Shanghai Disney and Hong Kong Disneyland Could Close Up to Two Months for Coronavirus, Experience Massive Losses
As we have reported, both Shanghai Disney in China and Hong Kong Disneyland have closed their doors due to the spreading Coronavirus. Today, during Disney’s earnings call, it was announced that both Resorts could be closed up to two months and suffer operating income to decline over $175 million in Q1 2020.
What makes matters worse is that the Cornoavirus is spreading when attendance of both Shanghai Disney and Hong Kong Disneyland is high due to the Chinese New Year. It was also announced that during the last fiscal quarter that operating income at Hong Kong Disneyland decreased by by $55 million. Much of this might be due to periods of civil unrest the area has been experiencing.
Disney analysts are predicting that Q2 2020 will be even worse than Q1 2020. Operating loses at Hong Kong Disneyland could be be as high as $145 million while Shanghai Disney can expect a $135 decrease in its operating income due to the spread of the Coronavirus and continuous unrest in Hong Kong. This make a combined loss of $280 million.
Hopes are that experts can get the Coronavirus under control and Shanghai Disney and Hong Kong Disneyland will open in less than two months. Only time will tell at this point.
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