The Walt Disney Company revealed Tuesday it will “nearly double” its investment in its theme parks business.
What You Need To Know
- Disney announces plans to invest $60 billion in its parks business over the next 10 years
- The company says the investment is "nearly double" what it previously planned
- It would include "expanding and enhancing" its domestic and international parks and its cruise line
- RELATED: Destination D23: Big changes and attraction revamps in store for Disney World
In an SEC filing, the company said it plans to invest approximately $60 billion in the Parks, Experiences and Products division—which includes parks and the cruise line—over the next 10 years. The investment would involve “expanding and enhancing” its domestic and international theme parks.
In the last 10 years, Disney added new experiences such as Star Wars: Galaxy’s Edge, Toy Story Land and Avengers Campus at its parks. This new investment would be what the company calls a “turbo-charging” of its parks division, which happens to be one of the most profitable for the company.
In the most recent quarter, the Parks, Experiences and Products division generated $2.4 billion in operating income despite a dip in attendance at its Florida parks.
Disney’s SEC filing included slides that shows the company has over 1,000 acres of land it says could be used for possible future development. The company said the acreage is “the equivalent of about seven new Disneyland parks.”
That land could be used for projects like Disney’s DisneylandForward proposal in Anaheim or expansions at Disney World.
During the company’s annual shareholder meeting in April, CEO Bob Iger announced plans to invest $17 billion over the next 10 years in Disney World—and generate 13,000 new jobs in the process. Disney didn’t say if the previously announced $17 billion figure is part of the $60 billion announced Tuesday.
Currently, Disney has dozens of projects in the works at its parks, including a Fantasy Springs expansion at Tokyo DisneySea, a Zootopia land at Shanghai Disney and a “Frozen”-themed land at Hong Kong Disneyland.
At its Destination D23 event early this month, Disney also shared updates on projects for Disney World and Disneyland, including an opening date for Journey of Water, Inspired by Moana at EPCOT, blue sky ideas for DinoLand U.S.A. at Disney’s Animal Kingdom, and a first look at a ride vehicle for a new Avengers Campus attraction at Disney California Adventure.
A new cruise ship, the Disney Treasure, is set to debut next year, the sixth in the company’s growing fleet and the second in a new class of ships that started with the Disney Wish. The ship will feature experiences themed to “Coco,” “Zootopia,” and Disney’s Jungle Cruise attraction.
“Disney will explore even more characters and franchises, including some that haven’t been leveraged extensively to date, as it embarks on a new period of significant growth domestically and internationally in its parks and resorts,” the company said in post on its corporate website.