The park stands to lose huge amounts of revenue as Hurricane Milton makes landfall in Florida
Walt Disney World is set to see enormous revenue losses as Hurricane Milton makes landfall in Florida.
The hurricane is set to hit large parts of the Florida’s west coast, with warnings going out of storm surges up to 15 feet.
People are evacuating their homes ahead of the storm, which could see Florida being subject to winds of up to 160mph.
Disney has taken measures ahead of the hurricane’s arrival, announcing the temporary closure of several of its theme parks.
Milton, a category 5 hurricane at its peak, is projected to move through the Orlando area.
This is where one of Disney’s theme parks, Walt Disney World, is located.
A number of staggered closures have been announced, including Disney’s Hollywood Studios, Disney’s Animal Kingdom, and Magic Kingdom.
Reporting in Forbes said that Disney indicated that the parks would remain closed through Thursday, resulting in huge revenue losses.
@justthemeparks Hurricane Milton is here at Walt Disney World! We’re staying safe in our room at the Art of Animation & hope everyone else in Florida is safe too! We’d also like to say a huge thank you to all the cast members who are working through the hurricane and those who kept the Magic Kingdom open this morning! The small queue’s definitely helped distract us! ❤️😂 Trust us to time our vacation during a hurricane! 🌀 #hurricanemilton #wdw #waltdisneyworld #artofanimation #disneyparks #themeparks ♬ original sound – justthemeparks
A report released by Goldman Sachs on Tuesday indicated that Disney could see losses between $150 million and $200 million as a result of the storm closures.
This is not only as a direct result of closures, the report claims, but also due to a reduction in attendance after the parks reopen due to the storms.
The report projects that attendance could decline by as much as six percent this quarter as a result of the storms.
The projections contained in the report would make Hurricane Milton the costliest storm in Florida since 2017’s Hurricane Irma, according to CNBC.
Disney has said that Irma cost it around $100 million in revenue as it closed Walt Disney World for two days, as well as cancelling sailings on the Disney Cruise Line.
According to reporting from USA Today, Walt Disney World has been forced to close due to hurricanes on at least seven previous occasions.
Orlando is currently subject to a hurricane warning, with very high winds expected through Thursday.
According to the National Weather Service winds are expected to reach speeds between 74 and 110 miles per hour in the area, with around 12 inches of rainfall predicted.
The National Weather Service has warned the wind speeds are a ‘threat to life and property’ and instructed residents to ‘prepare for considerable wind damage’.
Video posted to TikTok shows the wind beginning to pick up at Walt Disney World ahead of the hurricane’s arrival.
It was shot by someone who had taken refuge in their hotel room during their stay.
