ORLANDO, Fla. —
According to the Financial Times, the Walt Disney Company is saving $500 million a month across all its theme parks and hotels by furloughing its workers.
But, how much money is the company losing though?
Until Disney releases a specific number--we don’t know. Most estimates say it is between $20 and $30 million dollars a day. So yes, the company is saving a lot with these furloughs but they are losing a lot more.
A report from the financial research group MoffettNathanson figured the theme parks were going to lose about $3.4 billion if they stayed closed through the middle of April, which we already passed.
Back in February, Disney CEO Bob Iger told shareholders the company had lost $175 million from Shanghai and Hong Kong Disneylands being closed for eight weeks.
So, what does that mean for us here in Florida and especially Orange and Osceola County?
On Disney’s end not much. They mainly pay property taxes which COVID-19 isn’t going to affect.
RELATED: Thousands of Disney workers could automatically get entered in Florida's unemployment system
What will get hit is the 6-percent hotel tax that funds major projects in the area. Last year Orange County brought in $283.9 million from the tax.
What could see a drop is Walt Disney World’s charitable giving. Last year, the company donated $34.5 million in cash and in-kind donations to local nonprofits.
We asked Disney if they were planning on reducing their donations and they didn’t say what the plan was for cash giving but they have increased the number of physical donations. The parks have been donating extra food to groups like Second Harvest Food Bank of Central Florida and the Orlando Police Department. They have also been giving away unused merchandise like the Star Wars Rival Run Weekend t-shirts and 12,800 meal boxes that would have gone unused after the event’s cancellation.
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