Disney’s theme park division loses $2.4 billion

The coronavirus cost Disney’s theme park division $2.4 billion as Disneyland remains closed, cruise ships are docked and Disney World is open at a limited capacity, the company disclosed Thursday in its quarterly earnings report.

But looking ahead, executives expect the next few months to be busy in Orlando since about 77% of the park reservations are booked for the next quarter, including an almost completely full Thanksgiving holiday.

Disney CEO Bob Chapek said the reopening is going well enough for Disney World to raise occupancy from 25% to 35%, adding he believes it is still possible to maintain 6 feet of social distancing among visitors with the higher number of people allowed inside.

For the company, it’s a hopeful sign as Disney theme parks try to rebound from the global pandemic.

“We’re very pleased by how we have become adapt at operating under these constraints,” Chapek said during Thursday’s earnings call. He said Disney has a proven track record of running theme parks with new strict safety rules several months into the pandemic reopening.

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