Walt Disney Company Quarter 2 Earnings Report 2020

[e_yerger]

Pete is so stuck on Epcot having construction done by next year. That simply isn’t going to happen.

Everything that is already torn up will be "complete" to some extent. Maybe not all the bells and whistles that were previously touted and promised. But there is no way they're having major construction walls up (ie future world's current state) for the 50th.

 

[RamblingMad]

Pete is so stuck on Epcot having construction done by next year. That simply isn’t going to happen.

He's remarkably positive. I caught the last half. I'll catch the beginning once it posts to YouTube.

 

[Mit88]

I think they did a very good job threading a very tough needle. Presented confidence in their brand, assured investors they are still solvent and practicing responsible and thoughtful leadership. No denying the negative impact this as all had but confident for a rebound. Selfishly would have loved more info on US parks, but obviously they are playing it safe and close to the vest
The 2 most interesting comments to me were the one about not opening until the parks can contribute something positive to the bottom line and the one about being confident they can fill to whatever capacity gets set. Somebody somewhere is crunching serious numbers trying to figure out how many are going to go no matter the mood in the country and the response to any limits and who they would keep out should they need to. Would love to be a fly on the wall for that. Must be fascinating.

I think they already have their plans pretty much in place, but playing a little more wait and see until they go public with it. Its a fluid situation so they could have something set and ready to go, but until we see returns on numbers in 2 weeks after the official start of re-opening with Phase 1 today, we dont know exactly how things will turn out. If it starts trending downwards again and they announced even a July 1 date, they’d then have to possibly even walk that back.

The reason why June 1st cancellations havent started yet is because I’m sure thats still their “best case scenario” date and might still have potential of fulfilling if things go well in the next 2 weeks. How they described the situation today was perfect for right now, they didnt kill the hope for June 1st reservation holders, but they also didnt give them over confidence thinking it was almost a certainty. They’re basically telling those people to be ready for anything and thats better than getting your hopes up and being let down even more if they wind up having to cancel, and its better than telling them theres no chance.

 

[rteetz]

Everything that is already torn up will be "complete" to some extent. Maybe not all the bells and whistles that were previously touted and promised. But there is no way they're having major construction walls up (ie future world's current state) for the 50th.

Nope. Epcot is not the center of the 50th celebration and never was. Aspects were set to be done by then but with this delay they may not make that. The spine area where the new egg shaped building was to go (if it still happens) wasn’t going to open until 2022.

 

[LSUmiss]

Nope. Epcot is not the center of the 50th celebration and never was. Aspects were set to be done by then but with this delay they may not make that. The spine area where the new egg shaped building was to go (if it still happens) wasn’t going to open until 2022.

Yeah Epcot isn’t even 50 years old yet anyway lol.

 

[e_yerger]

Nope. Epcot is not the center of the 50th celebration and never was. Aspects were set to be done by then but with this delay they may not make that. The spine area where the new egg shaped building was to go (if it still happens) wasn’t going to open until 2022.

Oh - I was under the impression that a majority of these things were being done in preparations for the 50th anniversary of Walt Disney World as a whole. I know some things would come later, like the Mary Poppin's attraction (which will probably never happen now). But I thought that the entire center of future world was expected to be done by Oct 2021 - like the area where the fountain used to be (between starbucks & mouse gear).

 

[rteetz]

Oh - I was under the impression that a majority of these things were being done in preparations for the 50th anniversary of Walt Disney World as a whole. I know some things would come later, like the Mary Poppin's attraction (which will probably never happen now). But I thought that the entire center of future world was expected to be done by Oct 2021 - like the area where the fountain used to be (between starbucks & mouse gear).

Nope. Guardians, play pavilion and Harmonious were and likely still are for 2021. SSE refurb depending on the plan went into 2022. Spine would be done in phases with entrance done this year and everything done in 2022. The Moana water thing would be 2021 most likely.

 

[e_yerger]

Nope. Guardians, play pavilion and Harmonious were and likely still are for 2021. SSE refurb depending on the plan went into 2022. Spine would be done in phases with entrance done this year and everything done in 2022. The Moana water thing would be 2021 most likely.

Hmm oh wow - a little off topic but this definitely changes my fiance and i's plans for our "dream" trip in Jan 2022. We were under the impression that Epcot would be done by then. Hopefully the 50th anniversary celebrations last like DL's 60th did - that was like 18 mo-2yrs right?

 

[dina444444]

Hmm oh wow - a little off topic but this definitely changes my fiance and i's plans for our "dream" trip in Jan 2022. We were under the impression that Epcot would be done by then. Hopefully the 50th anniversary celebrations last like DL's 60th did - that was like 18 mo-2yrs right?

The Intention for Epcot was to have most of the work completed in time for its 40th on October 1, 2022.

 

[cakebaker]

It’s funny how people hear what they want to hear. I heard it and got more confident for June 1, because if they were going to cancel June, today was a good time to do it — already bad news from the parks, no reason to hide it. The fact they’re starting Shanghai with six days notice also gives me confidence, as does the fact they admitted how much the parks were losing because it gives them cover for opening ASAP. And that they were confident about attendance when they do open.

I admit my judgement may be colored by a June 2 reservation. But after hearing what they said, I didn’t hear anything that made me more concerned than I was when it started.

Same here. I’m not so concerned about when they open as to how they open. Fireworks? Shows? Partial opening? Some cuts I can live with, some I can’t. Our trip starts late June, I’m pretty confident they’ll be open. I’m much less confident that the experience won’t be so reduced we won’t want to spend the kind of money this trip is going to take. If you’re local, not a big deal. But when it’s an extended trip that cost a small fortune, it’s much more important.

 

[Pickle Rick]

Yeah Epcot isn’t even 50 years old yet anyway lol.

Not even 40 yet!

 

[rteetz]

Not even 40 yet!

Will be 40 in 2022 in fact which was part of the reason the work would be done for that...

 

[SaintsManiac]

God I am old.

 

[Pickle Rick]

Will be 40 in 2022 in fact which was part of the reason the work would be done for that...

Going to be interesting to see what Epcot looks like when it's all said and done.

 

[vinotinto]

Can I just take a moment to thank everyone who is contributing to the information being posted on this thread? It’s so very much appreciated

Agreed! I missed the call, but all the updates as they were happening, I feel like I listened to it.

And @pangyal , I almost spit my drink out when I saw you updated your tag to: #teamsven. Way to show your appreciation for your fave rumor. I may update mine to #teamfinnflynnsven

 

[gotomu212]

this point has been brought up in the other threads.
For me they can do this in a week.
Maintenance is already in the park and they could be installing whatever needs installing right now
CM can learn new procedures in days, their training for new positions when newly hired is only 5 days, so they could do it in a week.
The CM schedule for May 24th (their schedule goes Sunday to Saturday) comes out May 17th so we will see

I think the employee call back will be a little more nuanced, especially if they aren’t calling up the full staff. With the current guidelines that people over 65 should consider not returning, and anyone with underlying conditions still at risk, I would expect that the call back would include conversations with employees on their fitness to return and that may be part of the decision on which people to bring back.

Just as an example I work with one division of my company that had something similar where they are bringing back 30% of current furloughed staff. There’s a seniority and point system for who those 30% are. The next step was to contact them to see if they were able and comfortable to return on x date or they could remain on furlough status and their “spot” would go to the next person on the list. This still fell under our state furlough rules because we were not bringing back 100% of the staff.

The optics of firing Jane, age 68 with COPD, for not reporting to work when Sharon, age 30 and ready to go, is still furloughed aren’t great and it’s a kind way for employers to navigate the difficulty of giving vulnerable employees the choice of risking the virus or losing your job. I have no idea if WDW would follow similar call back practices, but in our metro return to work task force this seems to be the common approach for other big companies with partial call backs.

 

[Jrb1979]

Not to go too far off topic, but how do virtual fireworks work? Are they just going to stream a video of last year?

Canada Day fireworks are done at Parliament Hill. They will do the fireworks like normal but stream it. Make off limits to people

 

[Brett Wyman]

Im sure it was already mentioned somewhere on these 21 pages but will Tron continue as scheduled?

 

[CastAStone]

Im sure it was already mentioned somewhere on these 21 pages but will Tron continue as scheduled?

It was not mentioned on the call. The gist of the Capital Expenditures conversation was that little will happen while they’re closed but that most things will pick up again after; however everything is being re-evaluated.

No specifics were offered around any particular attraction or building.

 

[rpb718]

from shaghai disney site - https://shcorporate.shanghaidisneyresort.com/en/category/press-room-en

To accommodate social distancing, parades and nighttime spectaculars will also return at a later date. During the initial reopening phase, a special Disney character procession, Mickey and Friends Express, will take place several times daily, and the Enchanted Storybook Castle will come to life with light and music at dusk each day with Evening Magical Moments. Beloved Disney characters will appear in the park in a new way, as they make appearances in each of the themed lands, greeting and welcoming everyone back to Shanghai Disneyland. Close interaction and close-up photos with characters will be suspended during the initial phase of reopening.

Sounds like something similar to the "Tree of Life Awakenings" being done on the castle throughout the evening. I can see that being done at WDW in lieu of an actual evening fireworks show.

I would think the initial CM call backs would be only for those in supervisory positions first. You have to train all the managers first before you start training the troops.