Gabrielle Russon
Hurricane Irma cost Disney World $100 million when the theme parks shut down for two days and canceled cruises in 2019.
A new report says Hurricane Milton will be even more expensive for The Walt Disney Co.
Goldman Sachs analysts predict Milton could take a $150 million to $200 million hit on Disney World, according to Forbes.
Disney’s attendance is projected to plummet 6% — worse than the previous 2% estimate for the financial quarter, according to CNBC.
By 2 p.m. Wednesday, all of Disney World’s four theme parks and Disney Springs will be closed.
Disney said it will likely close Thursday too but has not yet confirmed reopening plans yet.
Orlando International Airport shut down 8 a.m. Wednesday.
The dangerous hurricane is moving through Central Florida Wednesday night into early Thursday.
Disney’s rival Universal Orlando theme parks are closing 2 p.m. Wednesday and all-day Thursday. SeaWorld, the first Orlando theme park to announce closures, is shut down completely Wednesday and Thursday.
The financial damage to Orlando’s theme parks industry will likely be revealed in the ongoing weeks.
Comcast, Universal’s owner, is scheduled to release a quarterly earnings report Oct. 31 while Disney follows behind Nov. 14.
The theme parks are in the middle of its Halloween season, a time when they offer special ticketed events that draw huge crowds who buy souvenirs and special food. Mickey’s Not-So-Scary Halloween Party at the Magic Kingdom is canceled Thursday night and Universal’s Halloween Horror Nights is canceled Wednesday and Thursday nights.
Florida’s other major theme parks Busch Gardens Tampa Bay and Legoland Florida are also offering Halloween festivities and dealing with Milton closures.
The cost for doing business in Florida is high as climate change affects extreme heat and causes stronger hurricanes.
Hurricane Matthew left a $40 million impact on Disney in 2016.
However, forecasters are warning Milton is the most serious storm to pass through in years.
Orange County is under a hurricane warning and could get up to 15 inches and see hurricane-force winds when Milton arrives.
One comment
Tom
October 9, 2024 at 7:41 am
So as I sit here bracing for the second direct, or close to it, hit from a hurricane in two years, I’m supposed to care that Disney might lose a couple of bucks as the state gets wiped out and people die? Sorry. Zero fuxx given.