Disney’s stock tumbled more than 3% on Tuesday after the Mouse House revealed it will nearly double spending on its theme parks and resorts business.
The entertainment giant said it has over 1,000 acres of land it could develop and cited the growth it has seen over past years from investing in theme park rides, cruise ships, and other attractions tied to its blockbuster movies and characters.The company is currently hosting a three-day gathering, which kicked off on Monday, for Wall Street analysts at its Disney World resort in Orlando, Fla.
The aggressive 10-year plan to expand Disney’s parks and cruises comes as the company is wrestling over what to do with its linear TV business, with networks like ABC and ESPN slammed by continued cord-cutting, even as its Disney+ streaming app continues to lose money.