Disney announced plans to reopen Shanghai Disneyland next week after a three-month coronavirus closure as the company revealed its theme park division absorbed a $1 billion loss as a result of the COVID-19 pandemic that has shuttered all of its parks around the globe.To get more shanghai news today, you can visit shine news official website.

Disney’s dependence on big crowds has made the Burbank company’s sprawling empire of theme parks, hotels, restaurants, shops, movie studios, theatrical shows, cruise ships and sports networks particularly vulnerable to the COVID-19 pandemic.

New Disney CEO Bob Chapek and Executive Chairman Bob Iger outlined the company’s financial troubles on Tuesday, May 5, during the first earnings report since the coronavirus crisis hit the United States.While the COVID-19 pandemic has had an appreciable financial impact on a number of our businesses, we are confident in our ability to withstand this disruption and emerge from it in a strong position,” Chapek said in a statement. "Disney has repeatedly shown that it is exceptionally resilient, bolstered by the quality of our storytelling and the strong affinity consumers have for our brands, which is evident in the extraordinary response to Disney+ since its launch last November.”

The Shanghai Disneyland theme park will reopen on Monday, May 11, Chapek said. The Shanghai Disneyland resort had previously reopened its outdoor shopping district and a hotel. Capacity and density will be reduced and health and safety protocols will be introduced at Disney theme parks, Chapek said.While it’s too early to predict when we’ll be able to begin resuming all of our operations, we are evaluating a number of different scenarios to ensure a cautious, sensible and deliberate approach to the eventual reopening of our parks,” Chapek said on the earnings conference call.

Disney’s theme park division took a $1 billion hit in operating income in the second quarter due to the COVID-19 pandemic. Revenue declined $628 million for the quarter for Disney’s Parks, Experiences and Consumer Products division. Disney has paused $900 million in construction and refurbishment projects at its theme parks as a result of the coronavirus outbreak.Attendance and visitor spending at Disney’s U.S. parks had been higher prior to the closure of the Disneyland and Walt Disney World resorts amid the COVID-19 pandemic. Attendance at Disney’s U.S. theme parks was down 11% during the quarter.

People find comfort and inspiration in our messages of hope and optimism,” Iger said on the conference call. "We believe people will resume familiar activities once this crisis ends. They miss doing the things they enjoy. Things that make them feel happy and connected with family and friends.”

The COVID-19 pandemic has devastated the entertainment giant. Disney’s 12 theme parks around the globe are shuttered. The company’s eight movie studios are at a near standstill. Disney’s four cruise ships are docked under a no-sail order. Its three Broadway shows have gone dark. ESPN has no live sports to broadcast. The lone bright spot: The Disney+ and Hulu streaming services are humming with so many stay-at-home orders.

"The response to Disney+ in particular has exceeded even our highest expectations,” Chapek said on the conference call.Disney’s second quarter earnings report only offers a glimpse of the fiscal pain the company is facing — capturing only the first two weeks of the COVID-19 crisis in the U.S. that is now approaching the two-month mark.

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