food IS a theme park
We reported yesterday that The Walt Disney Company shifted around their executives to form a new leadership team.
@joshdamaro on Instagram
This change-up moved Josh D’Amaro to the Chairman of Disney Parks, Experiences, and Products, and named new presidents for both Disney World and Disneyland. Former Disneyland President, Rebecca Campbell, is stepping into the role of Chairman for the Direct-To Consumer sector and analysts shared their concerns with this recent change.
Not too long ago, we told you about a Federal Aid plan that included a $25 billion airline rescue package to bail out the hard-hit travel industry due to the country’s recently shut down.
Orlando International Airport
And now Disney along with top industry leaders of several major companies are moving forward with a plan to seek over $1 trillion in government aid.
If you're looking for information related to the current closures and their effect on the Disney Parks, click here for all the up-to-date details and click here for answers to dozens of reader FAQs.
Today, Disney announced a new leadership team including Josh D’Amaro in his new position as Chairman of Disney Parks, Experiences, and Products.
@joshdamaro on Instagram
Other members include Rebecca Campbell, Jeff Vahle, Kareem Daniel, and Thomas Mazloum. Campbell took on the position of chairman of Disney’s Direct-to-Consumer and International, which was formerly held by Kevin Mayer. However, Mayer is moving on to a position with a popular video service.
Disney theme parks around the world have been closed for months. Shanghai Disneyland recently broke the theme park stand-still by re-opening, but Disney has not yet announced when the rest of the parks will re-open.
Shanghai Disneyland
In the wake of the closures, The Walt Disney Company furloughed employees and has been taking on debt to protect its financial future. Analysts recommended accepting equity agreements instead of additional lines of credit and Saudi Arabia’s public investment fund just offered Disney this opportunity.
With such a drastic interruption to Disney’s business model, there have been lots of discussions on the kind of losses they’ll be enduring.
Cinderella Castle
Analysts have been making tons of predictions as to what Disney’s financial loss will look like after all of this. Now, some are saying that Disney could lose around $1 billion every month that the parks remain closed. Let’s see what they’re looking at.
Back in March, the Walt Disney Company took out an additional $6 billion dollars in debt to protect its financial future.
Cinderella Castle at Night
And according to Deadline.com, Disney has just taken out more loans totaling $11 billion dollars.
Businesses across the country are feeling the pressure from the latest events and Disney is no exception.
Magic Kingdom
But there’s a big problem — that many people aren’t thinking about right now — that could greatly affect Disney World, and your upcoming vacation.
While concerns over public gatherings led the Disney parks to shut down recently, many fans are hoping to see them reopen as soon as it is safe to do so.
Magic Kingdom
But perhaps, no one’s more eager for the parks to resume their operations than the Walt Disney Company itself because they’re continuing to lose millions of dollars every day they remain empty.
The recent temporary closures have dropped theme park attendance to zero, but even more analysts are now predicting there could be a very long road ahead for Disney World and Disneyland — even after parks reopen or a vaccine is ready.
Epcot’s Flower and Garden Festival
Earlier this month we reported on analyst predictions that it could take a full 18-24 months for Disney parks to return to pre-2020 attendance and profitability. Now, with stocks falling and tens of thousands of Disney employees furloughed, analysts are reiterating that theory, and suggesting even more detailed ways that the Walt Disney Company — and its theme parks — could be affected long-term by the fall-out.
The Disney parks are currently closed until further notice and these closures have had major financial implications for the Walt Disney Company and its employees.
Disneyland Main Entrance – Closed
Recently, Disney Parks moved to furlough all non-essential employees for an indeterminate amount of time. Now, we have a much clearer picture of just how much the Walt Disney Company will save each month now that employee pay is suspended.
Our handy (and portable!) ebook guides make sure you get the best deals and can plan a vacation of a lifetime.
