The Walt Disney Company on Tuesday released its first quarter earnings report which beat estimates thanks in part to the company's strong theme park segment.
- Disney's theme parks division made $6.8 billion in revenue
- Operating income increased 10 percent to $2.2 billion
- Disney is getting ready to open Star Wars lands in California and Florida
The Parks, Experiences & Consumer Products division reported revenue of $6.8 billion, a 5 percent increase from the same quarter last year. Operating income for theme parks increased 10 percent to $2.2 billion, compared to $1.95 billion in the previous year.
While attendance was mostly the same at its U.S. parks, Disney attributed the growth to increased guest spending and higher hotel occupancy rates.
"Guest spending growth was due to higher average ticket prices, an increase in food, beverage and merchandise spending and higher average hotel room rates," a news release said.
An earnings call that followed the report's release was mostly focused on Disney's studio division and its upcoming Disney+ streaming service. However, Disney CEO Bob Iger briefly talked about Star Wars: Galaxy's Edge, the themed lands set for Disneyland and Disney World. While answering a question from an analyst, Iger joked that he could tweet "It's open" to avoid spending a lot on marketing the new land.
Galaxy's Edge is expected to be a completely immersive land featuring two new attractions -- Millennium Falcon: Smugglers Run and Star Wars: Rise of the Resistance. The land will first open in California this summer followed by Florida in the fall.
In addition to the Star Wars-themed land, several new additions are planned for Disney World. Magic Kingdom will be getting a Tron Coaster. Epcot will be getting a Guardians of the Galaxy coaster and a Ratatouille ride, while Hollywood Studios will open a Mickey Mouse-themed dark ride.
Universal, Disney's biggest competitor, is set to open at Harry Potter coaster sometime this year.
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