Disney (DIS) plans to add attractions to its California parks as it updates and renovates the 490-acre Anaheim complex with new stores and restaurants as well. Disney shares lost gains.
No new theme park is in the works. Instead, the plan, dubbed Disneyland Forward, calls for new attractions, shops and restaurants in undeveloped areas of the existing complex.
Disney officials said it is too early in the process to share construction costs. He hopes to submit development plans for approval to the Anaheim City Council by 2023.
The last major renovation completed at the complex was when it spent $ 1 billion to build Star Wars: Galaxy’s Edge, which opened in May 2019. Avenger’s Campus, which features Marvel superhero characters, is opening soon at Disney California Adventure.
The announcement comes as Disneyland will reopen at limited capacity on April 30. California parks have been closed for more than a year due to the pandemic and have been the biggest drag on Disney’s actions.
Revenues from the parks plunged 53% to $ 3.59 billion in the first quarter. The operating income of the parks segment was affected by $ 2.6 billion. Disney sees costs related to regulations and security measures totaling $ 1 billion in fiscal 2021.
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The shares closed 0.5% lower at 185.92 in the stock market today. DIS shares hit an all-time high of 203.02 on March 8, when news of the parks reopening emerged. Disney shares are extending from a buy point of 183.50 from a flat base, according to MarketSmith’s chart analysis.
The relative force line for Disney stocks is trending up again, after a slide earlier this month. DIS’s stock RS rating is 71 out of a possible 99.
Rival streaming Netflix (NFLX) was up 1%. Among other theme park actions, Six Flags Entertainment (SIX) fell 0.5% and SeaWorld Entertainment (SEAS) lost 1%.
Meanwhile, the company also previously said that its highly anticipated Marvel Studios film “Black Widow” will be in theaters and on Disney + Premier Access on July 9.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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