Disney has announced plans to spend $60 billion to expand its theme parks, cruise lines and resorts over the next decade.
Chief Executive Bob Iger and Josh D’Amaro, chief of the company’s Parks, Experiences and Products division, unveiled the plans—which were light on details of specific projects—at an investor summit held at Walt Disney World in Orlando this week.
The company outlined the planned investment in a filing on Tuesday, September 19, with the Securities and Exchange Commission.
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The investment is double the current amount spent on a division that provides its primary source of profits.
Disney said it would give priority to spending on projects that could generate strong returns, including for its U.S. and international parks and cruises.
Among the possibilities: “Frozen” could have a presence at Disneyland Resort, while Wakanda from the “Black Panther” franchise could be “brought to life,” the company said.
Disney has more than 1,000 acres of land available for development into park space to accommodate the more than 100 million visitors who come to its theme parks across the globe each year.
The company also plans to roll out more cruise ships and establish a new home port in Singapore.
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The announcement underscores a dramatic, ongoing shift in Disney’s business model, which for years relied primarily on income from its traditional cable television business to subsidize costly and risky bets like the 2019 launch of the Disney+ streaming service.
Shares of Disney were down more than three percent in Tuesday afternoon trading.
A company spokeswoman declined to comment, referring instead to a Disney blog post, in which the company highlighted strong performance at its international theme parks, particularly Shanghai Disney Resort and Hong Kong Disneyland, which the company says have seen rapid growth coming out of the pandemic.
Disney executives have said they expected weaker earnings from their U.S. parks this year.
