After the news that Disney is going to re-open its hotels, the DIS stock price has started to increase in the pre-market.
The shares of the Walt Disney Co (NYSE: DIS) are rebounding in the pre-market today amid plans to reopen about 50% of its hotels before the end of the year.
Per the Reuters report, the plans by Walt Disney (DIS) to reopen a little over 50% of its hotels were confirmed by Christine McCarthy, Senior Executive Vice President and Chief Financial Officer of the Walt Disney Company. McCarthy made this known via online video to the Bank of America Virtual 2020 Media, Communications & Entertainment Conference on Thursday.
With the news, the shares of Walt Disney which closed 0.10% on Thursday has corrected in the pre-market. The shares rose by 0.47%, eroding the previous day’s loss. As at the time of writing, DIS shares were trading by $133.84 in the pre-market. A trajectory investors will hope to get sustained.
Disney Businesses and Hotels Got Shut Down During the COVID-19 Virus
The impacts of the coronavirus pandemic were mostly felt on businesses that have a huge inflow of people and the Walt Disney Company (DIS) as a media and entertainment company falls in this category. The company shut down its parks, Hotels, and business operations in order to help curb the spread of the coronavirus.
As Coinspeaker earlier detailed, In 2018, the Walt Disney World was the most visited vacation resort in the world, with an average annual attendance of more than 58 million. The resort is the flagship destination of Disney’s worldwide corporate enterprise and has become a popular staple in American culture. It went on lockdown in March 2020 and the phased reopening has been faulted based on the coronavirus concerns in its State of Location, Florida.
The coronavirus concerns are still existent as the nation keeps recording new cases but amid this, the entertainment juggernaut has perfected plans to open its hotels more than 50% capacity.
Assurances for Reopening
The Walt Disney (DIS) resorts and Hotels can receive huge inflows of people particularly those who have been lockdown in the past months who would be in dire need of fun. As the coronavirus scare is still largely existent, the company has noted plans to ensure visitors adhere to safety measures.
With the reopening plans, there are key measures as outlined by CNN for which everyone visiting either the Disney park or Hotels must note. There is a No Mask No Entry policy, and the fireworks and parades in the park are on indefinite suspension in order to discourage crowd gathering. The use of hand sanitizers is also greatly encouraged as thousands of such units are made available and the choices of hotels and restaurants are limited in order to minimize exposure.
Though the measures were enacted back in July, there have been no revisions and as such, the freedom to enjoy the iconic Walt Disney parks and hotels may be somewhat limiting.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.