Disney Lost $3.5 Billion as the Coronavirus Shuttered Theme Parks
Disney's fiscal third-quarter earnings report revealed that the pandemic resulted in a $3.5 billion revenue hit, according to CNBC.
Disney has been able to reopen most of its international theme parks, but the continued closure of Disney World and Disneyland in the US during the third quarter had massive financial repercussions. In its earnings report on Tuesday, the company revealed that the COVID-19 pandemic had cost its Parks, Experiences, and Products segment almost $3.5 billion in lost revenue during the third quarter.
The Parks, Experiences, and Products segment encompasses all theme parks, cruise lines, hotels, tours, and merchandise. Even though Disney's parks in Hong Kong, Shanghai, and Japan reopened, most of Disney's revenue comes from the US. Disney World opened in July after the quarter ended, but Disneyland in California has not opened back up yet. Disneyland in Paris also reopened in July.