Walt Disney Co (NYSE:DIS) shares were trading lower Thursday after the company announced it will delay the reopening of Disneyland in Anaheim, California.
What Happened: The COMPANY had previously announced a proposed phased reopening of theme parks beginning July 17, pending government approvals.
Disney said the state of California has now indicated that it will not issue theme park reopening guidelines until sometime after July 4.
“Given the time required for us to bring thousands of cast members back to work and restart our business, we have no choice but to delay the reopening of our theme parks and resort hotels until we receive approval from government officials,” Disneyland said in a blog post.
"Once the company has a clearer understanding of when guidelines will be released, we expect to be able to communicate a reopening date."
The Downtown Disney District will reopen on July 9 as previously announced with health and safety protocols in place for Disney cast members and guests.
The company said it has developed enhanced health and safety protocols for both staff and visitors at the Shanghai Disney Resort, Hong Kong Disneyland Resort and Walt Disney World Resort, allowing them to reopen.
DIS Price Action: Disney shares were down 2.26% at $109.53 at the time of publication. The stock has a 52-week high of $153.41 and a 52-week low of $79.07.
Photo by CrispyCream27.