from the Star-Ledger (NJ) (5/14):
Magic Kingdom beating Sin City in tourist battle
Wednesday, May 14, 2008
"This is not a good economy to take a gamble in.
Las Vegas has, and it's hurting casino profits. Disney has not, and the "Magic Kingdom" is reaping the winnings.
In theory, it's not supposed to be this way.
The gaming business often brags it's recession-proof because gamblers will always like to gamble, but amusement destinations historically have see their business get hit hard when consumers' wallets are pinched.
The upscaling of Las Vegas, with its five-star hotels, restaurants and shops, and the down-pricing of Disney to more value-oriented park packages and hotels during the past decade has turned that concept on its head." ...
"... Walt Disney's theme parks and resorts have enjoyed surprising success. They helped increase the company's fiscal second-quarter earnings 22 percent from a year ago, to $1.13 billion, or 58 cents a share. Analysts had been expecting 51 cents a share.
Revenue in the parks and resorts division shot up 11 percent, to $2.7 billion, during the quarter, a gain that was partially driven by an increase in foreign travelers visiting its U.S. parks to take advantage of the weak dollar." ...
for the complete story
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