Disney Theme Parks Not Seeing 'Economic Hangover'
09.11.2023 - 04:43
/ Bob Iger
/ Dawit Habtemariam
Bookings at Disney’s theme parks continue to be strong despite economic headwinds, company executives said in a Wednesday earnings call.
“We’re not seeing anything in terms of an economic hangover,” said Kevin Lansberry, Walt Disney’s interim chief financial officer. “Domestically we feel good. Internationally we feel good.”
Bookings at Disneyland and Disney Cruise Line continue to be “very, very strong,” he said.
Disney Theme Parks and Experiences reported revenue of $8.2 billion in the fourth quarter, up 13% from last year. Operating income stood at $1.8 billion, up 31% from the previous year.
In the quarter, the domestic division’s operating income rose 9% to $808 million. The rise was due to growth at Disney Cruise Line and Disney Vacation Club. Domestic parks and resorts experienced weaker results, thanks to higher costs related to the closure of Star Wars: Galactic Starcruiser and inflation.
The international side’s operation income rose over 100% to $441 million. The jump was due to Shanghai Disney Resort and Hong Kong Disneyland. Both parks experienced guest spending growth attributable to higher ticket prices and increased attendance.
Disney Parks and Experience will be one of the four key building opportunities central to Walt Disney Corporation’s success, said CEO Bob Iger. He said the company is focused on “turbocharging growth in our parks and experiences business.”
In the full fiscal year, Disney invested $5 billion in its parks, resorts and property.
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