NEWS: Disney Cancels $1 Billion Construction Project in Florida
Reported By Madeleine Zaharchuk (All Ears)
The Walt Disney Company once planned to build a new campus for its employees in Florida, purchasing nearly 60 acres of land in Lake Nona and touting six office buildings, two “flex” buildings, and more. That plan has been scrapped. Back in 2021, Disney purchased land in Lake Nona and hoped to move thousands of employees from California to Florida. The project was expected to bring more than 2,000 jobs to Central Florida, according to The New York Times.
Jeff Vahle, President of the Walt Disney World Resort, addressed his statement to Community Leaders, echoing Iger’s words. In part, the statement read,
“Dear Community Leaders,
Today, you may have heard the news that Disney is no longer moving forward on the construction of a new campus in the thriving and growing community of Lake Nona in Orlando. Since we first announced this project, several dynamics have changed, including a change in company leadership and evolving economic and business conditions.
Our plans currently call for us to invest $17 billion in Walt Disney World over the next 10 years and create 13,000 new jobs to continue doing our part as a leading employer in the hospitality and themed entertainment industry. We hope those plans will become a future reality.”
Deadline reported that Jeremy Redfern, Gov. DeSantis’s press secretary, released a statement reading,
“Disney announced the possibility of a Lake Nona campus nearly two years ago. Nothing ever came of the project, and the state was unsure whether it would come to fruition. Given the company’s financial straits, falling market cap and declining stock price, it is unsurprising that they would restructure their business operations and cancel unsuccessful ventures.”
Commentary – Despite trying to make this political by the media, this decision was made primarily due to company management stance, funding, and logistics. Many in the Disney Company did not like the idea of moving the HQ from California to Florida. Company stock and revenue are experiencing a gradual slowdown after the initial pent-up demand from the COVID years. The property, tax incentives, and development had already been established should Disney choose to move forward. Given the economic conditions and company’s continued restructuring/rightsizing this decision should not come as a huge surprise.
BREAKING: Disney Announces CLOSURE of Star Wars Hotel
Reported By Madeleine Zaharchuk (All Ears)
We have a HUGE update on the Star Wars: Galactic Starcruiser, a.k.a. the Star Wars hotel. While the Star Wars: Galactic Starcruiser is one of the newest Disney World hotels, it seems as though things may be changing. According to a statement from a Walt Disney World spokesperson, Disney will be closing the Star Wars: Galactic Starcruiser. In a statement from a Walt Disney World spokesperson, Disney explained,
“Star Wars: Galactic Starcruiser is one of our most creative projects ever and has been praised by our guests and recognized for setting a new bar for innovation and immersive entertainment. This premium, boutique experience gave us the opportunity to try new things on a smaller scale of 100 rooms, and as we prepare for its final voyage, we will take what we’ve learned to create future experiences that can reach more of our guests and fans.”
The final voyages will take place from September 28th to September 30th, 2023. At this time, new bookings are paused. Disney will contact guests with Starcruiser hotel reservations from September 30th through the end of 2023 to provide an update. Additionally, bookings will reopen on May 26th for voyages between now and the reported closure date.
Disney’s fully-immersive experience came at a price — a voyage on the Star Wars: Galactic Starcruiser started at $4,809 for a party of two for a 2-night stay. Since opening, we’ve seen major discounts and reduced availability, possibly due to softening demand.