Disney heads to Abu Dhabi with new park as earnings beat expectations
The Walt Disney Company’s stock price soared on Wednesday, up by 10% at the time of publishing, as the company surpassed earnings expectations and unveiled its first new theme park development in 15 years. Following Disney’s second quarter earnings report, the entertainment giant announced an agreement to build a new resort and theme park in Yas Island, United Arab Emirates. “As our seventh theme park destination, it will rise from this land in spectacular fashion, blending contemporary architecture with cutting edge technology to offer guests deeply immersive entertainment experiences in unique and modern ways,” Disney CEO Bob Iger said in a statement. While no opening date or project timeline has been released yet, the Abu Dhabi–based experiences company Miral Group is set to develop and build the new shoreline resort, with Disney imagineers leading operational oversight and creative design. “Our resort in Abu Dhabi will be the most advanced and interactive destination in our portfolio,” said chairman of Disney Experiences Josh D’Amaro. Prior to the theme park announcement, Disney also released its favorable second quarter earning report, recognizing “that uncertainty remains regarding the operating environment for the balance of the fiscal year,” the company said in the report. Disney reported a 7% increase in revenues this quarter in comparison to the same period last year, increasing to $23.6 billion. Notably, Disney’s entertainment saw significant growth, with a 2.5 million subscription growth for Disney+ and Hulu from this years first fiscal quarter. “We have a lot more to look forward to, including our upcoming theatrical slate, the launch of ESPN’s new DTC offering, and an unprecedented number of expansion projects underway in our Experiences segment,” Iger said in the report. “We remain optimistic about the direction of the company and our outlook for the remainder of the fiscal year.”
The Walt Disney Company’s stock price soared on Wednesday, up by 10% at the time of publishing, as the company surpassed earnings expectations and unveiled its first new theme park development in 15 years.
Following Disney’s second quarter earnings report, the entertainment giant announced an agreement to build a new resort and theme park in Yas Island, United Arab Emirates.
“As our seventh theme park destination, it will rise from this land in spectacular fashion, blending contemporary architecture with cutting edge technology to offer guests deeply immersive entertainment experiences in unique and modern ways,” Disney CEO Bob Iger said in a statement.
While no opening date or project timeline has been released yet, the Abu Dhabi–based experiences company Miral Group is set to develop and build the new shoreline resort, with Disney imagineers leading operational oversight and creative design.
“Our resort in Abu Dhabi will be the most advanced and interactive destination in our portfolio,” said chairman of Disney Experiences Josh D’Amaro.
Prior to the theme park announcement, Disney also released its favorable second quarter earning report, recognizing “that uncertainty remains regarding the operating environment for the balance of the fiscal year,” the company said in the report.
Disney reported a 7% increase in revenues this quarter in comparison to the same period last year, increasing to $23.6 billion. Notably, Disney’s entertainment saw significant growth, with a 2.5 million subscription growth for Disney+ and Hulu from this years first fiscal quarter.
“We have a lot more to look forward to, including our upcoming theatrical slate, the launch of ESPN’s new DTC offering, and an unprecedented number of expansion projects underway in our Experiences segment,” Iger said in the report. “We remain optimistic about the direction of the company and our outlook for the remainder of the fiscal year.”
