Disney, Florida's DeSantis end spat with deal on 15-year expansion plan
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[June 13, 2024]
(Reuters) - Disney and Florida Governor Ron DeSantis have put an
end to their feud with a deal that allows the entertainment giant to
develop the Walt Disney World Resort near Orlando for the next 15 years.
DeSantis and Disney, one of Florida's biggest employers, had been
embroiled in a dispute since 2022, when former Disney CEO Bob Chapek
criticized a state legislative effort to limit classroom discussion of
sexuality and gender issues for younger students. Critics described it
as the "Don't Say Gay" law.
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People gather at the Magic Kingdom theme park before the "Festival of
Fantasy" parade at Walt Disney World in Orlando, Florida, U.S. July 30,
2022. REUTERS/Octavio Jones/File Photo |
Under the agreement with the Central Florida Tourism Oversight
District, Disney said it would spend at least $8 billion at the
resort over a decade with a total of $17 billion invested over
10 to 20 years.
It will also expand an affordable housing initiative and ensure
at least 50% of its total spending in the expansion goes to
Florida businesses, according to the Central Florida Tourism
Oversight District.
The agreement also gives Disney the ability to build a fifth
theme park, expand retail and office space and add about 14,000
hotel rooms for a resort total of nearly 54,000.
Disney President Jeff Vahle said in a statement the new
agreement "paves the way for us to invest billions of dollars in
Walt Disney World Resort".
The agreement comes after Disney and appointees of Ron DeSantis
reached a settlement in March to end a high-profile lawsuit in
state court over control of the special district that includes
the Walt Disney World theme parks.
(Reporting by Rishabh Jaiswal in Bengaluru and Dawn Chmielewski
in Los Angeles; Additional reporting by Abinaya V; Editing by
Edwina Gibbs)
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