Tokyo Disneyland operator logs 1st annual loss due to pandemic

Apr 29 , 2021. 10 hours ago – 23:43 KYODO NEWS

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TOKYO – Tokyo Disney Resort operator Oriental Land Co. on Wednesday reported a loss for the year ended March, its first annual red ink since listing in 1996, due to record-low visitor numbers as a result of the temporary closure of its theme parks and subsequent capacity limits amid the coronavirus pandemic.

The total number of visitors to the Disney theme parks was 7.56 million, compared with 9.93 million in fiscal 1983 when Tokyo Disneyland opened. Oriental Land closed Tokyo Disneyland and DisneySea for four months from late February and after operations resumed daily visitors were limited for a period to fewer than 5,000 at each theme park.

The company logged a net loss of 54.19 billion yen ($497 million), compared with a profit of 62.22 billion yen in the previous year. Sales stood at 170.58 billion yen, down 63.3 percent from a year earlier.

Leisure and entertainment companies in Japan have been shackled by the spread of the virus and government declarations of states of emergency that discourage nonessential outings.

It failed to provide a net earnings outlook for the year ending March 2022 due to uncertainty over the pandemic.

In an online press conference, Kenji Yoshida, executive officer, said the company will promote cost efficiency while continuing to invest in the theme parks.

“We want to achieve our growth strategy in a speedy manner and aim to return to profitability,” said Yoshida, 60, who will be promoted to president on June 29.

Oriental Land said the same day that its current president, Kyoichiro Uenishi, 63, will become a special adviser.

Cr. KYODO NEWS