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Disneyland to Reopen April 30 as California Eases COVID Rules

Disneyland will reopen April 30 at 15% capacity, though, California is now allowing theme parks to operate at up to 35% capacity.
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Shares of Disney  (DIS) - Get Walt Disney Company Report jumped Wednesday after Chief Executive Bob Chapek said Disneyland would reopen on April 30. 

Disney's Grand Californian Hotel and Spa will reopen April 29 with limited capacity ahead of the opening of the company's two parks in California the next day. 

"I think as people become vaccinated, they become a little bit more confident in the fact that they can travel, and, you know, stay COVID-free," Chapek told CNBC Wednesday. 

"Consumers trust Disney to do the right thing, and we’ve certainly proven that we can [open] responsibly, whether it’s temperature checks, masks, social distancing, [or] improved hygiene around the parks."

Disney shares at last check were little changed at $194.35 after spending most of the morning session in the red.

Theme parks in California for the past year have been closed due to COVID-19-related restrictions, but new state guidelines allows amusement parks to begin reopening on April 1 with 15% to 35% capacity, depending on the prevalence of the virus within the community. 

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Chapek said that the company's two California parks will operate at about 15% capacity to start. 

In its most recent quarter, Disney's parks segment saw a 53% decline in revenue year-over-year to $3.6 billion due to the coronavirus pandemic.

In November, Disney said it was planning to lay off 32,000 workers by the end of March, with most of the job cuts taking place in the company's theme parks, where thousands had already been furloughed or laid off. Some 37,000 Disney employees were on furlough as of Oct. 3, according to a November filing.

Disney has been operating its Disney World theme park for about nine months in Florida, thanks to more lax restrictions in that state. 

Disney previously called California's restrictions "unworkable."

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