Sept 19 (Reuters) - Walt Disney (DIS.N) said on Tuesday it would nearly double its capital expenditure for its parks business to about $60 billion over the next 10 years.
Disney CEO Bob Iger and Josh D'Amaro, the company's parks chief, announced the accelerated pace of investment at a gathering of Wall Street analysts and investors at Walt Disney World Resort in Orlando, Florida, focused on the company's parks business.
Parks have become a reliable profit engine for Disney and has helped cushion losses in the Disney+ streaming business, which is expected to become profitable only next year.
The announcement of the planned investment followed a slowdown at Walt Disney World in Orlando, as attendance surges at its parks around the world, particularly Shanghai Disney Resort and Hong Kong Disneyland.
Disney also plans to nearly double the capacity of its cruise line, adding two ships in fiscal 2025 and another in 2026.
Persons:
Walt Disney, Bob Iger, Josh D'Amaro, Parks, Iger, Disney, Ron DeSantis, Mario Anzuoni, Paul Verna, Thomas Hayes, Samrhitha, Dawn Chmielewski, Shailesh Kuber, Chizu Nomiyama, Paul Simao, Aurora Ellis
Organizations:
Disney, Wall Street, Walt Disney World, Disney California, Hollywood Studios, Republican, REUTERS, Insider Intelligence, Walt Disney, Shanghai Disney Resort, Great, Thomson
Locations:
Orlando , Florida, California, Orlando, Florida, Anaheim , California, U.S, Shanghai, Hong Kong, Great Hill, Bengaluru, Dawn, Los Angeles