ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
The Walt Disney Co., one of the world's most successful theme park operators, needs to reduce its spending due to the negative economic impacts of the Covid-19 pandemic.
The Burbank, California-based media giant, which owns and operates Walt Disney World Resort in Orlando, scaled back capital expenditures this year by $700 million, said company executives during an Aug. 4 earnings call for its fiscal third quarter ending June 27. Those primarily appear to be reductions in expected expenditures in the firm's theme parks.
“We have continued to refine our capital spending plan and we now expect total [capital expenditures] for fiscal 2020 to be approximately $700 million lower than prior year, largely due to lower spending at our domestic parks and resorts. These are certainly fluid times and we are proud of our management team and cast members for going above and beyond to position our company well for a very exciting future,” said Christine McCarthy, Disney’s senior vice president and chief financial officer, during the call.
Click here to read Richard Bilbao’s story on the Orlando Business Journal’s website.
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