Disney predicts US$280m hit from coronavirus outbreak
by Tom Anstey | 05 Feb 2020
The closures are directly affecting a quarter in which Disney would typically see strong attendance in its Asian parks, due to the timing of the Chinese New Year / Disney
– Bob Iger, chair and CEO, Disney
Disney has predicted that the coronavirus outbreak will cost its parks division an estimated US$280m (€253.9m, €253.8m, £214.5m) after the operator shut down both its Shanghai and Hong Kong resorts as a result of the quickly-spreading virus.
Coronavirus, which originated in Wuhan, has forced the closure of a large number of attractions in China, as authorities try to halt the spread of the outbreak. The country has more than 24,300 confirmed cases in China alone, with 25 other countries also reporting infected patients.
The closures are directly affecting a quarter in which Disney would typically see strong attendance in its Asian parks, due to the timing of the Chinese New Year. Hong Kong has also struggled with ongoing issues, as civil unrest in the region affects visitation.
"The recent closure of our parks in both Shanghai and Hong Kong, due to the ongoing coronavirus situation, will negatively impact second quarter and full-year results," said Christine McCarthy, Disney's chief financial officer.
"At Shanghai Disney Resort, we currently estimate the closure of the park could have an adverse impact on Q2 operating income of approximately US$135m (€122.4m, £103.4m).
"At Hong Kong Disneyland, we currently estimate the closure of the park could have an additional adverse impact of US$40m (€36.2m, £30.6m).
"We were already seeing a significant decrease in visitation to Hong Kong, so in aggregate, we estimate these two factors could result in a decline in Hong Kong Disneyland's operating income of about US$145m (€131.4m, £111.1m) for Q2."
The magnitude of the impact is highly variable, depending on how long the outbreak lasts, with Disney's loss estimate based on a two-month period.
"Our hearts go out to all those affected by this devastating outbreak including the thousands of people who work for us in the region," said Disney's chair and CEO, Bob Iger. "In line with numerous prevention efforts taking place across China, we've temporarily closed our parks in Shanghai and Hong Kong and we will continue to closely monitor this public health crisis."
During its latest earnings report, Disney revealed that operating income was up 9 per cent to US$2.3bn (US$2bn, £1.8bn) in its Parks, Experiences and Products division. These results, it says, were driven by its US parks and resorts, with partially offset by lower results at for its international attractions.
Disney Shanghai Hong Kong virus coronavirus Wuhan China Chinese New Year Christine McCarthy Shanghai Disney Hong Kong Disneyland Bob Iger04 Feb 2020
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Disney has predicted that the coronavirus outbreak will cost its parks division an estimated US$280m (€253.9m, €253.8m, £214.5m) after the operator shut down both its Shanghai and Hong Kong resorts as a result of the quickly-spreading virus. Coronavirus, which originated in Wuhan, has forced the closure of a large number of attractions in China, as authorities try to halt the spread of the outbreak. The country has more than 24,300
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