Disney CEO Bob Iger revealed Monday that the entertainment giant has plans for a multi-billion dollar, 10 year investment in its Walt Disney WorldDisney World park in Florida, a state that the company has recently been in conflict with.
Iger said the company is planning to invest over $17 billion at the Florida park during Walt Disney Company's shareholder meeting. The CEO said that that investment over a decade will result in 13,000 new Disney jobs and indirectly thousands of others, as well as attract more people to the state and generate more taxes.
The Disney World investment was made after a question about what steps can be taken to protect shareholder value in connection with the Reedy Creek Improvement District conflict between Disney and Florida.
The Florida State Legislature passed legislation earlier this year to make it so that the people running the special tax district encompassing Disney World were appointed by the Sunshine State s governor.
A board consisting of members picked by the Republican Gov. Ron DeSantis has taken over the renamed Central Florida Tourism Oversight District, even though it saw its authority lessened by the outgoing one, as previously reported by FOX Business. The move by the outgoing board prompted DeSantis to call for a probe.
While responding to the shareholder question, Iger said that while the company may have not handled the position they took very well, a company has the right to freedom of speech. He accused DeSantis of retaliating against Disney's position on the Parental Rights in Education law and trying to punish the company, which he said maintains a total of 75,000 employees in the state.
Iger told shareholders after revealing the investment plans that any action would thwarts those efforts simply to retaliate for a position the company took sounds not only anti-business but anti-Florida.
In February, the business segment at Disney that falls under Parks, Experiences and Products reported generating $8.74 billion in first quarter revenue, a 21% jump year-over-year. Domestic parks and experiences accounted for $6.07 billion, according to Disney.