Disney announces first new theme park in 15 years
It will be a waterfront resort on Yas Island
Kass
Disney to build its seventh theme park in the United Arab Emirates at a waterfront resort on Yas Island.
It is the first time in 15 years that the Walt Disney Company has announced the development of a new theme park. It would expected to be finished in early 2030s. The last new park was Shanghai Disney Resort in 2016.
The Walt Disney Company and Miral announced the agreement to create the resort in Abu Dhabi, United Arab Emirates.
It will be the seventh Disney theme park resort.
“Abu Dhabi is a place where heritage meets innovation, where we preserve our past while designing the future,” Mohamed Khalifa Al Mubarak, Chairman at Miral, said.
“The collaboration between Abu Dhabi and Disney demonstrates the remarkable results of combining visionary leadership and creative excellence. What we are creating with Disney in Abu Dhabi is a whole new world of imagination — an experience that will inspire generations across the region and the world, creating magical moments and memories that families will treasure forever.”
A map of Yas Island:
It comes a the company posted solid profits and revenue in the second quarter as its domestic theme parks thrived and the company added well over a million subscribers to its streaming service.
“This is a thrilling moment for our company as we announce plans to build an exciting Disney theme park resort in Abu Dhabi, whose culture is rich with an appreciation of the arts and creativity,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company.
For the three months ended March 30, Disney earned $3.28 billion, or $1.81 per share. The Burbank, California, company lost $20 million, or a penny per share, a year earlier.
Removing one time charges or benefits, earnings were $1.45 per share, easily topping the $1.18 that Wall Street was expecting, according to a survey by Zacks Investment Research.
Revenue rose 7% to $23.62 billion, also topping projections.
Revenue in Disney’s Entertainment segment climbed 9%, while revenue for the Experiences division increased 6%.
The Experiences division, which includes six global theme parks, its cruise line, merchandise and videogame licensing, reported operating income rose 9% to $2.5 billion. Operating income climbed 13% at domestic parks. Operating income dropped 23% for international parks and Experiences.
Disney is projecting full-year adjusted earnings of $5.75 per share. The company’s previous guidance was for high-single digit adjusted earnings per share growth for fiscal 2025.
