Walt Disney World guests break out ponchos as bands of weather from Hurricane Helene move through … [+]
Walt Disney World is set to close its doors tomorrow as Hurricane Milton, now a powerful Category 5 storm, approaches the coast of Florida. The theme park announced on Tuesday, October 8, 2024, that a series of closures will begin on Wednesday, October 9, 2024, in anticipation of the hurricane’s impact. This decision comes after a report from Goldman Sachs predicted the storm could cause financial losses of up to $150 million for Disney’s parks division.
The Orlando area, where Walt Disney World is located, is expected to be hit hard by the storm. Hurricane Milton is currently projected to make landfall near Tampa before moving inland toward Central Florida. The National Weather Service has issued a hurricane warning for the region, and residents and visitors have been urged to prepare for severe weather conditions.
Walt Disney World announced that Disney’s Hollywood Studios and Animal Kingdom will close at 1 p.m. EDT on Wednesday, with Magic Kingdom, EPCOT, and Disney Springs shutting down at 2 p.m. EDT. The closures are expected to last through Thursday, though the timeline may be extended depending on the severity of the storm. Disney has also canceled its popular “Mickey’s Not-So-Scary Halloween Party,” which was scheduled to take place on Wednesday evening at Magic Kingdom. Guests who purchased tickets for the event will receive refunds.
In addition to the theme park closures, Disney has taken steps to ensure the safety of guests staying at its resort hotels. The company announced that Fort Wilderness Campground and its villas at Wilderness Lodge and Saratoga Springs Resort will close at 11 a.m. EDT on Wednesday and will remain closed until at least Sunday. Transportation services across the resort will be suspended once the parks close, though limited taxi services will be available for guests in need.
The financial impact of Hurricane Milton on Disney is expected to be significant. Goldman Sachs analysts projected that the storm could reduce Disney’s earnings by between $150 million and $200 million this quarter, primarily due to park closures and other operational disruptions. The storm is also expected to lead to a 6% decline in park attendance for the quarter, according to the report. Disney has not yet commented on these estimates or provided additional details about its financial outlook.
The Orlando area is bracing for hurricane-force winds and heavy rainfall as Milton moves through the region. The National Weather Service warned that wind speeds could reach between 74 and 110 miles per hour, consistent with a Category 1 or 2 hurricane. The storm is expected to bring between eight to twelve inches of rain, which could cause widespread flooding. Local officials have warned that the combination of strong winds and heavy rain poses a serious threat to both life and property.
Walt Disney World has closed several times in the past due to hurricanes, with the most recent closure occurring during Hurricane Irma in 2017. During that storm, Disney was forced to close its parks for two days, and the company reported a financial loss of $100 million as a result. If Goldman Sachs’ estimates are accurate, Hurricane Milton could surpass Irma in terms of the financial damage it inflicts on Disney.
As the storm approaches, Disney and local authorities are closely monitoring the situation and providing updates to guests and residents. The company has stated that it will make further adjustments to its operations as needed, based on the latest weather forecasts. In the meantime, guests are advised to stay indoors and follow all safety instructions provided by resort staff and local emergency services.
While the financial toll of Hurricane Milton is expected to be high, Disney’s priority remains the safety of its guests and employees. The company is taking all necessary precautions to ensure that everyone on its property is protected from the potentially life-threatening conditions caused by the storm.
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