Chris McPherson is a Senior Author in News for Collider who focuses on Yellowstone, Bosch, Reacher, box office, blockbuster movies and theme parks.
This article covers a developing story. Continue to check back with us as we will be adding more information as it becomes available. The Big Picture There's huge news coming out of the Magic Kingdom this evening.
After years of tensions between Disney and Florida Governor Ron DeSantis, a new development agreement has been reached that promises to reshape the future of Walt Disney World. This landmark deal will not only ensure a substantial investment from Disney but also pave the way for a fifth theme park at the iconic resort near Orlando. The agreement, which marks the end of a prolonged period of acrimony, includes assurances and guardrails that will benefit both Disney and the state, after what felt like a lifetime of fighting. Disney has committed to investing up to $17 billion over the next ten to twenty years, a figure that, while previously promised, now comes with a renewed commitment and extended timeframe. The investment is, unsurprisingly, expected to significantly boost Florida's economy, creating thousands of jobs and enhancing tourism. One of the key points in the agreement is Disney's promise to make an initial capital investment of $8 billion within the first ten years. This investment will go towards existing infrastructure, new construction, and technology upgrades. Additionally, the deal includes a "minimum development" clause, ensuring that Walt Disney World will expand to include at least five major theme parks in Orlando. Moreover, Disney has secured the flexibility to convert hotel and motel land use entitlements into up to 225,000 square feet of office space within the district. This could potentially revive Disney’s plan to relocate approximately 2,000 Parks, Experiences & Products staffers from California to central Florida, further boosting the local economy. Disney Is Facing a Battle with Universal This new agreement is set to replace a favorable 30-year development deal previously signed by a Disney-controlled board. The final vote on the new deal is expected next week, and if approved, it will provide the necessary framework for Disney's ambitious expansion plans. The announcement of the fifth park comes on the heels of Disney securing a revised development agreement with the City of Anaheim for Disneyland. Known as DisneylandForward, this $1.9 billion multi-decade expansion plan aims to create mixed-use environments and new attractions. Additionally, Disney has committed to a staggering $60 billion investment in its parks worldwide over the next ten years. The timing of Disney's announcement may also be influenced by the upcoming launch of Epic Universe, a $1 billion expansion at Universal Studios Orlando. Set to open next year, Epic Universe represents a significant competitive challenge. Despite this, Disney CEO Bob Iger remains confident, stating that Disney has a sophisticated approach to analysing and meeting the needs of its business. Stay tuned to Collider for more.
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