ORLANDO, Fla. — Disney’s theme park division continues to recover from the financial impacts of the ongoing COVID-19 pandemic.
What You Need To Know
- Disney's parks, experiences and products division posts profitable quarter
- The division reported $356 million in income, $4.3 billion in revenue
- Demand was up at Disney World, where attendance hit daily capacity levels
For the first time since the pandemic hit last year, the company’s parks, experiences and products division reported a profitable quarter.
During the third quarter, income hit $356 million, compared to the $1.87 billion loss in the same period last year. Revenue increased to $4.3 billion in the quarter, up significantly from $1.1 billion in revenue in the same period in 2020.
“We ended the third quarter in a strong position, and are pleased with the Company’s trajectory as we grow our businesses amidst the ongoing challenges of the pandemic,” Disney CEO Bob Chapek said in a statement.
Disney attributed the growth at the division to the reopening of theme parks that had been closed during previous quarters, including Disneyland Resort in California, which was open for 65 days in the third quarter.
At Disney World, which has been open since last summer, demand remains high, even as COVID-19 cases continue to soar in Florida. During the quarter, attendance was at or near daily capacity levels, executives said during an investors call Thursday.
Disney increased capacity limits throughout the quarter and also eased many of its COVID-19 related health and safety measures. The company also recently reinstated the indoor mask mandate for all visitors at Disney World and Disneyland—regardless of vaccination status.
Disney executives said they plan to increase capacity at the parks through an “aggressive, but measured” approach, acknowledging the uncertainty still surrounding the pandemic. The company also expects have its theme parks fully-staffed by the end of the year.
Chapek also mentioned the technology the company is rolling out at its parks to improve the guest experience, including the Disney Genie app.
“This is going to revolutionize our guests’ experience,” Chapek said. “Guests are going to spend less time waiting and more time having fun in our parks, with a dramatically improved guest experience that’s going to make their navigation of their day and their planning of their day much easier.”
Meanwhile, Disney World is getting ready to mark its 50th anniversary with an 18-month long celebration that kicks off October 1.