Walt Disney World closes as storm expected to cause loss of profits

Topline

Walt Disney World announced a series of theme park closures starting Wednesday due to Hurricane Milton, which is expected to hit Central Florida, after a Goldman Sachs report released Tuesday predicted that Disney is expected to suffer a nine-figure financial loss from the approaching storm.

Important facts

What you should pay attention to

A hurricane warning is currently in effect for the Orlando area, with hurricane-force winds expected Thursday morning and tropical-storm-force winds expected to continue through Thursday afternoon, according to the National Weather Service as of 5 p.m. EDT Tuesday. Winds are expected to be between 74 and 110 miles per hour, equivalent to a Category 1 or 2 hurricane, with at least 8 to 12 inches of rain forecast. The National Weather Service is urging residents to “prepare for significant wind damage,” calling the forecast wind speeds and rainfall a “threat to life and property” and also warning of the threat of multiple tornadoes.

Surprising fact

If Goldman Sachs’ estimates are correct, CNBC notes that Hurricane Milton would be the costliest Florida storm for Disney since Hurricane Irma in 2017. The company said its parks segment lost $100 million due to this storm, which resulted in Walt Disney World being closed for two days and several Disney Cruise Line cruises being canceled. According to USA Today, Walt Disney World has had to close at least seven times in the past due to hurricanes.

Which tourism hotspots will be closed?

Universal Resort Orlando announced Tuesday afternoon that it will close at 2 p.m. EDT on Wednesday and remain closed on Thursday and is canceling its popular Halloween Horror Nights events on Wednesday and Thursday. Legoland Florida Resort and SeaWorld Orlando are both closed Wednesday and Thursday, and Busch Gardens Tampa is now closed through Thursday. In addition to the theme parks, Disney’s Typhoon Lagoon water park, Winter Summerland mini golf course and Fantasia Gardens mini golf course will be closed on Wednesday. Orlando International Airport will close to commercial flights starting at 8 a.m. Wednesday, but will remain open to receive emergency relief flights.

Further reading

ForbesHurricane Milton: Winds pick up as ‘extremely dangerous’ storm heads toward Florida – here’s what you need to knowFrom Sara Dorn