Shares of Walt Disney Co dropped 2.4per cent on Thursday after the media company delayed the reopening of theme parks and resort hotels in California, following a surge in fresh COVID-19 cases in the state.
The reopening of Disneyland Park and Disney California Adventure Park that was earlier scheduled for July 17 will be delayed until Disneyland receives an approval from state officials, the company said.In late January, the pandemic started battering businesses across Disney's global portfolio when the company shuttered Shanghai Disney Resort and Hong Kong Disneyland.
The coronavirus-ravaged U.S. economy has begun to reopen but there is little clarity either on the pace and durability of the recovery, with new cases in the country continuing to rise.