels.

"What we've done is used our strategy for yielding and made sure that every day we're pretty close to the percentage of the park that we can fill and still maintain the social distancing," Chapek said. "We just replace local and annual passholders with some of the fall-off we've necessarily seen from the long distance travelers. I will say that our research indicates that, and our bookings indicate, that we should be in good shape once consumer confidence returns."

Chapek said that 50 percent of Walt Disney World's current visitors were coming from outside the Florida market, however.<<
 
Darkbeer1

Darkbeer1

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Original Poster
George Lucas on a Bench said:
Any acknowledgment of their existence?
Click to expand...

Domestic Parks isn't good enough for you?

But this was a key statement from the Press Release...

>>The increase at Star was primarily due to lower programming costs, partially offset by a decrease in advertising impressions. The decrease in programming costs was due to the comparison to the quadrennial International Cricket Council World Cup matches that aired in the prior year quarter and a shift in the timing of Indian Premier League cricket games to later quarters due to COVID-19. The decrease in advertising impressions was primarily due to the lack of cricket matches. <<
 

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