Disney Is Investing a Massive Sum to Expand Its Theme Parks and Cruises The company made the $60 billion revelation in an SEC filing earlier this week.

By Emily Rella

Opinions expressed by Entrepreneur contributors are their own.

Getty Images
Crowds fill Main Street USA in front of Cinderella Castle at the Magic Kingdom on the 50th anniversary of Walt Disney World, in Lake Buena Vista, Fl.

As the Walt Disney Co. attempts to turn things around amid a tumultuous financial year, the company is doubling down on its in-person experiences — namely cruises and amusement parks.

In a securities filing dated on Tuesday, Disney revealed that it plans to invest an estimated $60 billion over the next decade into its Parks, Experiences and Products division.

Disney plans on "expanding and enhancing" theme parks both in the U.S. and internationally (in Shanghai, Paris, Tokyo, and Hong Kong) as well as expanding its cruise businesses.

Related: Disney Layoffs Continue This Week: Eliminating 7,000 Roles

According to CNBC, Disney will create themed attractions around the "Frozen" and "Zootopia" franchises in its international properties.

"Today, as Disney considers future growth opportunities, there is a deep well of stories that have yet to be fully explored in its theme parks," the company's presentation reportedly read.

The company did not clarify what exactly it meant by its expansion of its cruise sector.

Attendance in parks plummeted this summer thanks to record-high temperatures and increased ticket prices, with the Wall Street Journal reporting that wait times at Orlando's Magic Kingdom on the July 4th holiday weekend, were down 31 minutes year-over-year and 47 minutes from 2019.

In May, Disney World increased the prices of its tickets, something even CEO Bob Iger admitted may have been too brazen of a move.

Related: Disney World Sees Smaller Crowds Amid Price Hikes, Summer Heat

"In our zeal to grow profits, we may have been a little bit too aggressive about some of our pricing," he said at the time. "I think there's a way to continue to grow that business, but be smarter about how we price so that we maintain that brand value of accessibility."

In February, Disney laid off approximately 7,000 employees (roughly 3.6% of the company's global workforce) to cut an estimated $5.5 billion in costs.

"While this is necessary to address the challenges we're facing today, I do not make this decision lightly," Iger said at the time. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide, and I'm mindful of the personal impact of these changes."

The Walt Disney Co. was down just over 23% year over year as of Wednesday afternoon.

Emily Rella

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

This 29-Year-Old's Side Hustle Brought People 'to the Dark Green Side.' It Made $10,000 Within 2 Days and Sees 6 Figures a Month.

Nikki Seaman began work on her business when the pandemic led to grocery store shutdowns.

Side Hustle

How to Build Endless Passive Income With This Simple Online Hustle

Autopilot stores aren't just income streams. They are passports to freedom, flexibility and finally working and living on your own terms.

Business News

Elon Musk's xAI Is Hiring Engineers for Its Anime 'AI Companions' — With Salaries Up to $440,000 a Year

xAI launched a set of "AI companions" earlier this week, with a third on the way.

Marketing

Why Most Startups Fail to Get National Press — and What To Do Instead

Tech startups often struggle to gain national news coverage. Here's how startups can achieve that elusive national media attention.

Business News

Here's How the CEO of the Biggest Bank in the U.S. Spends His Downtime: 'This Gives Me Purpose in Life'

JPMorgan CEO Jamie Dimon, 69, recently said that his top three priorities are his family, his country, and his purpose, which is working at the bank — in that order.

Health & Wellness

This Is the Newest Real Estate Trend You Can't Miss — and It's Worth $438 Billion

A rapidly emerging new trend is sweeping the global real estate sector, powered by humanity's collective desire for longer lives and healthier lifestyles. Here's what entrepreneurs should pay attention to to capture the new market.