Could Walt Disney World Remain Shut Through Mid-April?
There’s been a lot of speculation since Walt Disney World closed its gates to visitors over the weekend to combat the spread COVID-19 as to how long the theme parks will remain off-limits to the public. Today, according to a report in the Orlando Sentinel, analysts are suggesting we may not be able to walk down Main Street USA until Mid-April.
Were this the case it would mean the company could potentially lose over $1.4 billion dollars in revenue over the next two financial quarters. This is according to research firm MoffettNathanson which gives an overview of how the coronavirus may impact the company.
If you’ve been following along with MickeyBlog then you know that Disney announced the theme parks were closing starting on March 16th. Initial plans are to re-open on April ist. Disney resorts were soon to follow announcing they will be closing this Friday through until the end of March.
However, according to the research report, things could remain dark at Disney for a few additional weeks. “We expect the closure to extend for another two weeks into April as the country scrambles to get this virus contained.”
Things are also not looking good for Disney stock. It traded last year at over $150 per share but currently sits around $85 per share.
“Putting it all together, despite the fall in Disney’s stock price to date, we think the combination of COVID-19 impacts and an ensuing recession will cause unprecedented pain here,” the report stated. “Making matters worse, Disney has taken on a more than average amount of debt to acquire Fox and has entered a period of lower cash flow generation due to their pivot into” streaming services.
As of going to print Disney has not made an official announcement about extending theme park closures. This is a story we’ll be following closely and promise to keep you up to date as soon as we find out more!
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