Orlando, Florida — The Universal Orlando Resort and theme parks are closing down the next two years, and they’re coming to an end.
The theme park, known for the magic of its Magic Kingdom theme park and the signature Star Wars: The Force Awakens experience, will close in late 2018, according to a statement from the company on Monday.
It is scheduled to close in early 2019.
This is the last of the three Disney theme parks in the U.S. and the last to close after opening in 2020.
Its closure comes as the company struggles to stay relevant in a crowded market.
Forbes estimates the theme park has a $3 billion annual operating loss.
More: The Walt Disney Company has said it is investing $400 million in its theme park in 2019 to make it more attractive to new visitors and to boost attendance.
According to the company, the closure of the Universal Orlando resort will cost the company $824 million in 2016.
Universal said it will provide a $40 million severance package to employees who will be laid off over the next three years, according the statement.
Some of the rides and attractions in the Universal Park theme park will remain open for use through the 2020s, including Disneyworld and Universal Studios Florida, according.
“The decision is not related to a specific event, but rather to a trend that has resulted in a decline in visitation to these parks and the overall value of our theme parks, which is being lost as our park experience and our entertainment offerings diminish,” the statement said.