Disney Parks Suffer $967 Million Loss in Second Quarter 2021
With the results for Q2 2021 now released, Disney has announced that the company had revenue of $15.6 billion, short of the projected $16.0 billion for the quarter.
The Disney Parks specifically lost over $967 million in the second quarter of fiscal 2021. Domestic parks lost $587 million, including the Walt Disney World and Disneyland Resorts. International destinations lost $387 million. Disney estimated the bottom line negative impact from COVID this quarter on the Disney Parks, Experiences, and Products division as whole to be $1.2 billion.
Per the quarterly report:
Disney Parks, Experiences and Products revenues for the quarter decreased 44% to $3.2 billion, and segment operating results decreased $1.2 billion to a loss of $406 million. Lower operating results for the quarter were due to decreases at our parks and experiences business, partially offset by growth at our consumer products business.
As a result of COVID-19, Disneyland Resort and Disneyland Paris were closed and our cruise business was suspended for all of the current quarter, whereas these businesses closed in mid-March of the prior-year quarter. Hong Kong Disneyland Resort was open for approximately 30 days during the current quarter, compared to approximately 25 days in the prior-year quarter. Walt Disney World Resort and Shanghai Disney Resort were both open in the current quarter. In the prior-year quarter, Walt Disney World Resort closed in mid-March and Shanghai Disney Resort closed in late January. Our parks and resorts that were open during the quarter operated at significantly reduced capacities.