Disney Closes Park in Shanghai to Control Virus
One of Disney's (NYSE: DIS) fastest-growing theme parks is going on a hiatus at the worst possible time. The media giant announced that it will be temporarily closing Shanghai Disneyland on Saturday in an effort to help control the coronavirus that has escalated rapidly to more than 830 confirmed cases across the country, with thousands of others under observation. We're up to 26 fatalities, a figure that will unfortunately increase dramatically if the spread of the deadly disease isn't contained.
There is never a good time to close a theme park, but this is happening during the peak Lunar New Year travel season. Disney really didn't have much of a choice. Many of the country's temple fairs and festivals are already being nixed, and keeping Shanghai Disneyland and the rest of the resort open would have negative ramifications if the virus continues to spread. It's a financial hit now, but staying open would have deeper negative ramifications down the line if the coronavirus outbreak continues to spiral out of control.
Image source: Shanghai Disney.
Source Fool.com
