About Subscribe Submit news Get in touch
 
Home Opinion In depth Video LIVE news Interviews Company profiles Events diary Jobs
Disney could spend as much as US$17bn on Florida parks as company commits to US$8bn spend over next decade | Planet Attractions
     

news

Disney could spend as much as US$17bn on Florida parks as company commits to US$8bn spend over next decade

A new theme park in Florida is on the cards after the Central Florida Tourism Oversight District’s board voted in favour of an expansion of Disney World’s expansion, with Disney set to spend as much as US$17bn over the next decade on the plans




Disney is planning to invest at least US$8bn into its Florida resort   Credit: Disney

Disney is set to invest US$8bn (€7.3bn, £6.2bn) into its Florida theme parks, with a long-term plan seeing the company invest as much as US$17bn (€15.6bn, £13.3bn) into a resort-wide expansion of the site.

Following final approval later this month, under the agreement, Disney would be able to add a fifth major park, as well as two smaller “minor parks”. Disney would also be able to build 13,000 more hotel rooms and 200,000sq ft of office space. As part of the deal, Disney must also spend US$10m (€9.1m, £7.8m) within a decade on “attainable” housing projects.

The company’s Florida parks have been a point of dispute in recent times, with a two-year battle between Disney and Florida’s Republican governor, Ron DeSantis, ending in March and paving the way for the massive expansion.

In 2022, DeSantis stripped Disney of its self-governing status after the company criticised Florida’s controversial ‘Don’t Say Gay’ law - a ruling which restricts the teaching of sexuality in schools, also suspending political donations in the state.

In response, DeSantis installed a board of his own appointees to oversee the local government. Disney responded in kind by filing a lawsuit. Following the agreement between Disney and the Oversight board at the end of March, all pending litigation between the two entities was cancelled.

On Wednesday (June 5), Katherine Luetzow, a planning and engineering manager for the Central Florida Tourism Oversight District, recommended at a hearing that the panel’s board approve the plan in a vote set for June 12.

“We’re heading toward a brand new day,” said Charbel Barakat, vice chair of the board. “I only wish we could have gotten here sooner but I’m glad we’re here today.”

Last year Disney CEO Bob Iger touted US$17bn of investments to be made in Florida over the next decade. The current agreement with the district calls for “an initial capital investment of US$8bn within the first 10 years”. Disney has however said it is committed to its US$17bn pledge.

Disney’s Florida expansion plan is part of a larger US$60bn (€55.1bn, £46.9bn) 10-year plan for Disney’s parks and resorts, which also includes a US$2bn (€1.8bn, £1.5bn) investment into Disneyland in California.


Theme park

 

Netflix’s first immersive entertainment venues to open in 2025





DreamWorks Land now open at Universal Orlando as resort debuts collection of new experiences across its Florida parks





Dundee’s £130m Eden Project gets council approval




Industry insights



The world is on fire, so why should we care about cultural heritage?



Video



Disneyland Paris renames park ahead of €2bn expansion


In Depth



Hole in One: How Holovis is changing the game with 360Golf



© Kazoo 5 Limited 2024
About Subscribe Get in touch
 
Opinion In depth Interviews
LIVE news Profiles Diary Video
Jobs
Disney could spend as much as US$17bn on Florida parks as company commits to US$8bn spend over next decade | Planet Attractions
news

Disney could spend as much as US$17bn on Florida parks as company commits to US$8bn spend over next decade

A new theme park in Florida is on the cards after the Central Florida Tourism Oversight District’s board voted in favour of an expansion of Disney World’s expansion, with Disney set to spend as much as US$17bn over the next decade on the plans




Disney is planning to invest at least US$8bn into its Florida resort   Credit: Disney

Disney is set to invest US$8bn (€7.3bn, £6.2bn) into its Florida theme parks, with a long-term plan seeing the company invest as much as US$17bn (€15.6bn, £13.3bn) into a resort-wide expansion of the site.

Following final approval later this month, under the agreement, Disney would be able to add a fifth major park, as well as two smaller “minor parks”. Disney would also be able to build 13,000 more hotel rooms and 200,000sq ft of office space. As part of the deal, Disney must also spend US$10m (€9.1m, £7.8m) within a decade on “attainable” housing projects.

The company’s Florida parks have been a point of dispute in recent times, with a two-year battle between Disney and Florida’s Republican governor, Ron DeSantis, ending in March and paving the way for the massive expansion.

In 2022, DeSantis stripped Disney of its self-governing status after the company criticised Florida’s controversial ‘Don’t Say Gay’ law - a ruling which restricts the teaching of sexuality in schools, also suspending political donations in the state.

In response, DeSantis installed a board of his own appointees to oversee the local government. Disney responded in kind by filing a lawsuit. Following the agreement between Disney and the Oversight board at the end of March, all pending litigation between the two entities was cancelled.

On Wednesday (June 5), Katherine Luetzow, a planning and engineering manager for the Central Florida Tourism Oversight District, recommended at a hearing that the panel’s board approve the plan in a vote set for June 12.

“We’re heading toward a brand new day,” said Charbel Barakat, vice chair of the board. “I only wish we could have gotten here sooner but I’m glad we’re here today.”

Last year Disney CEO Bob Iger touted US$17bn of investments to be made in Florida over the next decade. The current agreement with the district calls for “an initial capital investment of US$8bn within the first 10 years”. Disney has however said it is committed to its US$17bn pledge.

Disney’s Florida expansion plan is part of a larger US$60bn (€55.1bn, £46.9bn) 10-year plan for Disney’s parks and resorts, which also includes a US$2bn (€1.8bn, £1.5bn) investment into Disneyland in California.


 



© Kazoo 5 Limited 2024