Much as I like to see Disney knocked down a peg, I have no illusions about the cause.

Disney's parks and merchandise divisions generate billions when they're running at full steam but very quickly become money-losers if they're idled. Travel has collapsed and retail is depressed nationwide.

Disney's initial response to covid was to accelerate their backlog of construction projects into work phase, which made sense. The parks were facing a dead season so better to cram all the work in and reopen. But that means the parks are doubly expensive; they're making nothing, and spending a lot.