Walt Disney World will be closed tomorrow as Hurricane Milton could take a $150 million toll
Topline
Walt Disney World has announced several theme park closures starting Wednesday due to Hurricane Milton — which is projected to rip through Central Florida — after a Goldman Sachs report released Tuesday said Disney could take a nine-digit financial hit from the impending storm.
Walt Disney World guests shed ponchos as they pass through Hurricane Helen's weather band … [+]
Basic information
Milton, now a Category 5 storm, is expected to pass through the Orlando area after landfall on Wednesday near Tampa, Florida, where Walt Disney World is located.
Disney's Hollywood Studios and Disney's Animal Kingdom theme parks announced several staggered park closures at 1 p.m. EDT and 2 p.m. EDT Wednesday, including the closure of Magic Kingdom Park, EPCOT and Disney Springs, and said it was likely the parks would remain closed through Thursday.
Disney also said its transportation will cease after its theme parks close on Wednesday—although Walt Disney World Resort guests will have limited taxi service—and canceled Mickey's Not-So-Scary Halloween Party at Magic Kingdom Park, offering ticket refunds. will be
Earlier Tuesday, Disney said its Fort Wilderness campground and villas at Disney's Wilderness Lodge and Saratoga Springs Resort would close at 11 a.m. EDT Wednesday and likely remain closed through Sunday, adding that it was “closely monitoring” the storm's path and “preparing Making “adjustments based on the latest weather forecast.”
Analysts at Goldman Sachs estimated Tuesday that expected shutdowns and other disruptions from the storm will reduce revenue at Disney's parks division by between $150 million and $200 million this quarter.
As cited by CNBC, Goldman Sachs projects, the storm will also help reduce park attendance by about 6% this quarter.
Disney has not yet responded to requests for comment about the hurricane and the Goldman Sachs report.
watch for what
The Orlando area is now under a hurricane warning, with hurricane force winds expected Thursday morning and tropical storm force winds expected to continue through Thursday afternoon, according to the National Weather Service at 5 p.m. EDT Tuesday. Wind speeds are expected to reach 74 to 110 miles per hour, consistent with a Category 1 or 2 hurricane, with an estimated rainfall of at least eight to 12 inches. The National Weather Service urged local residents to “prepare for significant wind damage” and called the wind speeds and rain a “threat to life and property” and warned of the possibility of several tornadoes.
Amazing event
If Goldman Sachs' estimates are correct, CNBC notes Hurricane Milton would be the costliest Florida storm for Disney since Hurricane Irma in 2017. The company said its parks segment suffered $100 million in losses from the storm, which closed Walt Disney World for two days. And Disney Cruise Line has canceled multiple sailings. According to USA Today, Walt Disney World has closed at least seven times in the past due to hurricanes.
Which tourist hotspots will be closed?
Universal Resort Orlando announced Tuesday afternoon that it will close Wednesday at 2 p.m. EDT and remain closed Thursday, canceling its popular Halloween Horror Nights events on Wednesday and Thursday. Legoland Florida Resort and SeaWorld Orlando will both be closed Wednesday and Thursday, and Busch Gardens Tampa will be closed now through Thursday. In addition to its theme parks, Disney's Typhoon Lagoon Water Park, Winter Summerland Miniature Golf and Fantasia Gardens Miniature Golf will be closed Wednesday. Orlando International Airport will be closed to commercial air travel at 8 a.m. Wednesday, but will be open to receive any flights, including emergency relief assistance.
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