Disney Postpones Reopening of Disneyland

Disney's California theme parks and resorts have no new scheduled date for opening the gates, putting a dent in Disney shares.
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The Walt Disney Co.  (DIS) - Get Report said Wednesday it is delaying the planned reopening of its Disneyland and Disney California Adventure theme parks

After being closed for months due to the coronavirus pandemic, the resorts in Anaheim, Calif. had been scheduled to reopen on July 17.

The company did not give a new reopening date and said it anticipates California state officials will issue new guidelines sometime after the 4th of July.

"Given the time required for us to bring thousands of cast members back to work and restart our business, we have no choice but to delay the reopening of our theme parks and resort hotels until we receive approval from government officials,” the company said in a statement.

Disney shares fell Wednesday, along with the broader market, closing down 3.88% at $112.07. The stock was down another 0.22% in after-hours trade.

California on Wednesday tallied its biggest daily increase in COVID-19 cases. The state reported an additional 7,149 Covid-19 since Tuesday, a 69% increase. That brings the state total to more than 190,000 cases.

California is one of 30 states where case numbers are growing by 5% or more based on a 7-day average, according to a CNBC analysis of data compiled by Johns Hopkins University. The state’s seven-day average of new Covid-19 cases increased nearly 46% compared with a week ago, CNBC reported.