Disney will invest $60 BILLION in its parks and cruise ships over next decade – double the amount spent on them in last 10 years – as boss teases plan to build Wakanda and attractions themed on Coco and Encanto
- The plans were revealed in an SEC filing – and showed that Disney is ‘prioritizing projects anticipated to generate strong returns,’ including their parks
- In the last 12 months to July 2023, Walt Disney Corp. turned over $32.3 billion in revenue thanks to its lucrative experiences
The Walt Disney Company has announced it will spend $60billion over the next decade on its parks and cruise lines.
Capital spending will nearly double over a 10-year period as Disney focuses its investment in the parks, experiences, and products side of its business.
The plans were revealed in an SEC filing Tuesday – and showed that Disney is ‘prioritizing projects anticipated to generate strong returns,’ including their parks and cruises.
In the last 12 months to July 2023, Disney turned over $32.3 billion in revenue thanks to its lucrative experiences.
Disney has announced it will spend $60billion over the next decade on its parks and Disney Cruise Line. The plans were revealed in an SEC filing Tuesday – and showed that Disney is ‘prioritizing projects anticipated to generate strong returns’
The filing read: ‘We believe that the company’s financial condition is strong and that its cash balances, other liquid assets, operating cash flows, access to capital markets and borrowing capacity under current bank facilities, taken together, provide adequate resources to fund ongoing operating requirements, contractual obligations, upcoming debt maturities as well as future capital expenditures related to the expansion of existing businesses and development of new projects.’
The company’s shares were down nearly 1 percent in premarket trading on Tuesday.
The parks business has become a reliable profit engine for the company and has helped cushion losses in the Disney+ streaming business, which is expected to become profitable only next year.
In the last 10 years, Disney opened the Shanghai Disney Resort and more than doubled its cruise line capacity.
Its parks in Paris and Hong Kong have also been pumped with investment.
Bob Iger’s tenure as CEO has not been smooth sailing, however. He has come to face legal battles in Florida concerning Disney World and Ron DeSantis.
Earlier this month, it was announced that Disney dropped a massive chunk of its federal lawsuit against Florida’s Governor – leaving only a fight over if the media-giant’s First Amendment rights were violated.
The Walt Disney Corp. asked a federal judge for permission to file an amended complaint focusing just on the First Amendment claim, which has been approved.
Bob Iger’s tenure as CEO has not been smooth sailing, however. He has come to face legal battles in Florida concerning Disney World and Ron DeSantis
The parks business has become a reliable profit engine for the company and has helped cushion losses in the Disney+ streaming business, which is expected to become profitable only next year
The claim contends the House of Mouse was retaliated against because of its criticism of the so-called ‘Don’t Say Gay’ bill.
After Disney criticized the DeSantis’ backed law, the governor shot back against the company and Chairman Bob Iger and accused them of being ‘woke.’
DeSantis targeted Disney’s special tax district that basically let the company self-govern the land of its Disney World theme park.
DeSantis led the charge to change the name from the Reedy District to the Central Florida Tourism Oversight District – as he also replaced the board with his allies.
However, before the new board took control, Disney created development contract for future investments. Those were thrown-out when the DeSantis board took control.
That led to the federal lawsuit.