Just when Americans thought it was safe to return to fun and games, the delta variant has abruptly changed the situation, and no company may feel the pinch more than Walt Disney Co.
Bowing to a surge in COVID cases and hospitalizations in Florida and California, the homes of the Walt Disney World Resort and Disneyland Park, the company reintroduced mask requirements for attractions and indoor venues. The immediate impact, if any, on attendance is hard to gauge, though should show up in the company’s forecast.
Despite a momentary return to some sense of normalcy because of vaccinations, Americans’ appetite for video-streaming services remains high: Nearly four out of five said they watch as much or more content than they did six months ago, use more providers , and spend more on services , according to a J.D. Power survey of 1,209 people in June.
“We worry that theme parks, cruise ships, or cinema attendance may not return to pre-COVID levels during 2021, which current valuations anticipate,” Martin said in a July 1 note. “We do believe that Disney has a strong enough balance sheet to weather a longer COVID-induced earnings downdraft.”
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