Walt Disney World reporting a profit decline at theme parks signals a softening US economy.
Disney forecast more challenges for the theme parks business.
The company said it expects operating income in the division to fall by mid-single-digit percentage points in the fiscal fourth quarter, because of continued softening of demand at its U.S. theme parks, competition for tourist dollars at Disneyland Paris from the Summer Olympics, currently being held in the French capital, and softening of demand in China.
This year, it became clear that the parks business was hitting some turbulence when Disney unexpectedly reported that operating income in the segment would likely be flat for the June quarter. The company said it was seeing “some normalization of post-Covid demand.”
Disney rival Comcast, which owns and operates the Universal Studios chain of parks, reported weak results in late July, mostly because of lower attendance at Universal’s domestic parks. The company said it expects lower attendance to continue into next year.
“Those Comcast numbers were scary,” said Doug Creutz, an analyst with TD Cowen. “Obviously, there’s been a slowdown in demand.
Going to the parks is an expensive trip, so you’ve got to feel at least somewhat comfortable with your economic situation.”
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@DirectBellaForward2yrs2Y
While traditionally your house was a natural hedge for inflation , my local government just keeps increasing my real estate taxes higher then the any value of my house increase . This is a wealth tax on all home owners.
The increases in your home value is now becoming a liability with these real estate taxes increases
@ParliamentAndyDemocrat2yrs2Y
One of the few good policies in CA is Prop 13, which prevents the cash hungry counties from jacking your real estate taxes year to year. Look into it and advocate for a similar program in your state.
@L1b3rtyChuckLibertarian2yrs2Y
Prop 13 is one of the primary causes of massive property value inflation in CA. Giving tax breaks to old homeowners hamstrings the next generation’s ability to buy homes by saddling them with massive property tax burdens and ever rising home prices due to the scarcity of homes on the market.
Why should a new resident pay 10k more in property taxes than their next door neighbor? Why should a new neighbor be forced to absorb the olds tax burden?
@GleefulR3f0rmRepublican2yrs2Y
Prop 13 is a little weird, two side by side identical properties paying vastly different taxes. The beneficiaries are somewhat insulated from the spending insanity and thus don't care so much. And CA politicians have figured out how to get around it by repeatedly getting school bonds "to help the children."
But it's better than nothing. We all could use more restraints on government spending.
@FondMajorityRepublican2yrs2Y
So Bidenomics has made inequality even worse? If you want to continue these policies and double down on them make sure to vote for his protege….
@P4ndaEleanorDemocrat2yrs2Y
Or one could vote for Trump and his cronies who want to give themselves another big tax cut, run up the national debt, demand cuts to SS, and leave the middle class in much worse shape.
@PopulistSavannahVeteran2yrs2Y
Nearly four years of the Biden economy has been great, for the wealthy Democrats and their elite backers. Not so for the low-income and middle class workers. They are struggling.
And the fact that the DJT tax cuts benefited his cronies and created the largest debt has nothing to do with this? And, he wants to do more, all of which will increase the divide. This is not a one side issue - but strengthening the middle class instead of focusing on the elites would benefit everyone.
@ISIDEWITH2yrs2Y
@ISIDEWITH2yrs2Y
@ISIDEWITH2yrs2Y
@ISIDEWITH2yrs2Y
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