FX.co ★ Coronavirus costs Disney $175 mln

Coronavirus costs Disney $175 mln

Tourism and entertainment industry have seen the biggest financial losses from the recent coronavirus outbreak. Airlines around the globe cancel flights to China depriving the country of tourists while the locals have other things to worry about. The Walt Disney company has been another victim of the coronavirus infection which, according to preliminary estimates, lost $175 million. The main reason for it was a temporary closure of the Disneyland parks in Shanghai and Hong Kong. The losses are expected to be even bigger considering the fact that the entertainment parks were closed during the Chinese New Year holidays, a time when attendance is usually strong. Moreover, it is not clear when the parks will reopen again. The situation in Hong Kong has been even more dismal due to the continuing clashes in the region. Protest sentiment along with the coronavirus have had an adverse financial impact on Disney’s operating income in Hong Kong.

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