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Walt Disney Company, Florida Governor end feud with deal on 15-year expansion plan

Jun 15, 2024 | News | 0 comments

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Under the terms of the agreement with the Central Florida Tourism Oversight District, Disney agreed to invest at least $8 billion at the resort over ten years, for a total of $17 billion over ten to twenty years.

Entertainment: Disney and Florida Governor Ron DeSantis have decided to drift apart from their feud with an agreement that says the entertainment giant will build the Walt Disney World Resort near Orlando for the next 15 years.

Since 2022, when former Disney CEO Bob Chapek criticized a state legislative attempt to limit classroom discussion of sexuality and gender issues for younger kids, DeSantis and Disney—one of Florida’s largest employers—have been locked in a legal battle. It was dubbed the “Don’t Say Gay” rule by its detractors.

Under the terms of the agreement with the Central Florida Tourism Oversight District, Disney agreed to invest at least $8 billion in the resort over a decade, for a total of $17 billion over 10 to 20 years.

Furthermore, according to the Central Florida Tourism Oversight District, it will also increase the scope of an affordable housing effort and guarantee that at least 50% of the money spent on the expansion will benefit Florida-based companies. Disney also has the option under the agreement to create a fifth theme park, increase retail and office space, and add roughly 14,000 hotel rooms, bringing the total number of rooms at the resort to almost 54,000.

In a statement, Walt Disney President Jeff Vahle claimed that the new deal “paves the way for us to invest billions of dollars in Walt Disney World Resort“.

Business Standard reported, “Disney and Florida Governor Ron DeSantis have put an end to their feud with a deal that allows the entertainment giant to develop the Walt Disney World Resort near Orlando for the next 15 years.” The deal between both parties occurred after Disney and Ron DeSantis appointees reached a settlement in March to end a high-profile lawsuit in state court over control of the special district, including the Walt Disney World theme parks.

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Written by Riteshu Sen Jaiswar

Chief Of Media at BIZBoost || Public Speaker || Web 3 Junkie || Passionate Writer || Gyaan Seeker

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