How Many Years Did COVID-19 Set the Theme Park Industry Back?
One of the most iconic dream makers at Walt Disney (NYSE: DIS) is moving on. Joe Rohde -- a 40-year veteran of the Walt Disney Imagineering team -- announced earlier this week that he was leaving the world's leading theme park operator. Rohde spearheaded the design of Disney's Animal Kingdom in Florida, the design of the Aulani Disney Vacation Club resort in Hawaii, the Guardians of the Galaxy makeover of California's Hollywood Tower of Terror thrill ride, and countless other bar-raising attractions.
Rohde is 65 and more than entitled to hang up his Mouseketeer cap and enjoy his golden years as a young and adventurous soul, but his explanation for moving on bears noting if you're a Disney shareholder or an investor in Comcast (NASDAQ: CMCSA), SeaWorld Entertainment (NYSE: SEAS), or any other player with some skin in the theme park game. In an Instagram post earlier this week, Rohde argues that "this strange quiet time seems like a great opportunity to slip away without too much disruption."
It may seem as if this "strange quiet time" that Rohde is talking about is simply the pandemic, but for Disney it means more than that. This is a company that plans its new additions years ahead of time. There are several new experiences currently being constructed that are expected to open in the next year or two. However, with Disney having recently scaled back on some of its previously announced additions in light of the COVID-19 slowdown and to a lesser extent the global recession, it wouldn't be a surprise to see a development lull at Disney's theme parks. With other parks also paring back their projects, it's fair to say that the industry will be feeling the pandemic pinch for a lot longer than the gated attractions were closed.
Source Fool.com
