‘Very big news’ for Walt Disney World
Chapek also noted that the CDC’s guidance that vaccinated people no longer need to wear masks indoors is “very big news” for the company, especially with summer coming soon. He said they believe this will make for an even more pleasant experience for their guests and that this will likely draw a rise in the number of people visiting the parks.
When Disney World reopened last summer, it initially operated at a 25 percent capacity. Since then, this has been increased to 35 percent. During Thursday’s call, Chapek made no mention of what the new capacity level will be. He also made no comment on any specific new guidance relating to the wearing of face coverings.
Walt Disney Co. seeing encouraging signs
Chapek also noted that the Walt Disney Co. is seeing encouraging signs of recovery from the COVID-19 pandemic in a number of its businesses, including the theme parks. He particularly applauded the reopening of the theme parks at Disneyland Resort in April, saying the response had been “overwhelmingly positive.”
10,000 employees were recalled to Disneyland on reopening the parks. All staff members have been thoroughly retrained to operate within California’s new health and safety requirements. He said the open Disney theme parks throughout the US are continuing to operate at, or close to, their reduced capacity levels during the current quarter. According to Chapek, the demand is “strong” and “growing.”
Meanwhile, Disney CFO Christine McCarthy noted that revenue at all Disney’s open parks has exceeded the costs associated with reopening.
New upcoming Disney projects
Chapek also spoke about Disney’s upcoming projects, particularly the opening of Avengers Campus at Disney’s California Adventure Park at Disneyland. The park is set to open on June 4, and after Chapek recently visited, he said the Marvel-themed land and its attractions are “truly phenomenal.”
Reduction in revenue as compared to 2020
It was also noted that during the second fiscal quarter of 2021, Disney Parks, Experiences and Products has seen a 44 percent reduction in revenue to $3.2 billion, as compared to the same quarter in 2020. This segment of the business saw a loss of $406 million, as compared to its second fiscal quarter of 2020, when the operating income was $756 million.
No doubt, Disney fans will be thrilled to learn exactly how much the guest capacity will increase in the coming months, as well as the news that vaccinated people should be able to drop the need of a mask in indoor areas.
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