Revenue and income were up to record levels at Disney's theme park division last year, though a drop in attendance at the international parks in the past three months drove down income for the final three months of the company's fiscal year.
The Walt Disney Company this morning reported a 4% rise in annual operating income for its Experiences segment, which includes the theme parks and Disney Cruise Line. Disney Experiences reported $9.272 billion in operating income for the year ending September 28, 2024. Revenue was up 5% for the year, to $34.151 billion.
That accounts for about 37% of the Disney's overall corporate revenue for the year, as well as over half - 59% - of the company's operating income.
For the final three months of the fiscal year, operating income was down 6% in the Experiences segment, however, to $1.659 billion for the quarter. That was driven by a 5% drop in revenue at the international parks, which contributed to a 32% decline in operating income for those properties. Disney blamed lower attendance and higher costs due to new guest offerings and higher depreciation for the decline. Disney did report higher average guest spending at its U.S. theme parks and Disney Cruise Line for the quarter, helping overall revenue in the segment to rise 1%, to $8.240 billion.
Disney's international parks are the Disneyland Paris Resort, Hong Kong Disneyland, and Shanghai Disney Resort. The Tokyo Disney Resort is owned and operated by the Oriental Land Co. under license from Disney.
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It's interesting that the International Parks had a decline in attendance seeing as they opened new lands in Shanghai & Hong Kong. Perhaps the Olympics dip in their Paris parks outweighed increases in their Asia parks?
I hope Disney continues to invest in their International Parks, as Disneyland Paris could use some love & a new attraction (most recent one was Buzz Lightyear in 2006!), and it seems Disney is trying to overhaul the Studios Park (though I'm still not sold on Disney Adventure World).
Referencing MHDS's comment, imagine what Shanghai, Hong Kong and (for that matter), Japan's cumbers would've been had they not added new lands attractions (such as TDLR resort's 'Anna & Elsa's Frozen Journey' and 'Peter Pan's Neverland Adventure').
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Kind of a mixed bag here that further emboldens Disney's strategy to raise prices and increase upcharges regardless of the impact on attendance or guest satisfaction. I think this is going to be a common refrain over the next year with little to draw more guests to the parks over FY25. In fact, coming construction and closures (and something big brewing down the road from the company's largest profit center) will likely see performance further flatten over the next 12 months.