Disney World known for spreading merriment and joy will now be reducing it’s visitation timings. Amidst the ongoing pandemic COVID-19, the Walt Disney Company stated it lost a fiscal third-quarter loss of $3.5 billion.because of the parks and resorts being shut down.
“Parks, Experiences and Products revenues for the quarter decreased 85 percent to $1.0 billion, and segment operating results decreased $3.7 billion to a loss of $2.0 billion,” according to Disney’s quarterly report, released Tuesday.
In addition to that, the report added, “Lower operating results for the quarter were due to decreases at both the domestic and international parks and experiences businesses and to a lesser extent, at our merchandise licensing and retail businesses.”
Crowds have been smaller than expected since the parks reopened last month after being closed as part of Disney’s longest shutdown in history.
Disney CFO Christine McCarthy noted that the surge in Florida virus cases hurt airline travel, which impacted the company’s initial park projections. Nonetheless, the company is seeing a “positive net contribution” from Disney World being reopened at reduced capacity, said McCarthy.
Disney CEO Bob Chapek stated that a park location would not be in operation if it lost money. The company was confident that the number of park visitors would continue to increase as people regained confidence.
As per Disney World’s official website, the park hours have been reduced by an hour for the Magic Kingdom and Hollywood Studios. While Epcot and Animal Kingdom will both have two hours cut.
Visit: https://disneyworld.disney.go.com/calendars/month/2020-09-08/ for visiting hours of various parks.
The changes will come in effect from the 8th of September 2020 onwards, making it one day after Labor Day.
Do you want to publish on Apple News, Google News, and more? Join our writing community, improve your writing skills, and be read by hundreds of thousands around the world!