News

The Central Florida Tourism Oversight District has officially sanctioned a development agreement with Disney, outlining a blueprint for growth and enhancements within the resort spanning the next 20 years. In exchange, Disney has committed to an extensive $17 billion investment in the development of Walt Disney World during this period.

Governor DeSantis withdrew his pursuit of the Republican nomination for U.S. President after realising the potential consequences of Disney prevailing in its appeal regarding corporate free speech rights. This decision and Disney's reluctance to engage in protracted litigation led to an agreement earlier this year. As a result, Governor DeSantis made administrative adjustments to align more closely with Disney's interests, granting the district the autonomy to pursue Disney's vision for the resort.

Under the newly ratified development agreement, Disney is authorised to establish a fifth major theme park and two minor parks within the resort, alongside augmenting the existing hotel and retail facilities. Moreover, Disney is mandated to allocate a minimum of 50% of construction work to companies based in Florida and to allocate no less than $10 million toward affordable housing initiatives.

While the approval allows Disney to conceptualise these potential new park developments, it does not obligate Disney to execute them. Enthusiasts must remain patient for an official announcement from Disney or a disclosure of construction bids to discern the potential timeline and location for introducing a fifth park at the resort.

In other significant developments within the Orlando area's theme park landscape, Universal Orlando has secured consent from Orange County to expand its development footprint on its newly established south campus, the future site of Epic Universe, by over 1,000 acres.

This milestone was made possible following Florida Governor Ron DeSantis' decision to withdraw his pursuit of the Republican nomination for president. An appellate court ruling against corporate free speech could challenge the existing legal precedent that currently allows virtually unlimited corporate contributions to political campaigns, a scenario favourable to Republicans. It became apparent to him that Disney would have more to lose than gain if it prevailed in its appeal regarding its corporate free speech rights.