Recently，There are two things worth paying attention to at Disneyland America，First, shorten the operating hours from next month (September)；The second is to introduce preferential tickets to local residents。

In fact，These two incidents highlight Disney’s anxiety about traffic: no passenger traffic，Shortening operating hours reduces costs；Attract local residents，Naturally, it can increase customer flow to the greatest extent。

This is also reflected from another side，Under the raging new coronavirus，The main position of Disney’s theme park business has been severely impacted。

Latest data display，As of August 17th，California and Florida rank among the top two states in terms of cumulative number of confirmed cases and number of new confirmed cases。The cumulative confirmed cases are 628145 and 573416 respectively，California has 6520 new confirmed cases compared with the previous day，3779 new confirmed cases in Florida。

Disneyland in California is even less optimistic。Early June，Disney announces the reopening of Disneyland in California on July 17th on the occasion of its 75th anniversary，But had to give up because the company needed to wait for further guidance from the state government on epidemic prevention，In fact, many people protest against the factors that caused more people to be infected with the new coronavirus。Today，The epidemic in California is more serious than in Florida，The reopening of the park feels far away。

Relatively good Shanghai Disney，Although business recovery trend is improving，But it’s also “hard to support alone”。

Under the impact of the epidemic，How the two major (U.S.) domestic fronts of Disney’s theme park business respond to the crisis？What changes does Disney plan to make in the face of challenges？

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Disney recently 188bet app download announced，Since September 8th，Four theme parks at Orlando Resort in Florida will reduce operating hours。

Among them，Magic Kingdom closing time is moved up one hour to 6pm；Epcot (Future World) closing time is advanced two hours to 7 p.m.；Hollywood Studios will also close one hour earlier，Open until 7pm，Animal Kingdom opens one hour earlier to nine o'clock，The closing time is moved up one hour to 5 pm。

Currently，Visitors can already make formal reservations on the official website according to the above adjustment time。These Disney theme parks in Orlando will reopen in phases starting July 11th，Magic Kingdom and Animal Kingdom are open on that day，The other two theme parks also restarted on July 15th。

In view of the current severe anti-epidemic situation in Florida，Disney takes measures to ensure the safety of guests、Limit the number of visitors entering the park、Safety measures such as increasing the frequency of cleaning in the park are not difficult to understand。Although the company has not made any comment on the reasons for shortening the theme park operating hours，But minimizing operating costs when there are not enough tourists is also an important consideration。

The dismal third quarter results released by Disney in early August illustrate this point。

Financial report display，Disney lost nearly $5 billion in the third quarter，Among them, theme park-related business operating losses are 19.USD 6 billion，Decreased 214% year-on-year。Not only that，The revenue of this part of the business is only 9.US$8.3 billion，Down 85% year-on-year，Loss caused by the epidemic exceeds 3.5 billion US dollars。

Current epidemic，Shortening operating hours can reduce operating costs to some extent，But due to the unresolved travel ban between countries，Domestic interstate travel is strictly restricted，Ensuring that safety measures are in place and increasing visitors to the park is the key to solving the problem。

As the summer travel season comes to an end，Disney’s Walt Disney Resort begins looking for ways to increase attendance by attracting more local visitors。

Due to travel restrictions，Orlando-area theme parks struggled to attract fans throughout the summer。In order to 188bet online sports betting implement the safe distance policy，Major theme parks also had to reduce the number of visitors。This way，Local tourists have become the main consumers of these theme parks，But it’s mid-summer，Most Florida residents are reluctant to go out for fun when the epidemic is serious。However，With the arrival of autumn，The theme park hopes to attract more local residents to go out of their homes by increasing ticket discounts。

Recently，Disney launches Disney Magic Flex Ticket for Florida residents，Single-day ticket prices start as low as $49 (tax included)，Two-day ticket package will be $130 (tax included)，Three-day and four-day tickets are $174 and $190 respectively (before tax)，Valid until December 18th (cannot be used during Thanksgiving week)。This is more than half the price of the last single-day ticket, which was $109，Not to mention the highest single-day ticket is $159。

Early last month，Rival Universal Studios launches "buy one-day tickets"，New Year Card Discount" promotion。This move is also to increase the number of tourists。After all，Interstate travel is rare，Basically no international tourists，Disney and Universal Studios have also canceled post-closing Halloween events。Although the activity is profitable，But because there are few tourists，Also to reduce costs and ensure safety，Had to cancel temporarily。This way，The two giants can only alleviate the financial pressure caused by business closures in recent months by increasing the number of visitors during the day。

In Disney’s opinion，Discount is limited to local residents，It can both increase the number of visitors to the park，It is not because of the arrival of interstate tourists that the city of Orlando will suffer，More importantly, Disney employees and team members pose the risk of contracting the new coronavirus，After all, these foreign tourists may bring more confirmed cases to the local community。On the other hand，This can also avoid the risk of out-of-town fans bringing the new coronavirus back to their own communities。

Canceling dividends saves US$1.6 billion，The two core businesses will be difficult to recover in the short term

I have to say，The new crown epidemic has had a huge impact 188bet sports betting app download on Disney’s two core businesses。

First，Park、Experience and Consumer Products Business。After various parts of the world implemented lockdown measures due to the epidemic，The company’s theme parks and cruise operations are all closed。Shanghai Disney and Hong Kong Disney closed at the end of January，And by mid-March，Affected to all other Disney theme parks，Cruise routes are also canceled at this time。The final result is，Disney’s third quarter revenue from this part of the business fell 85% year-on-year。Second，Film and television entertainment business。Since few movies are showing in theaters，Disney’s revenue in this segment fell 55% in the third quarter。

In order to ensure the liquidity of its assets，Disney first issued $6 billion in new long-term bonds during the third quarter (ending June 30)，Reissued again shortly after the end of the third quarter9.USD 2.5 billion bond。Also，The company also reached a nearly one-year credit financing of US$5 billion。

Not only that，Disney also announced the cancellation of profit dividends for at least the first half of fiscal year 2019，This surprises many investors。This move could save Disney approximately $1.6 billion。1 per share for the whole year.76 USD calculation，This dividend figure is likely to be higher than the dividend for the entire fiscal year，Analysts estimate that the dividend for fiscal year 2020 will be approximately 1 per share.USD 6。

During the epidemic，Disney’s direct-to-consumer streaming and international businesses were the only bright spots。Due to lockdown at home，Many visitors to Disneyland enjoy the Disney+ streaming subscription service at home，This also resulted in the new service reaching 57.5 million subscribers at the end of the third quarter。Also，Although there are no sporting events，Disney’s sports streaming service ESPN+ subscribers more than tripled。

Despite the surge in streaming service subscribers，But because the proportion of revenue and profit contributed to Disney is very low，The company’s overall revenue fell by 42% in the third quarter，Earnings per share fell 94%。

However，Looking at it from another angle，Disney shares are slightly higher than third-quarter 188bet Online Sports Betting and Casino results suggest。As of August 15th，Disney’s stock price has decreased by approximately 10% compared with the beginning of the year，The stock price has not halved。Same as most other businesses，Disney stock sold off heavily in February and March，Later it gradually picked up。After recent months of recovery，The ratio of Disney’s stock price to net profit (PE) has risen to approximately 44。

But in the near future，Disney’s stock price will not rebound quickly due to the recent recovery。After all，No matter how fast Disney+ or other streaming services grow，The theme park and movie box office business, which accounted for more than half of the overall revenue last year, has always been Disney's core business，It is also the main source of cash flow。

Early attempts to restart theme parks have proven experience，As long as the epidemic continues to affect consumers’ travel decisions，Theme park business may take months to come，It may even take longer to return to pre-epidemic levels。Disney Cruise Line has repeatedly delayed the restart of its routes，The restart was recently postponed to October 31st。

Look around the world，Only Shanghai Disney, which has better epidemic control, has good news。The Ministry of Culture and Tourism recently issued the "Notice on Matters Concerning Promoting the Expansion and Resumption of Work and Operations of Tourism Enterprises"，Adjust the tourist attraction limit from 30% to 50% of the maximum carrying capacity。

August 17，Shanghai Disney Resort announcement，With the increase in daily carrying capacity，From August 24, 2020，Guests holding Shanghai Disneyland Annual Passes or non-designated day tickets will be able to visit the park on any applicable admission date that matches their annual pass or ticket category。All other visitors can purchase a designated day ticket to enter the park including the same day。

Also，Major movie theaters are still unable to show the latest movies。In this case，Disney will launch its latest blockbuster "Mulan" on the Disney+ streaming platform in September，Estimated to be 20.$99 available to members。

An analyst said，The COVID-19 crisis will not change the trend of Disney stock being held by investors for the long 188bet Online Sports Betting and Casino term。To some extent，The epidemic has been contained with the joint efforts of all sectors of society，Consumer demand for travel and consumption will slowly return。However，Considering the continuous losses year to date，Investors are already paying the price for expecting business to return to normal。Currently，Not even Disney can give a specific restart date，In a situation where the future is full of uncertainties，Potential investors may also be hesitating whether it is worth paying nearly 50 times PE for Disney。

Part of the information in this article is compiled from The Motley Fool、Theme Park Insider、Orlando Weekly and other websites