Disney coronavirus closure could stretch to June

    Disney theme parks in the US are expected to reopen in June following an extended coronavirus closure, according to an analysts report from J.P.Morgan.

    The J.P.Morgan analysts pushed their previous expected reopening date for Disney theme parks from May 1 to June 1 in the latest report and projected that Shanghai Disneyland could reopen by May 1.

    Disney World’s theme parks, entertainment district and hotels closed in mid-March, and Disney has been paying its workers while they stay at home. That is scheduled to end April 19.

    The report also estimates that the shuttering of all 12 Disney resorts around the globe will cost Disney around $5 billion in lost revenue in fiscal year 2020.

    “Near-term, COVID-19 concerns impact several segments of the business with the Parks most exposed given the potential for a large profit hit if domestic parks see a meaningful drop in attendance or if the parks close for a prolonged period given the high fixed costs structure of the business,” according to the J.P.Morgan analyst report.