On an investor call this afternoon, Disney CFO Christine McCarthy gave some more information about attendance at the domestic Disney theme parks. McCarthy noted that attendance on many days tracks ahead of 2019 levels, but that average daily attendance at the domestic theme parks is “slightly below 2019”. That doesn’t mean that Disney is losing money, quite the opposite.
McCarthy praised the Disney Park Pass reservation system, noting that it one of the “levers” that Disney can adjust if demand or economics were to shift. Another lever McCarthy noted was allowing more Annual Passholders into the parks during slower times of year. As it stands, per capita spending at the domestic theme parks increased by 10% versus Q3 of fiscal 2021. This percentage increase represents a slowing in recent quarterly earnings reports, but this quarter is also the first quarter that has been compared to a previous quarter that was profitable. While the 10% bump in per capita spending is relatively modest, the metric that shows how well the Disney Park Pass system works for Disney is represented in a comparison to 2019. Again, attendance is slightly lower than 2019, but per capita spending in the past quarter was up more than 40% when compared to 2019 – even with lower attendance. This all amounts to more than $7 billion in revenue last quarter within the Disney Parks division.
Looking forward, McCarthy said that demand remains strong with a third-quarter hotel occupancy rate of 90% and bookings and intent to visit metrics in line with pre-pandemic trends.
As always, keep checking back with us here at BlogMickey.com as we continue to bring you the latest news, photos, and info from around the Disney Parks!