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Image Credit: Inside The MagicDespite Florida Governor Ron DeSantis taking over the former Reedy Creek Improvement District, now the Central Florida Tourism Oversight District (CFTOD), Disney remains unphased by his commanding presence and is committed to pouring billions into Walt Disney World Resort.
Walt Disney World Resort to Still Get Billions – Can’t Be Stopped by Ron DeSantis
In a recent update on the Disney Connect website, the Walt Disney Company has reaffirmed its commitment to investing billions of dollars and generating 13,000 new employment opportunities at Walt Disney World within the forthcoming decade. Within a dedicated section titled “What Lies Ahead for Disney Reedy Creek?” Disney articulated its forward-looking vision for the future of Walt Disney World, stating the following:
Many have asked what the new legislation in Florida concerning the special taxing district means for district employees, our Central Florida community and Walt Disney World.
Our focus has always been on the future, and so it remains. We are ready to adjust to a new plan and continue to innovate to further our goal of inspiring and bringing joy to the millions of guests who visit Walt Disney World in Florida.
Disney has far exceeded anyone’s wildest dreams in terms of economic development. Originally, the company estimated it would invest $600 million in Florida over the course of the entire development. Disney has invested billions of dollars throughout the state of Florida, and employment at Walt Disney World Resort has grown to more than 75,000. It is one of the largest single-site employers in the country and the largest in the state of Florida.
Our investments in Florida will continue as we plan to invest billions in Walt Disney World Resort over the next decade. Our investment will create 13,000 new jobs and thousands of other indirect jobs that will attract more people to the state and generate more taxes.
We remain committed to giving back to our Central Florida community. Our Company and its cast members continue to show up as a positive force, actively seeking solutions that impact the people and places around us.
Disney Client Connect is a website that offers news about Walt Disney World Resort, information about the College of Disney Knowledge, and updates on ticket offers. The website also includes tools and resources to promote the experience at Walt Disney World.
Disney Announces $17 Billion Promised for WDW
Initially revealed in April 2023 by Disney’s CEO, Bob Iger, the Walt Disney Company announced its ambitious plan to allocate $17 billion towards the expansion and enhancement of Walt Disney World over the ensuing decade. Subsequently, in September 2023, Disney disclosed its intention to further bolster its commitment to growth by earmarking a staggering $60 billion for its theme park division, now rebranded as Experiences, over the same timeframe.
This significant investment represents an almost twofold increase in Disney’s financial dedication to the division, reflecting the company’s strategic objective to intensify investment efforts and invigorate the already lucrative segment. Everything changed for the Walt Disney Parks and the Walt Disney Company when Florida Gov Ron DeSantis took over the special district (Reedy Creek). Disney CEO Bob Iger has been adamant that despite this takeover, The Walt Disney Co is committed to ensuring that in Federal court or State court – something will be done through Florida law, and thus began the Disney Ron DeSantis legal war.
Nonetheless, Disney’s CEO, Bob Iger, and Disney Experiences Chairman, Josh D’Amaro, have tempered expectations by suggesting that the actions taken by Florida Governor Ron DeSantis could potentially influence Disney’s readiness to uphold the initially declared investment commitment. Almost less than 30 days later after the initial announcement of the $17 billion investment, Iger spoke to the State (Ron DeSantis) and asked:
Does the state want us to invest more, employ more people, and pay more taxes or not?
– Disney CEO Bob Iger
In exemplary fashion, Disney Experiences Chairman Josh D’Amaro then replied to Iger’s statement, saying the following:
…I remain optimistic about the direction of our Walt Disney World business. We have plans to invest $17 billion and create 13,000 jobs over the next ten years. I hope we’re able to do so…
– Disney Experiences Chairman Josh D’Amaro
Something interesting to note is that despite not mentioning this massive investment in the recent several earnings call with shareholders, Disney seeks to increase its capital expenditures by $1 billion, meaning the House of Mouse is likely to spend over $3 billion in 2024 alone regarding expansion plans at the Disney Resort in Orlando.
April is shaping up to be an exciting month as the official Disney Board of Directors election is set to take place, and several billionaires are eyeing seats on the board to shake things up and bring out change, including “restoring the magic” that Disney World has lost over the years. But for now, let’s all hope this billion of investments will soon show throughout the Disney World theme parks.