Apr 25, 2020 - Economy & Business

Disney parks might not reopen until next year

Walt Disney World on March 23 in Orlando, Florida. Photo: Alex Menendez/Getty Images

A financial analyst at the Swiss banking giant UBS advised Monday that Disney will likely wait until January 2021 to reopen its parks and resorts, the Los Angeles Times reports.

The big picture: At least 43,000 unionized Disney World workers have been furloughed since April 19, as the company began increasing its access to cash to weather the storm caused by the novel coronavirus.

  • When reopening, UBS predicted that Disney will only see half of the park attendance it garnered in 2019, per the Times.
  • "We believe Parks' profitability will be impaired for a longer period of time given the lingering effects of the outbreak and now assume an opening date of Jan. 1 as our base case," UBS managing director of investment research John Hodulik wrote in his Monday report, per USA Today.

The other side: JPMorgan analyst Alexia Quadrani told Barron's in mid-April that she assumed domestic parks would reopen on June 1, noting that Disney World hotels were accepting reservations on that date.

Flashback: Disney closed its parks and resorts on March 27 "until further notice," after originally shuttering them for a month.

  • The company said it would pay hourly cast members until April 18.

Go deeper: Disney becomes one of Hollywood's biggest coronavirus victims

Go deeper

Trump's week of viral quicksand

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Stories about President Trump's photo op at St. John's church after peaceful protesters were forcefully cleared from the area averaged the most online attention of any issue about the president this week.

Why it matters: Trump's force-over-compassion approach to the demonstrators protesting the murder of George Floyd had Republican allies backpedaling to keep a distance — and led to a wave of condemnations that got plenty of online traction on their own.

Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.