Disney Pouring $60 Billion Into Theme Parks, Cruises Over The Next 10 Years

The Walt Disney Co. is planning to invest approximately $60 billion into its theme parks and cruise lines over the next decade, as the company looks to continue growing one of its more successful business segments.

The company said in a regulatory filing on Tuesday that the planned investment is nearly double what it spent in the prior 10-year period.

The Disney Parks, Experiences and Products segment continues to do well for the company, with revenue rising 13% in its fiscal third quarter. That’s helped to offset the struggles in its Disney Media and Entertainment Distribution unit, which saw revenue dip 1% in the period.
Disney is confident in its plans, saying in a prepared statement that it’s seen growth following previous periods of significant investment, which included the additions of Cars Land at Disney California Adventure, Star Wars Galaxy’s Edge at Disneyland and Hollywood Studios at Walt Disney World, Avengers Campus at California Adventure and Walt Disney Studios Park in Paris.

It’s also opening new Frozen-themed lands at its Hong Kong, Paris and Tokyo properties, along with a Zootopia-themed land in Shanghai. And during a presentation at its Destination D23 event earlier this month, Disney made several parks announcements, including plans to create a new Pirates of the Caribbean-themed lounge in Magic Kingdom and the reimagining of the Test Track ride at Epcot.

Disney’s theme parks have been a top priority for Bob Iger since he returned in November to take over the CEO post from Bob Chapek.

The Burbank, California-based company’s theme parks are widely viewed by industry experts as a critical component of its business. To that end, Iger has been prioritizing reconnecting with the Disney theme park die-hards and restoring their faith in the brand. Shortly after his return, changes rolled out at U.S. parks.

While the company didn’t provide details on any specific plans it has for the $60 billion investment, it did say that “there is a deep well of stories” that haven’t been fully explored at its theme parks yet.

Disney said that it has significant room to expand its theme parks further, with more than 1,000 acres of land for possible future development to expand theme park space across its existing sites. That’s equal to about seven new Disneyland parks.

Some of the company’s cruise line plans are already in place, as it previously announced that it will be adding two ships in fiscal 2025 and another in 2026.

BY MICHELLE CHAPMAN

Disney Unveils Park Changes To Bring Back The Magic

The Walt Disney Co. is making several changes at its domestic theme parks, including some easier reservations, in order to improve the public perception of its business.

Among the changes: it will cease charging for overnight self-parking at its Walt Disney World resorts; Walt Disney World annual passholders will be able to visit the theme parks after 2 p.m. without needing a park reservation (except on Saturdays and Sundays at Magic Kingdom) and individuals buying its Genie+ service will receive digital downloads of their ride photos taken in the park on the day of their purchase for no additional charge.

Like many companies, Disney struggled during the lockdowns of the COVID-19 pandemic. Its theme parks were shut down for some time, with the closures causing delays in the construction of various projects. Concurrently, former CEO Bob Chapek received a lot of criticism for increased prices and other moves that the company made, including the end of the Magical Express bus service from the airport in Orlando, Florida to Walt Disney World resorts, the implementation of the Genie planning and ride reservation system and its theme park reservation system.

Disney theme park loyalists have not shied away from their criticism of the moves that have occurred over the past two years, with some even bemoaning on social media that “the magic is gone.”

One big recent change is the return of Bob Iger to the Burbank, California-based company. Iger replaced Chapek as CEO in November and just a few weeks later was seen visiting the Disneyland and California Adventure theme parks in Anaheim, California with Josh D’Amaro, chairman of Disney Parks, Experiences, and Products.

Disney is now making known that it is listening to its visitors. On Tuesday the company made a flurry of announcements that were largely met with great fanfare by theme park goers.

Disney had started charging for overnight self-parking at its resorts at Disney World in 2018. It went back to offering complimentary overnight parking as of Tuesday evening. Disney resort guests continue to receive complimentary standard parking at Disney World theme parks.

“This is a Disney difference many of you have asked us to bring back, and we’re happy to reintroduce it to make your vacation a little easier and more affordable,” the company said in a statement on its Disney Parks blog.

The company did not give specific dates for the annual passholder or Genie+ changes, only to say that they will start in the next few months.

“Please know we will keep listening to you and adapting as we focus on making the guest experience even better for more people who visit us,” the company said.

Disney also made some other announcements that theme park goers have been anxiously waiting for, including the return of its “Happily Ever After” nighttime show at Magic Kingdom on April 3 and an official opening date of April 4 for its TRON Lightcycle/Run roller coaster at the same park.

Changes are also afoot at Disneyland. They include allowing people who buy a Magic Key pass or a Park Hopper ticket the ability to switch between its Disneyland and California Adventure parks two hours earlier, at 11 a.m. Pacific Time, beginning on Feb. 4. It’s also adding more dates for people to buy its $104 one-day, one-park tickets and giving complimentary digital photo downloads for any PhotoPass available ride for all ticketed park guests on the Disneyland app starting Feb. 4, for the length of its Disney100 celebration.

By MICHELLE CHAPMAN