Disney Could Lose $500 Million-Plus From Closure of Theme Parks

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Disney’s decision on Thursday to close its theme parks and resorts in California, Florida and Paris — coming weeks after the coronavirus shuttered its parks in Hong Kong, Shanghai and Tokyo — will cost the Magic Kingdom hundreds of millions of dollars, experts told TheWrap. Still, the exact toll on the media giant remains unclear. Lightshed media analyst Rich Greenfield, who’s often been an outspoken critic of Disney, estimated that Disney could lose, on average, $35 million each day from its six theme parks — and that’s not counting losses from Disney experiences and cruise lines, which have also been halted by the threat of the pandemic. By Greenfield’s calculation, Disney could be looking at $510 million in losses (on the low end) and upwards of $680 million (on the high end) — assuming the parks reopen as currently planned at the end of March and everything is back to business as usual. “That number could easily balloon,” CFRA analyst Tuna Amobi said. “It’s difficult for a number of reasons. For one, the duration of the closures isn’t up to them.” Also Read: How Disney Could Weather the 'Temporary Storm' From Coronavirus During the same quarter a year ago, Disney...

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