Disney ends fiscal year 2019 with solid performance

The Walt Disney Co. theme parks ended the 2019 fiscal year with solid performance, despite rising costs in their parks due to expansions.

Entertainment giant Burbank - which owns and operates several theme parks, including Walt Disney World in Orlando - reported a revenue increase of 6% in its theme park division for fiscal year 2019, from US $ 24.7 billion in the last fiscal year to US $ 26.2 billion this year . The financial well-being of the Disney theme parks is critical to the success of tourism and travel in Orlando, an industry of US $ 70 billion which attracted a record 75 million visitors in 2018 - many of whom passed through the turnstiles at the Disney parks.

Disney's theme park business - part of the Parks, Experiences and Products division - recorded a revenue in the fourth fiscal quarter of US $ 6.65 billion, an increase of 8% compared to US $ 6.13 billion in the same period of the previous year. "Our solid results in the fourth quarter reflect the continued strength of our brands and businesses" said Disney chairman and CEO Bob Iger in a statement.

Here are some highlights of the Disney parks' performance in the earnings report:

- Results at the Walt Disney World Resort were comparable to the previous year's quarter, despite the adverse impact of Hurricane Dorian.

- Increases in guest spending and, to a lesser extent, in occupied room nights, were offset by higher costs.

- The higher costs were driven by expenses associated with Star Wars: Galaxy's Edgeopened on August 29, and inflation costs.

- The growth in visitor spending is mainly due to the increase in spending on food, drink, merchandise and the increase in the average ticket price.

- the growth of the Disneyland Resort in California is mainly due to higher guest spending, partially offset by spending associated with Star Wars: Galaxy's Edge, which opened on May 31.

- The growth in guest spending at Disneyland was mainly due to an increase in the average ticket price and higher spending on food, drink and merchandise.

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[mpc_textblock content_width="100"]Hurricane Dorian, which threatened central Florida in September, had a wide-ranging impact on the local tourism market. SeaWorld Entertainment Inc reported lower attendance due to the storm, similar to Orlando International Airport and Orange Country, which reported drops in passenger taxes and tourist development fees in September, respectively. However, Disney's boost is great news for OrlandoThis is because it guarantees the theme park giant's commitment to investing in new attractions, experiences and resorts in Orlando. These new investments enhance experiences that can result in extended vacations and repeat visits, which helps increase guest spending in hotels, restaurants, stores and more. What's more, as a leader in the theme park sector, its innovations often encourage its competitors to increase their attractions. Disney's four theme parks in Orlando - Magic Kingdom, Animal Kingdom, Epcot and Hollywood Studios - have received almost 58 million visitors in 2018This represents more than 70% of the region's market share. Disney has several new projects in the pipeline, including: - A complete overhaul of Epcot, including a series of new attractions, areas and experiences. - A new Tron roller coaster at the Magic Kingdom - A new Star Wars-themed resort that will operate as a cruise ship - Several new resorts are underway, including Disney's Riviera Resort, which will open in December, and the new Reflections Resort. Source: Orlando Business Journal To view the original article, click here. [/mpc_textblock]

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