Is Disneyland finally a step closer to opening?

Just when you thought a reopening date for Walt disneyof (NYSE: DIS) the original theme park would never land – Understand it, Neverland? – there is finally hope for the Disneyland resort in California. A new bill under consideration in the State Assembly would allow large theme parks and attractions to be treated the same as their smaller competitors, and give them greater flexibility to rely on business.

That doesn’t mean you and your kids will be lining up for Mr. Toad’s Wild Ride or Soarin ‘Over California anytime soon. The number of COVID-19 cases will still have to improve significantly from current levels to reach the level at which Disney-owned parks, Six flags (NYSE: SIX), Comcast (NASDAQ: CMCSA), Cedar Fair (NYSE: FUN), and SeaWorld Entertainment (NYSE: MER) in Southern California would be allowed to reopen under the new legislation. There will also be heavy restrictions in terms of park capacity and what guests can do once they pass through an entrance turnstile. However, even a small Disneyland can go a long way – and for employees, theme park fans, and shareholders, it will have to do it now.

The encouraging news was enough to send shares of Cedar Fair, Six Flags and SeaWorld 5% to 10% higher on Thursday. Disney and Comcast only rose 2%, but they are diverse media companies and theme parks aren’t their main breadwinners these days.

A cautious pandemic strategy

Disneyland, Six Flags Magic Mountain and Comcast’s Universal Studios Hollywood have been closed for nearly 11 months. SeaWorld San Diego reopens on Saturday, but just like an accredited zoo, visitors will only be able to enjoy its animal exhibits and some outdoor spaces. It’s a very different scene from Florida, where Disney, Comcast, and SeaWorld have returned their parks to service since June or July with far fewer restrictions than their California locations will face later this year.

While there is no way of knowing what the pandemic situation in California would have looked like had the state government taken a less strict approach, its great caution around its theme parks does not seem to have paid off as hoped. During the nation’s fall and winter coronavirus outbreak, per capita COVID-19 cases in California for some time soared higher than Florida levels. Golden State’s unemployment rate is now 290 basis points higher than Florida’s. In Florida, it appears companies were able to safely reopen their attractions, saving some jobs.

In an ideal world, none of this will matter. If vaccination rates increase, it may only be a few months before Disneyland and its little peers start moving to Southern California again, regardless of what category they fall into. The proposed new bill may be a backup plan, but despite recent corporate backing stock prices, there is still a lot of work to be done.

Six Flags’ stock price hit a 52-week high on Thursday, and SeaWorld Entertainment is only a very good day of trading to achieve the same feat. Both companies are in a fundamentally worse situation than they were a year ago, when it didn’t look like the pandemic would be so brutal for their bottom line. Cedar Fair is well past 2020 and will have a lot of work to do to attract customers later this year. Disney canceled its annual pass program last month, so it will also have to fix fences with fans once it can resume operating its parks at full capacity.

California parks may be getting closer to reopening, but there will be a lot of steps on the way back.