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Disneyland, Disney World closed through end of month amid coronavirus outbreak

Disneyland Paris also closes, Disney Cruise Line suspends departures

Disneyland Park in Anaheim, Calif.

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7073彩票注册Disneyland and Disney World are now closed.

The iconic holiday destinations became just the latest American institutions to shut because of the coronavirus pandemic.

“While there have been no reported cases of COVID-19 at Disneyland Resort, after carefully reviewing the guidelines of the Governor of California’s executive order and in the best interest of our guests and employees, we are proceeding with the closure of Disneyland Park and Disney California Adventure, beginning the morning of March 14 through the end of the month,” a Disneyland Resort spokesperson said in a statement.

See also: As coronavirus spreads, CDC warns Americans about traveling within the U.S.

“The Hotels of Disneyland Resort will remain open until Monday, March 16 to give guests the ability to make necessary travel arrangements; Downtown Disney will remain open. We will monitor the ongoing situation and follow the advice and guidance of federal and state officials and health agencies. Walt Disney Co. DIS, -0.25%7073彩票注册 will continue to pay cast members during this time,” according to the statement.

Disneyland Resort in Anaheim, Calif., will work with guests who wish to change or cancel their visits, and will provide refunds to those who have hotel bookings during this closure period, the company spokesperson added.

Several hours later, Disney said Walt Disney World Resort in Orlando, Fla., and Disneyland Paris Resort will be closed at the close of business Sunday, through March. Disney Cruise Line will suspend all new departures beginning Saturday, through the end of the month. On Friday, it halted all live-action film production.

Shares of Disney were down 2.8% in after-hours trading Thursday.

This marks only the fourth time the 64-year-old Disneyland has closed full operations. The other instances were the morning after JFK’s assassination in November 1963, the Northridge earthquake in January 1994, and the Sept. 11 attacks in 2001.

7073彩票注册In January, Disney shut its parks in Shanghai and Hong Kong, and has Disney parks in Tokyo, which are run by another company, have closed too. Disney reported it could lose $280 million in revenues due to closures in Shanghai and Hong Kong alone.

The Magic Kingdom’s closures capped a jolting day in which March Madness was canceled; Major League Baseball, the NHL, and MLS suspended their seasons; and Broadway went dark. Late Wednesday, the NBA put its season on hold.

See also: MLB ceases operations, NBA season suspended, no March Madness: Sporting events are being canceled or will be held in empty arenas amid coronavirus concerns

Dozens of U.S. colleges and universities have also shuttered, sending students to online courses. Meanwhile, major cities are closing schools.

See also: Coronavirus threat cancels classes at two major U.S. universities, with more expected to follow

Disney’s action also is a sobering first act for new chief executive Bob Chapek, who succeeded longtime company CEO Bob Iger in February. Previously, Chapek ran Disney’s resort business.

In its most recent quarterly results last month, Disney reported operating profit of $2.34 billion on revenue of $7.4 billion from its theme-parks business, beating average analyst expectations for profit of $2.32 billion on revenue of $7.32 billion. The TV-networks business produced operating profit of $1.63 billion on revenue of $7.36 billion, exceeding average analyst expectations for operating income of $1.53 billion on sales of $6.93 billion.

See also: Disney CEO Bob Iger steps down; company veteran Bob Chapek takes reins

7073彩票注册The closure of parks, coupled with uncertainty over programming and advertising on Disney-owned ESPN, prompted Credit Suisse analysts on Friday to lower their price target on Disney shares to $150 from $163.

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