Summer Business Looks Sluggish At Disney, Universal Theme Parks
interactive.wsj.com
. . .Attendance at the Walt Disney World resort in Orlando, Fla., where Disney operates four theme parks and a fleet of hotels, is down by 7% or so during the current quarter, according to people familiar with the matter. . . .
Occupancy at Disney hotels in Florida, which usually hovers well above 90%, is down about the same as attendance. The company this quarter is also unlikely to show increased spending by guests when they are in the parks, a feat Disney has consistently managed for several years. . . .
. . .California Adventure has been such a disappointment that the company last week launched a discount program for Southern California residents. Attendance at Disneyland is down 3% to 4% during the quarter. . . .
Disney Chief Financial Officer Tom Staggs says the attendance decline for the next quarter is likely to be similar to what Disney has seen for the current quarter. . .
Merrill Lynch analyst Jessica Reif Cohen. . . ."I think they're in for three or four quarters of very tough comparisons," she said. Disney Parks and Resorts Chairman Paul Pressler said a particular problem for Disney in Orlando has been a decline in international visitation, especially from Europe, where the euro is weak compared with the dollar. . . .
Steve |
