Walt Disney Parks are turning a profit for the first time since the coronavirus (COVID-19) pandemic began last year, according to a new report.
The Walt Disney Co. revealed that its theme parks have made a profit for the first time since the start of the pandemic, which forced the parks to close. As reported by The Hollywood Reporter, Disney Parks, Experiences and Products made a $356 million profit by the end of the quarter on July 3, with total revenue of $4.3 billion. During that same period in 2020, the parks suffered a $1.87 billion loss and a $1.06 billion total revenue.
“We see strong demand for the parks continuing,” said Disney CEO Bob Chapek during the Q3 earnings call. He added that the delta variant has not impacted demand from parkgoers, though it has impacted the park experience, with new policies at both Disney World and Disneyland parks once again requiring guests to wear masks indoors.
Disney CFO Christine M. McCarthy also said that the parks will increase capacity “in a measured fashion,” with all parks expected to be fully staffed by the end of 2021.
Like all other similar attractions, Disney closed its U.S. theme parks at the onset of the pandemic. In June 2020, UBS analyst John Hodulik spoke about exactly what Florida’s Disney World would need to do in order to turn a profit once again, specifically that the park would need to ease up on social distancing rules.
Disney Parks around the world closed down in response to COVID-19 lockdowns that began in March 2020, with Disney World officially reopening at 25% capacity over a year later in July 2020, instituting a vaccine mandate for all employees and still requiring guests and staff to wear masks at all times and have their temperature checked before entering the park. Disneyland in California reopened as well on April 30.
Source: The Hollywood Reporter
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