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Disney still plans to invest in Florida which could create 13,000 new jobs

By Nithya Bose in US business news, posted May 29, 2023

Disney remains dedicated to its expansion in Florida despite ongoing tensions with Governor Ron DeSantis.

The entertainment giant has announced plans to invest $17 billion in central Florida's Walt Disney World hub over the next ten years.

The project would potentially generate 13,000 job opportunities.

Despite the escalating feud between Disney and Florida lawmakers, CEO Bob Iger and parks chief Josh D'Amaro have consistently reiterated these figures in recent months.

The significance of this conflict has heightened with DeSantis officially running for president.

Disney filed a lawsuit in April, accusing DeSantis and the new board members of its special district of engaging in a campaign of political retaliation against the company.

The governor targeted Disney's special district, previously known as the Reedy Creek Improvement District.

It was after Disney’s public criticism of a controversial Florida bill restricting discussions of sexual orientation and gender identity in classrooms, referred to by critics as the "Don't Say Gay" bill.

During the company's earnings call, Iger expressed his disappointment in having to defend their business interests in federal court.

He emphasized the long-standing positive relationship between Disney and the state over the past 50 years.

However, the firm recently canceled plans for a new employee campus in Lake Nona, Florida, citing changing business conditions.

It resulted in the elimination of the relocation proposal for over 2,000 California-based employees.

This location was not part of the $17 billion investment plan.

D'Amaro, overseeing Disney's parks, experiences, and consumer products division, further stressed the company's aggressive approach to the investment.

He highlighted the transformation of Epcot and the introduction of new attractions such as Star Tours and Tiana.

Epcot has already opened Remy's Ratatouille Adventure and Guardians of the Galaxy: Cosmic Rewind, with future additions like The Journey of Water set to open in late 2023.

Disney World's Hollywood Studios, along with Disneyland and Disneyland Paris, will witness expansions to the Star Tours attraction and the transformation of Splash Mountain into a "Princess and the Frog" theme.

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The company also has plans to update multiple hotel and resort locations in Florida.

Additionally, D'Amaro mentioned "blue sky" ideas from the D23 Expo, including revamping Dino Land at Animal Kingdom, potentially incorporating "Zootopia" or "Moana" themes, and exploring Disney villain-themed areas at Magic Kingdom.

While the exact costs for these projects are yet to be determined, previous estimates for similar endeavors like Star Wars: Galaxy's Edge were around $1 billion each.

Disney's theme parks have experienced a significant rebound in guest visitation following the pandemic shutdowns,.

With the parks being a key growth driver for the company, Iger underscored their importance during its recent earnings call.

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