ALL BUSINESS: A tale of 2 resorts

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 that it's recession-proof because gamblers will always like to gamble, but amusement destinations historically have see their business get hard hit 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 over the last decade has turned that concept on its head.

Plunging housing prices and soaring costs for gas and food have made Americans more mindful of their spending. Their financial wariness has the potential to hurt vacation destinations everywhere.

Yet, Walt Disney Co.'s theme parks and resorts have enjoyed surprising success. They helped increase the company's fiscal second-quarter earnings by 22 percent from a year ago, to $1.13 billion, or 58 cents a share. Analysts had been expecting 51 cents a share.

Revenues 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.

But CEO Robert Iger also said the company's broader offering of lower-priced accommodations and vacation packages is helping it weather this economic storm better than it did before.

In 1991, more than 55 percent of hotel rooms at Disney World were considered premium priced. Now, about 75 percent of rooms there are considered moderate or value priced, Iger said during a conference call on May 6 with analysts. Moderately priced rooms range between $149 and $240 a night, while value rates are between $82 and $151 a night.