Disney will spend $60 BILLION on its parks and Disney Cruise Line over the next decade – as boss Bob Iger considers selling the company’s news divisions
Disney will spend $60 BILLION on its parks and Disney Cruise Line over the next decade – as boss Bob Iger considers selling the company’s news divisions
- The plans were revealed in an SEC filing — and showed that Disney is “prioritizing projects expected to generate strong returns,” including their parks
- Over the past twelve months ending July 2023, Walt Disney Corp. generated more than $32.3 billion in revenue thanks to his lucrative experiences
The Walt Disney Company has announced that it will spend $60 billion on parks and cruise lines over the next decade.
Capital expenditures will nearly double over a decade as Disney focuses its investments on its parks, experiences and products.
The plans were unveiled Tuesday in an SEC filing — and showed Disney “prioritizing projects expected to generate strong returns,” including its parks and cruises.
Over the past 12 months to July 2023, Disney has generated over $32.3 billion in revenue thanks to its lucrative experiences.
Disney has announced that it will spend $60 billion on its parks and Disney Cruise Line over the next decade. The plans were revealed in an SEC filing on Tuesday – and showed that Disney is ‘prioritizing projects that are expected to generate strong returns’
The filing said: ‘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 banking facilities, taken together, provide sufficient resources to meet ongoing finance operational activities. requirements, contractual obligations, upcoming debt and future capital expenditures associated with the expansion of existing businesses and the development of new projects.”
The company’s shares fell nearly 1 percent in premarket trading on Tuesday.
The parks business has become a reliable profit engine for the company and has helped offset losses in its Disney+ streaming business, which isn’t expected to become profitable until next year.
Over the past decade, Disney opened the Shanghai Disney Resort and more than doubled the cruise line’s capacity.
The parks in Paris and Hong Kong are also pumped with investment.
Bob Iger’s tenure as CEO, however, has not been smooth sailing. He is facing a legal battle in Florida over Disney World and Ron DeSantis.
Earlier this month, it was announced that Disney had dropped a major portion of its federal lawsuit against Florida’s governor, leaving only a fight left if the media giant’s rights were violated.
Walt Disney Corp. asked a federal judge for permission to file an amended complaint focusing solely on the First Amendment claim, which was approved.
Bob Iger’s tenure as CEO, however, has not been smooth sailing. He is facing a legal battle in Florida over Disney World and Ron DeSantis
The parks business has become a reliable profit engine for the company and has helped offset losses in its Disney+ streaming business, which isn’t expected to become profitable until next year
The claim alleges that the House of Mouse has been retaliated against for criticizing the so-called ‘Don’t Say Gay’ bill.
After Disney criticized the DeSantis-backed bill, the governor fired back at the company and Chairman Bob Iger, accusing them of being “woke.”
DeSantis took aim at Disney’s special tax district, which essentially let the company govern the land of its Disney World theme park itself.
DeSantis led the charge to change the name from Reedy District to the Central Florida Tourism Oversight District, while also replacing the board with his allies.
However, before the new board took control, Disney created a development contract for future investments. Those were thrown out when the DeSantis administration took control.
That led to the federal lawsuit.