Disney Unlimited Closure of Theme Parks
As of the coronavirus outbreak, Disney has closed its doors to its U.S. resorts.
Knott's announced last Friday that Disneyland in Anaheim, California and Walt Disney World Resort in Orlando, Florida will remain closed until further notice.
Disney said in a statement: 'While there is still much uncertainty surrounding the impact of COVID-19, the safety and well-being of our guests and Cast Members remains our top priority.'
The company initially closed the parks on March 12th and has been paying performers their hourly rates since then. Given the extended closure, Disney has extended hourly park and resort performer contracts to April 18th.
On Wednesday, MoffettNathanson analyst Michael Nathanson estimated that U.S. Disney theme parks could lose $34 billion in revenue this year due to the ongoing coronavirus shutdown and the resulting economic downturn.
Nathanson said: 'Overall, despite the stock price decline to date, we believe that COVID-19 and the resulting economic downturn will bring unprecedented pain here.'
