by Donald Wood
Last updated: 10:40 AM ET, Fri February 12, 2021
Disney's theme parks have been significantly impacted by the ongoing coronavirus outbreak, but the company is confident the future will be bright for its brands.
During an earnings conference call for the first fiscal quarter, Chief Financial Officer Christine McCarthy announced that the combination of reduced capacity at open theme parks and the closures of other properties resulted in a 50 percent drop in revenue and losses totaling $2.6 billion.
McCarthy did say the parks division of Disney "achieved a net incremental positive contribution," which means the company made more than it cost to operate the facilities.
Disney Chief Executive Officer Bob Chapek also shared good news, as he reported attendance at the parks and future reservations were on the rise and outpacing supply in some cases.
"We have ample demand for our parks," Chapek said. "Despite everything that has happened with the pandemic, we have made a pretty big impression our guests and prospective guests in terms of safety measures to give assurances to people that they should come, and bring their families, and we are very, very pleased with the response."
As for the fate of the still-closed Disneyland, members of the California government recently introduced legislation that would allow larger theme parks to reopen earlier than Gov. Gavin Newsom's current plan.
Chapek did announce that Disneyland's California Adventure plans to expand outdoor dining at the theme park by mid-March.
During the call, the CEO was asked about when officials expected some semblance of normalcy at the parks. Chapek said he thinks the remainder of 2021 will feature social distancing and mandatory masks, but vaccines could "give people the confidence that they need to come back to the parks."
Officials believe Disneyland and other parks may be mask free and without social distancing guidelines in 2022, when the majority of the population has been vaccinated.
"Will there be some overlap until we know that we have hit herd immunity?" Chapek asked. "Sure, there will. But do we also believe that we will be in the same state of six-foot social distancing and mask wearing in 2022? Absolutely not."
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