by David Ng
Breitbart.com
The Walt Disney Company has warned that its theme parks are facing trouble as record inflation has made a trip to the Magic Kingdom unaffordable for millions of middle and working class Americans. The news sent Disney shares crashing more than 3 percent during the day on Wednesday.
During its quarterly earnings call, Disney specifically cited inflation when it said that its “Experiences” division — which includes theme parks, cruise ships, and other live entertainment offerings — will see a decline in income in the next few quarters.
Disney’s chief financial officer Hugh Johnston said lower-income consumers are being hit hard in the current economy and as a result, are no longer visiting Disney parks like they used to. For the most recent quarter, Disney reported its Experiences operating income fell 6 percent.