Walt Disney World, the biggest theme park on the globe and arguably the Walt Disney Company’s most important asset, opened for business Saturday after being shuttered for nearly four months with a …
, the biggest theme park on the globe and arguably the Walt Disney Company’s most important asset, opened for business Saturday after being shuttered for nearly four months with a swell of hope and twinge of apprehension.
CNN and other national and local media are monitoring the open closely, showing a barren parking lot just before 9 am — people needed advance reservations to come today — with increasing activity as the morning advanced but crowds naturally a far cry from pre-COVID throngs due to capacity constraints.
Disneyland’s return has been delayed until California publishes updated guidelines. But the famed Anaheim park’s adjacent shopping district,Disney’s parks and resorts business is more than a third of revenue, with domestic theme parks about 80% of the total and Walt Disney World an estimated 70% of that, according to Wall Street analysts. Parks are stamped in the company’s DNA.
“It’s not about breakeven point for profitability necessarily but just making a positive contribution at the net contribution level. So what we’re thinking is that while every site is completely different, that’s the approach we are going to take. And frankly we would not reopen any park unless we can make a positive contribution to that overhead and operating profit level,” Chapek said on a conference call to discuss fiscal second quarter quarter earnings.
“While not impossible, we don’t believe a second shutdown is likely given the steps taken to reopen. We also expect the theme park to see pent up demand; Disney World began taking advance reservations on June 24, with initial slots sold out in minutes. We expect initial attendance to be driven by Florida residents and annual pass holders, along with domestic visitors in driving distance,” she said.
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