Disney Is Investing $60 Billion in Its Cruises, Theme Parks

As the Walt Disney Co. attempts to turn things around amid a tumultuous financial year, the company is doubling down on its in-person experiences — namely cruises and amusement parks.

In a securities filing dated on Tuesday, Disney revealed that it plans to invest an estimated $60 billion over the next decade into its Parks, Experiences and Products division.

Disney plans on “expanding and enhancing” theme parks both in the U.S. and internationally (in Shanghai, Paris, Tokyo, and Hong Kong) as well as expanding its cruise businesses.

Related: Disney Layoffs Continue This Week: Eliminating 7,000 Roles

According to CNBC, Disney will create themed attractions around the “Frozen” and “Zootopia” franchises in its international properties.

“Today, as Disney considers future growth opportunities, there is a deep well of stories that have yet to be fully explored in its theme parks,” the company’s presentation reportedly read.

The company did not clarify what exactly it meant by its expansion of its cruise sector.

Attendance in parks plummeted this summer thanks to record-high temperatures and increased ticket prices, with the Wall Street Journal reporting that wait times at Orlando’s Magic Kingdom on the July 4th holiday weekend, were down 31 minutes year-over-year and 47 minutes from 2019.

In May, Disney World increased the prices of its tickets, something even CEO Bob Iger admitted may have been too brazen of a move.

Related: Disney World Sees Smaller Crowds Amid Price Hikes, Summer Heat

“In our zeal to grow profits, we may have been a little bit too aggressive about some of our pricing,” he said at the time. “I think there’s a way to continue to grow that business, but be smarter about how we price so that we maintain that brand value of accessibility.”

In February, Disney laid off approximately 7,000 employees (roughly 3.6% of the company’s global workforce) to cut an estimated $5.5 billion in costs.

“While this is necessary to address the challenges we’re facing today, I do not make this decision lightly,” Iger said at the time. “I have enormous respect and appreciation for the talent and dedication of our employees worldwide, and I’m mindful of the personal impact of these changes.”

The Walt Disney Co. was down just over 23% year over year as of Wednesday afternoon.

Source link: https://www.entrepreneur.com/business-news/disney-is-investing-60-billion-in-its-cruises-theme-parks/459395




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