The Walt Disney Company reported its quarterly earnings report yesterday for the quarter ending December 31 2016.
Parks and Resorts revenues increased 6% to $4.6 billion, despite attendance falling. Higher operating income came from an increase in guest spending due to higher average ticket prices, hotel room rates and increased food and beverage spending. Resort occupancy was down slightly to 91%.
Attendance in the domestic parks was down 5%, although unfavorable conditions including Hurricane Matthew were estimated to account for 4% of that drop. Disney estimated that the park closures related to Hurricane Matthew cost the company $70 million, through disrupted operations at Disney World.
Operating costs at the parks were flat, as cost inflation was offset by cost saving measures.
Disney CEO Bob Iger also put an opening timeframe of 2019 for Star Wars Land at both Disneyland Resort and Walt Disney World, along with an opening date for Pandora - The World of Avatar.
Listen to the full earnings call and report.
Feb 08, 2017 / 12:00pm EST