In the fall of 2023, Disney announced plans to double its investment in theme parks to $60 billion over ten years. Today, CEO Bob Iger spent a big chunk of time sharing “some of what we’ve been up to” with shareholders at the company’s annual meeting, touting new lands and attractions from Cars, Avatar, Lion King, Monsters Inc., Coco and more.
The shareholders confab was calm and short, unlike last year’s fireworks when Disney successfully fended off an aggressive challenge by activist investor Nelson Peltz for two board seats.
“Last year, we talked about our plans to turbo charge growth in this segment through strategic investments,” Iger said. “Right now, we have more projects underway around the world than at any time in our history. Magic Kingdom is undergoing the largest expansion ever, including a new area inspired by Cars and the much-anticipated Villains-themed land. A Monsters Inc. themed land is coming to Hollywood Studios.”
A new Tropical Americas land is coming to Disney’s Animal Kingdom with attractions themed to Encanto and Indiana Jones. “We’re doubling the size of Avengers campus with two new attractions at Disney California Adventure, a ride-through attraction themed to Coco is also coming to Disney California Adventure as it is the long-awaited Avatar themed destination,” Iger said.
Disneyland Paris will feature the first ever ride-through attraction themed to the Lion King and Iger showed a model from Imagineering. “Once completed, the majestic Pride Rock will serve as the gateway to an adventure-filled water attraction that will follow Simba on his journey from cub to king. And we can’t wait for guests to experience this retelling of the classic animated film.”
Iger added that Disney is “proud of the positive economic impact these projects will have in the communities in which we operate, including creating thousands of new jobs in Florida and California.” A Florida expansion had seemed at risk until Disney last June dropped a case again Florida Gov. Ron DeSantis, clearing the way for $17 billion in planned development at Walt Disney World in Orlando.
The expansion comes as Universal prepares to open its massive, new Epic Universe theme park in Florida in May, hoping to boost its market share.
Disney is also ramping up its lucrative Cruise Lines business, the other prong of Disney Experiences, doubling capacity. Last year, it launched the Singapore-based Disney Treasure, the sixth ship in its fleet. It has another seven cruise ships in development, including the Disney Destiny and the Disney Adventure, which are scheduled to launch later this year.
In reponse to several shareholder questions, Iger said the company is focused on building out its current parks and resorts, not adding new locations.