Disney Shares Gain as Group Prepares Walt Disney World Reopening Plan

Disney executives will pitch a re-opening plan for Walt Disney World, the group's most important theme park, to Orlando, Florida officials later this morning.
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Walt Disney Co.  (DIS) - Get Report shares were indicated higher in pre-market trading Wednesday as the entertainment and media group prepares for a phased re-opening of theme parks in the state of Florida. 

Disney executives will submit plans for the re-opening to the Orange County Economic Recovery Task Force later today. Any decision will ultimately need to be approved by Florida Governor Ron DeSantis, who said earlier this month that plans need to include "how they are going to do it, how they’re going to accommodate the guests, how they’re going to protect the staff and then they need to have an endorsement from the local official in their locality."

Disney operates four theme parks at its Walt Disney World Resort in Orlando, Florida, which bring in more than 150 million visitor each year.

In the financial year ending in September 2019, Disney said its Parks, Experiences and Products division, the company's largest, generated $26.3 billion in annual revenue.

Disney began closing its theme parks in January as the coronavirus began to take hold in China, where it operates Shanghai Disneyland. Disney’s U.S. theme parks have been closed since mid-March, but with Florida easing lockdown restrictions, the company started taking reservations for both Walt Disney World theme parks and Disney Resort hotels that would being on July 1.  

Disney shares were marked 2.12% higher in pre-market trading Wednesday to indicate an opening bell price of $123.51 each, a move that would trim the stock's year-to-date decline to around 14.7%.