Disney told investors on Thursday that the protests in Hong Kong have led to a “significant decrease” in tourism in the region
, forcing the company to significantly revise its projects for Hong Kong Disneyland.
Disney CFO Christine McCarthy told analysts on the company’s quarterly earnings call that the company expects Hong Kong Disneyland income to fall by $80 million in its next quarter, and that if the unrest continues, the park could see a $275 million decline for the year.The ongoing pro-democracy protests in Hong Kong began in the spring, becoming much larger over the summer.
Disney’s Shanghai and Paris parks saw growth in the quarter, offset by the declines at Hong Kong Disneyland. In the U.S., Disney World results were comparable to the same quarter a year ago, despite Hurricane Dorian impacting the park. "We still feel very good about the demand for our domestic park product," McCarthy told analysts, noting that booked rates were up 5 percent compared to last year.
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