Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Business

Disney touts $40 billion economic impact in Florida as it battles DeSantis in court

by November 17, 2023
November 17, 2023
Disney touts $40 billion economic impact in Florida as it battles DeSantis in court

Disney on Tuesday released a study showing its economic impact in Florida at $40.3 billion as it battles Florida Gov. Ron DeSantis and his appointees over their takeover of the district that governs the entertainment company’s massive theme park resort in central Florida.

Disney accounted for 263,000 jobs in Florida, more than three times the actual workforce at Walt Disney World, according to the study conducted by Oxford Economics and commissioned by Disney, covering fiscal year 2022. Besides direct employment and spending, the study attributed the company’s multibillion-dollar impact to indirect influences, such as supply chain and employees’ spending.

The jobs include Disney employees as well as jobs supported by visitor spending off Disney World property. Disney employs 82,000 workers in Florida, not only at Disney World outside Orlando, but also Disney Cruise Line in Port Canaveral, Fort Lauderdale and Miami, as well as a resort in Vero Beach.

In central Florida, Disney directly accounts for 1 in 8 jobs, and for every direct job, another 1.7 jobs are supported across Florida, Oxford Economics said.

The time period in the study is before the takeover earlier this year of Disney World’s governing district by DeSantis and his appointees after Disney publicly opposed a state law banning classroom lessons on sexual orientation and gender identity in early grades. The law was championed by DeSantis, who is running for the 2024 GOP presidential nomination.

Disney officials in the past year have said the company plans to invest an additional $17 billion over the next decade in central Florida, including potentially adding another 13,000 jobs. However, the company has shown a willingness to pull back investing in the Sunshine State.

Earlier this year, Disney scrapped plans to relocate 2,000 employees from Southern California to work in digital technology, finance and product development, an investment estimated at $1 billion.

Disney World already has four theme parks, more than 25 hotels, two water parks and a shopping and dining district on 25,000 acres (10,117 hectares).

Disney is battling DeSantis and his appointees in federal and state courts over the takeover of what was formally called the Reedy Creek Improvement District but was renamed the Central Florida Tourism Oversight District after DeSantis appointees gained control. The district was created by the Florida Legislature in 1967 to handle municipal services like firefighting, road repairs and waste hauling, and it was controlled by Disney supporters until earlier this year.

Before control of the district changed hands from Disney allies to DeSantis appointees, the Disney supporters on its board signed agreements with Disney shifting control over design and construction at Disney World to the company. The new DeSantis appointees said the “eleventh-hour deals” neutered their powers, and the district sued the company in state court in Orlando to have the contracts voided. Disney has filed counterclaims, which include asking the state court to declare the agreements valid and enforceable.

Disney also has sued DeSantis, a state agency and DeSantis appointees on the district’s board in federal court in Tallahassee, saying the company’s free speech rights were violated when the governor and Republican lawmakers targeted it for expressing opposition to the law dubbed “Don’t Say Gay” by its critics.

In an earnings report last week, Disney noted that while its theme parks worldwide had a year-to-year increase in operating income, it had decreased at the Florida theme park resort due to costs related to the closure of its immersive Star Wars-themed two-night experience and lower visitor spending from a decrease in hotel rates.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Mortgage rates are slipping after a rapid rise
next post
WESTERN COPPER AND GOLD PROVIDES GUIDANCE ON ENVIRONMENTAL AND SOCIO-ECONOMIC EFFECTS STATEMENT SUBMISSION AND INFRASTRUCTURE UPDATE

Related Posts

Super Bowl ads beckon up to $8 million...

January 31, 2025

From tariffs to DOGE, what companies are saying...

February 19, 2025

Frontier CEO urges crackdown on ‘rampant abuse’ of...

May 24, 2024

Robinhood CEO sees Amazon-like subscription model as path...

March 29, 2025

Retail crime ‘queenpin’ to pay millions in restitution...

January 24, 2025

Six months after ‘zero Covid,’ U.S. firms in...

June 12, 2023

Spotify and YouTube raise their premium-service pricing

July 26, 2023

On the sidelines of a pricier Kentucky Derby,...

May 5, 2024

Tesla cuts U.S. prices on its Model Y,...

April 21, 2024

GM to invest $632 million to produce next-generation...

June 14, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Don’t Overlook This Lagging Industry; I Believe It’s Set To Explode!

    • Questcorp Mining Continues Exploration in Advance of Drilling at the La Union Gold & Silver Project in Mexico

    • Canadian Investment Regulatory Organization Trade Resumption – STUD

    • Crypto Market Recap: SEC Crypto ETF Guidance Sets Stage for Wave of New Fund Approvals

    • Is a Chinese chain’s blood orange cold brew the future of coffee in America?

    • Tech 5: US Lifts EDA Restrictions for China, Apple Explores Third Party AI for Siri

    Categories

    • Business (1,280)
    • Investing (2,643)
    • Politics (3,699)
    • Stocks (1,703)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved