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Disney Pulls Plug on $1 Billion Development in Florida
Right_in_Virginia:
Disney Pulls Plug on $1 Billion Development in Florida
NY Times, May 18, 2023
In March, Disney called Gov. Ron DeSantis of Florida “anti-business” for his scorched-earth attempt to tighten oversight of the company’s theme park resort near Orlando. Last month, when Disney sued the governor and his allies for what it called “a targeted campaign of government retaliation,” the company made clear that $17 billion in planned investment in Walt Disney World was on the line.
“Does the state want us to invest more, employ more people, and pay more taxes, or not?” Robert A. Iger, Disney’s chief executive, said on an earnings-related conference call with analysts last week.
On Thursday, Mr. Iger and Josh D’Amaro, Disney’s theme park and consumer products chairman, showed that they were not bluffing, pulling the plug on an office complex that was scheduled for construction in Orlando at a cost of roughly $1 billion. It would have brought more than 2,000 Disney jobs to the region, with $120,000 as the average salary, according to an estimate from the Florida Department of Economic Opportunity.
The project, known as Lake Nona Town Center, was supposed to cost $864 million, but recent price estimates have been closer to $1.3 billion. Disney had planned to relocate as many as 2,000 employees from Southern California, including most of a department known as Imagineering, which works with Disney’s movie studios to develop theme park attractions.
More:
https://www.nytimes.com/2023/05/18/business/disney-ron-desantis-florida.html?smtyp=cur&smid=tw-nytimes
roamer_1:
If it was up to me, there's be a wide moat around Reedy Creek and flyover restrictions.
See how the homo groomers like that.
Kamaji:
I rather doubt that Florida is going to go hurting for alternative investment sources.
cato potatoe:
It's a shame that Disney is forced to economize after a spate of bad decisions, but those 2,000 democrats need to stay the hell in California.
Cyber Liberty:
It's working.
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