Posted on 06/25/2020 11:54:34 AM PDT by SeekAndFind
Walt Disney Co. (DIS) - shares slipped lower Thursday after the company said it would delay the re-opening of its hotels and theme parks in the state of California amid a new surge in coronavirus infections.
Disney said it will publish a new re-opening schedule early next month after it receives new guidelines from state officials in Sacramento. Disneyland Park and Disney California Adventure Park had been slated to re-open on July 17, but two consecutive days of record infection rate increases have forced health authorities, as well as Governor Gavin Newsom, into a more conservative strategy.
The decision could also raise questions over the fate of the NBA's playoff plans, slated to begin next month at Walt Disney World in Orlando.
"Given the time required for us to bring thousands of cast members back to work and restart our business, we have no choice but to delay the reopening of our theme parks and resort hotels until we receive approval from government officials,” the company said in a statement.
Disney shares were marked 2.5% lower at $109.33 each in early Thursday trading, a move that would extend the stock's year-to-date decline to around 24.5%.
California is one of 30 states where case numbers are growing by 5% or more based on a 7-day average, according to a CNBC analysis of data compiled by Johns Hopkins University. The state’s seven-day average of new Covid-19 cases increased nearly 46% compared with a week ago, CNBC reported.
Disney also operates four theme parks at its Walt Disney World Resort in Orlando, Florida -- which bring in more than 150 million visitor each year -- and has planned a phase re-opening that is slated to begin on July 11.
(Excerpt) Read more at thestreet.com ...
They say that as if that’s a bad thing.
RE: They say that as if that’s a bad thing.
As Disney and the NBA goes, so goes Orlando. I don’t know how Orlando will affect the rest of Florida.
I weep for Walt’s legacy and the thousands of employees it will affect but I’m not saddened by this.
Don’t worry, they will continue their work of pushing gay propoganda on the young. That’s a 24/7 job.
Oh the humanity
I thought the NBA promised not to play until Trump was removed?
Disney is an American sell out. They used to be American. Now they are just as much Chinese.
They also need more time to cleanse the Splash Mountain ride of any reference to Brer Rabbit, as they have decided that it is offensive to have characters from Song of the South displayed there.
disney is a sellout
their ‘wholesome’ image is just to get people who’d otherwise avoid such a company and their products
christian ignorance being a big one they’ve exploited
“The decision could also raise questions over the fate of the NBA’s playoff plans, slated to begin next month at Walt Disney World in Orlando.”
The way I understand that statement the nba could always move their playoffs. I don’t follow basketball but is the nba even playing right now. How are they playing playoffs already? Sorry for my ignorance.
It is time to cancel the 2020 NBA and MLB seasons. NFL and NCAA Football may come next. Stay Tuned.
LOL, that's not ignorant, what's ignorant is not having a season but just having playoffs. What they really should do is simply make every game two minutes.
Hold them in China... the NBA is already carrying their water anyway.
Disney needs the NBA and MLB back on the air BAD...
ESPN’s ratings are in the toilet... w/o sports, subscriber and advertising revenue will continue to plummet....
gotta luv it!
Ah got it. Thanks for bringing me up to speed. That’s kinda dumb. Agree with the 2 minute thing. Also football should be on 15 minute qtr. (Not that I’ll be watching anymore) and noosecar Oughta be 15 laps max regardless of track size.
Do love it.
If the average person ever wakes up and realizes sports are nothing more than entertainment and they quit living their lives vicariously through their favorite team and put that wasted time and money to something more useful I think it would go a long way in straightening this country out. Just my 2 cent.
Ok...I’m off my soapbox now.
California is one of 30 states where case numbers are growing by 5% or more based on a 7-day average, according to a CNBC analysis of data compiled by Johns Hopkins University. The state’s seven-day average of new Covid-19 cases increased nearly 46% compared with a week ago, CNBC reported.
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Locking everyone up for 3 months achieved two things. It delayed herd immunity, and it destroyed the economy.
While I feel for innocent shareholders and the employees that are being hurt.....short term, this couldn’t happen to a more deserving scumbag company. It is especially satisfying that it is the result of their socialist bastard buddies efforts to destroy the economy to hurt Trump.
May the sick and perverted company that Disney has become, collapse. May it's officers be pursued by the law.
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