Disney Suffers Multi-Billion Dollar Loss Due To Park Closures

Entertainment giant Disney has suffered a rare financial hit due to the COVID-19 pandemic that has led the company to close its marquee parks in California and Florida.

The House of Mouse reported earnings on Tuesday, and the company pulled in $11.79 billion in revenue, which was down 42 percent compared to last year. Disney’s theme park division specifically had a challenging quarter, taking a $3.5 billion hit that led to an overall loss of $2 billion.

Disney closed Disneyland in Anaheim, California and Disney World in Orlando, Florida back in March as the virus spread through the US and the world. Disney World and most of the company’s international parks have since re-opened at a limited capacity, but the marquee location in Anaheim remains closed.

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Author: Eddie Makuch