financetom
Business
financetom
/
Business
/
Planned Disneyland expansion in California clears major hurdle
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Planned Disneyland expansion in California clears major hurdle
Apr 17, 2024 2:38 AM

(Reuters) - Plans to expand the Disneyland Resort cleared a major hurdle Wednesday, as local officials endorsed a new blueprint governing the development of Walt Disney's Southern California theme parks over the next 40 years.

The Anaheim city council approved a plan, called DisneylandForward, that one researcher estimated would create as many as 4,520 construction jobs per year of development and an additional 26,764 parks-related positions over the coming decades.

A second procedural council vote, to consider zoning changes, revisions in the city's development agreement with Disney and an analysis of environmental impacts, is scheduled for May 7. If adopted, the changes would take effect after 30 days, clearing the way for Disney to invest a minimum of $1.9 billion in new theme park experiences and lodging over the next decade.

Parks have become a reliable profit engine for Disney and have helped cushion losses in the Disney+ streaming business, which is expected to become profitable by September. The company last year announced it would deepen its investment in its parks, and double the capacity of its cruise line, committing $60 billion over the next decade.

Disneyland, the company's first theme park, opened in 1955. As it grew in popularity, the city of Anaheim approved plans that would govern its growth, creating zones designated for specific types of developments.

In 2021, Disney submitted a plan, dubbed DisneylandForward, which would give the company flexibility in how it could develop its 490-acre California property. Disney is looking to blend hotels, shops and attractions within the same themed world, as it has in Fantasy Springs, which opens June 6 at Tokyo DisneySea Park.

TELLING 'NEW STORIES'

The proposal calls for allowing theme park attractions

alongside hotels on the west side of Disneyland Drive and

theme park attractions alongside new shopping, dining and entertainment to the southeast on what is today the Toy Story Parking Area.

Dozens of members of the public addressed the council before the vote. Many voiced enthusiastic support for the job opportunities and revenue they expected the expansion to bring to the area. Some local residents, however, said they would be harmed by increased traffic and noise and the conversion of a public road known as Magic Way into a pedestrian walkway.

"A project like DisneylandForward will only further exacerbate the current problems," said Anaheim resident Trangdai Glassey. "To disregard the human costs from a project of this scope is unthinkable."

The company has not said what attractions and amenities it plans to add in California, though it has pointed to attractions found elsewhere, such as the new World of Frozen, where guests can experience the fictional world of Arendelle at Hong Kong Disneyland, or the "mammalian metropolis" of Zootopia at Shanghai Disneyland.

"With each new experience taking three to five years to come to fruition, DisneylandForward is an urgent need so we can determine what new stories could be told at The Happiest Place on Earth," Disneyland Resort President Ken Potrock wrote in an opinion piece that appeared in the Orange County Register.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Bicycle Therapeutics Q2 Net Loss Narrows, Revenue Lower
Bicycle Therapeutics Q2 Net Loss Narrows, Revenue Lower
Aug 6, 2024
10:31 AM EDT, 08/06/2024 (MT Newswires) -- Bicycle Therapeutics ( BCYC ) reported Q2 net loss Tuesday of $0.77 per diluted share, narrowing from a loss of $1.41 a year earlier. Analysts polled by Capital IQ expected a loss of $1.12. Revenue for the quarter fell to $9.36 million from $11.4 million a year ago. Analysts polled by Capital IQ...
General Motors Unusual Options Activity For August 06
General Motors Unusual Options Activity For August 06
Aug 6, 2024
Financial giants have made a conspicuous bullish move on General Motors ( GM ). Our analysis of options history for General Motors ( GM ) revealed 8 unusual trades. Delving into the details, we found 37% of traders were bullish, while 37% showed bearish tendencies. Out of all the trades we spotted, 4 were puts, with a value of $154,945,...
Listerine-Maker Kenvue's Stock Soars On Strong Q2 Sales From Its Essential Health Unit, Reaffirms Annual Guidance
Listerine-Maker Kenvue's Stock Soars On Strong Q2 Sales From Its Essential Health Unit, Reaffirms Annual Guidance
Aug 6, 2024
Consumer health company Kenvue Inc. ( KVUE ) stock is trading higher after the company reported better-than-expected second-quarter 2024 financial results. The Johnson & Johnson consumer spin-off reported sales of $4 billion, down 0.3% year-over-year (up 1.5% organically), beating the consensus of $3.94 billion. Kenvue’s some of the iconic brands include Aveeno, BAND-AID Brand, Johnson’s, Listerine, Neutrogena, and Tylenol. Value realization...
Canadian Imperial Bank of Commerce to Hire Over 200 Data, AI Roles
Canadian Imperial Bank of Commerce to Hire Over 200 Data, AI Roles
Aug 6, 2024
10:32 AM EDT, 08/06/2024 (MT Newswires) -- Canadian Imperial Bank of Commerce ( CM ) said Tuesday it intends to hire more than 200 data and artificial intelligence roles. The company said it will add the roles over the next 12 months. The company's shares were up 1.6% in recent trading. Price: 49.22, Change: +0.79, Percent Change: +1.63 ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved