With revenue cratering, Disney will attempt to cut some of its theme park’s losses
It’s a smaller world, after all: with park attendance lagging, Disney will shorten its operating hours at Walt Disney World in Florida by as much as two hours daily., both the Magic Kingdom and Hollywood Studios will close one-hour earlier each day. The Animal Kingdom will also close an hour earlier and open 60 minutes later than it had been previously. Epcot, meanwhile, will close two hours earlier than its current schedule. The changes are slated to take effect in September.
The news comes after a rocky relaunch for the Florida theme park, which has attempted to recreate the Disney experience while coronavirus cases continue to soar in the Sunshine State. Disney lost $5 billion in revenue in the second quarter, largely due to closures of its theme parks due to the global health crisis. “Parks, Experiences and Products revenues for the quarter decreased 85 percent to $1.0 billion, and segment operating results decreased $3.7 billion to a loss of $2.
Currently, in the U.S., only Disney World in Florida is open. Disneyland in California remains shuttered as coronavirus cases in that state continue to surge.
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