Disney Reduces Capital Expenditure Decrease for Parks to $700 Million
As it turns out, Disney Parks, Resorts and Products will be spending more than previously expected on construction and refurbishments at the theme parks.
At last week’s Q3 earnings call, The Walt Disney Company announced that the cut in capital expenditures has been reduced to $700 million. Previously, a $900 million cut was expected. Disney CFO Christine McCarthy attributed the spending cut to lower spending on domestic Disney resorts, including Walt Disney World and the Disneyland Resort.
The news comes off the heels of the COVID-19 pandemic devastating the company’s finances. Disney Parks, Resorts and Products reported a $2 billion loss for the third quarter, which covered most of the closure of domestic Disney parks and Disneyland Paris. The Disneyland Resort remains closed at this time, with no reopening date reported as of yet.