Disney (DIS) plans to add attractions to its California parks as it updates and renovates the 490-acre Anaheim resort with new stores and restaurants as well. Disney shares gave up gains.
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No new theme park is in the works. Instead, the plan, dubbed Disneyland Forward, provides for new attractions, shops and restaurants in undeveloped areas of the existing resort.
Disney officials said it was too early in the process to share construction costs. She hopes to submit development plans for approval to the Anaheim City Council by 2023.
The last major major renovation of the resort was when he spent $ 1 billion to build Star Wars: Galaxy’s Edge, which opened in May 2019. Avenger Campus, which features Marvel superhero characters, is scheduled to open soon. at Disney California Adventure.
The announcement comes at a time when Disneyland is due to reopen with limited capacity on April 30. California’s parks have been closed for more than a year due to the pandemic and have been the biggest obstacle to Disney’s actions.
Park revenue fell 53% to $ 3.59 billion in the first quarter. Operating revenue from the park segment was impacted by US $ 2.6 billion. Disney sees costs related to regulations and security measures totaling $ 1 billion in fiscal year 2021.
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Disney Stock
Shares closed down 0.5% to 185.92 on today’s stock exchange. DIS shares reached an all-time high of 203.02 on March 8, when news of the park’s reopening first appeared. Disney shares are extended from an 183.50 point of purchase from a flat base, according to analysis by the MarketSmith chart.
The relative strength line of Disney’s shares is showing an upward trend again, after a decline earlier this month. The RS rating of DIS shares is 71 out of 99 possible.
Streaming rival Netflix (NFLX) rose 1%. Among other theme park actions, Six Flags Entertainment (SIX) decreased by 0.5% and SeaWorld Entertainment (SEAS) lost 1%.
Meanwhile, the company also said earlier that its long-awaited Marvel Studios film, “Black Widow”, will be in theaters and Disney + Premier Access on July 9.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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