Once a Cash Cow, Disney’s Theme Parks Now Weigh on Profit
- Visitors to the domestic resorts could fall by half this year
- Are Mickey-themed face masks a hint of future park life?
An employee cleans the grounds behind the closed gates of Disneyland Park in Anaheim, California, in March.
Photographer: David McNew/AFP via Getty Images
This article is for subscribers only.
As Walt Disney Co.’s cable channels lost subscribers in recent years and the company pumped billions of dollars into new streaming services, theme parks were a steady source of profit.
Last year, operating income at Disney’s largest division rose 11% to $6.76 billion, making it the company’s fastest-growing profit driver. The results were so strong that Disney promoted parks head Bob Chapek in February to succeed longtime Chief Executive Officer Bob Iger. It’s an entirely different story today.