Disney World gets final approval for $17 billion development plan that could include a fifth theme park
It looks like a “Great Big Beautiful Tomorrow” is on the horizon for the roughly 58 million guests who visit Walt Disney World annually.
On June 12, the Central Florida Tourism Oversight District, which oversees land use and public services within the area Disney World owns and operates, unanimously voted to approve a 15-year development plan that could bring major changes to Disney World in the coming decades, including a possible fifth theme park.
Disney published a legal notice detailing the development plan in the May 29 edition of the Orlando Sentinel and received conditional approval June 5. It outlined Disney’s planned investment of up to $17 billion over the next 10 to 20 years, with an initial commitment of $8 billion in the next 10 years.
As the plan outlines, those funds can be used to develop new office space, hotels, restaurants, retail spaces and theme parks. The agreement encompasses approximately 17,370 acres of land under the CFTOD’s jurisdiction, the majority of the land they oversee.
Under the plan’s terms, Disney World can potentially raise its total number of hotel rooms from the more than 36,000 it currently has to 53,467; retail and restaurant space will also be increased. Walt Disney World already has four theme parks and two water parks, but yesterday's approval could pave the way for Disney to build a fifth theme park and three additional smaller, more minor parks, such as a water park.
The agreement also calls for Disney to “donate land for public infrastructure improvements necessary to support the new development,” commit at least $10 million to attainable housing projects and award at least 50% of the goods and services related to design, development and construction under the plan to Florida businesses.
This plan reconfirms The Walt Disney Company’s $60 billion commitment to “accelerate and expand investment” in its global theme parks, cruise line and other vacation experiences announced last September by CEO Bob Iger.
“You can pretty much conclude that they’ll be all over — meaning every single one of our locations will be the beneficiary of increased investment and thus increased capacity, including on the high seas, where we’re currently building three more ships,” Iger said during the company’s first-quarter earnings call in February.
Since the announcement, the company opened the World of Frozen at Hong Kong Disneyland and a "Zootopia"-themed land at Shanghai Disney Resort. It will also open Fantasy Springs at Tokyo Disney Resort on June 6. Additionally, Disney recently received approval to build new lands and attractions at Disneyland and shared early concept “blue sky” ideas for Disney World expansion plans.
This development agreement solidifies Disney's and the CFTOD's continued commitment to investing in Central Florida. Disney’s investment would bring growth and development to the area through new jobs, more tourists and additional state and local revenue.
Negotiations between Disney and the CFTOD have not historically been this amicable. The contentious relationship began in 2022 when Disney spoke out against Florida’s so-called “Don’t Say Gay” bill that prohibited discussion of sexual orientation and gender identity in Florida classrooms, a bill that Gov. Ron DeSantis championed.
Disney’s criticism drew DeSantis’ ire, leading him to remove Disney’s self-governing status and special taxation benefits by taking control of the Reedy Creek Improvement District (now the Central Florida Tourism Oversight District), renaming it and appointing five hand-picked representatives to the board that was previously wholly controlled by Disney.
Before they were ousted, Disney’s board members attempted to push through a development deal, which has kept the two in legal battles ever since. On March 27, Disney and the CFTOD reached a settlement that nullified any previous development agreements, with both parties agreeing to negotiate a new development plan.
With the plan's approval, Disney World is poised to get an even better makeover than Cinderella did before the royal ball.
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There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.