DIS Walt Disney Co

By R.T. Watson 

Walt Disney Co. announced Thursday it is closing its Disneyland Resort as the coronavirus pandemic caused widespread cancellations of sporting events and other public gatherings.

As of Thursday afternoon, Disney's larger U.S. park, Walt Disney World, in Orlando, Fla., remained open with no closure plans.

The company said that there have been no reported cases of the disease caused by the novel coronavirus at the Disneyland Resort but added that the closure was "in the best interest of our guests and employees."

The park in Anaheim, Calif., will close starting Saturday morning through the end of the month.

The company said Disneyland hotels will stay open until March 16 so guests have time to make travel arrangements.

"We will monitor the ongoing situation and follow the advice and guidance of federal and state officials and health agencies," the company said. "Disney will continue to pay cast members during this time."

Earlier Thursday, California imposed a ban on public gatherings of more than 250, but exempted movie theaters, theme parks and casinos.

Gov. Gavin Newsom praised Disney's decision in a statement.

"Disney made the right call in the interest of public health and agreed to shut down their California parks," Mr. Newsom said. "Expect more announcements like this shortly."

Disney's parks in Shanghai, Hong Kong and Tokyo had already closed because of the coronavirus, which originated in mainland China.

At a shareholders' meeting Wednesday, Disney Executive Chairman Robert Iger tried to minimize fears related to the coronavirus, saying: "Throughout our company's nearly century long history, Disney has been through a lot, including wars, economic downturns and natural disasters."

Disney's theme parks represent the company's largest business segment, with its U.S. and international parks generating a combined $21.6 billion in revenue in the fiscal year that ended in September. Based on annual visitors, Disney is the world's largest theme-park operator, hosting more than 150 million every year, according to rankings published by the Themed Entertainment Association trade group.

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(END) Dow Jones Newswires

March 12, 2020 17:45 ET (21:45 GMT)

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