Goldman Sachs Estimates That Disney Will Lose $150 to $200 Million Due to Hurricane Milton
With Hurricane Milton bearing down on Central Florida, Walt Disney World announced yesterday that it would close its parks early on Wednesday, with the expectation that they will remain closed through at least Thursday.
Based on the strength and trajectory of the storm, Disney World’s closure seemed inevitable. Still, the resort waited as long as possible before making the call.
Walt Disney World will close early today due to Hurricane Milton.
A new report from CNBC may explain why.
Disney Parks Will Lose Between $150 and $200 Million
According to Goldman Sachs, the impending closure of Disney World and the cancelation of Disney Cruise Line sailings will cost Disney nine figures in lost revenue as attendance at the park will decline by 6% this quarter.
Disney World weather warning
The financial firm estimates that Disney’s parks division will lose between $150 million and $200 million this quarter due to Milton’s impact. It should be noted that those estimates were made before Disney World officially announced that it was closing.
The Costliest Storm Since Irma
According to CNBC, if the Goldman Sachs figures are correct, Milton would be the most costly hurricane to Disney since Irma in 2017. The company reported a loss of $100 million due to that storm, which necessitated the closure of Walt Disney World for two days and the cancellation of multiple Disney Cruise Line sailings.
Photo: WESH
Given the potential loss of life, property, and livelihood facing Florida residents, Hurricane Milton’s financial impact on Disney is small potatoes. Still, the latest report from Goldman Sachs reinforces just how impactful the storm will be on the state.
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