#Disney Pulls Plug on $1 Billion Development in Florida

[loscerritoscommunitynews]

THANKS DESANTIS! Disney Pulls Plug on $1 Billion Development in Florida

May 18, 2023 A new office complex, and relocation of a division from California, would have created more than 2,000 jobs but was scuttled as the company and Gov. Ron DeSantis continue to feud. In March, Disney called Gov. Ron DeSantis of Florida “anti-business” for his scorched-earth attempt to tighten oversight of the company’s theme park resort near Orlando. Last month, when Disney sued the…

[tomorrowusa]

The misconception that Republicans are “good for the economy” or “good for business” survives among some people despite plenty of evidence to the contrary.

Ron DeSantis’s feud with Disney is going to cost the state roughly $1 billion and will have a ripple effect further down the line.

On Thursday, Mr. Iger and Josh D’Amaro, Disney’s theme park and consumer products chairman, showed that they were not bluffing, pulling the plug on an office complex that was scheduled for construction in Orlando at a cost of roughly $1 billion. It would have brought more than 2,000 Disney jobs to the region, with $120,000 as the average salary, according to an estimate from the Florida Department of Economic Opportunity.

The project, near Lake Nona Town Center, was supposed to cost $864 million, but recent price estimates have been closer to $1.3 billion. Disney had planned to relocate as many as 2,000 employees from Southern California, including most of a department known as Imagineering, which works with Disney’s movie studios to develop theme park attractions.

If you were a Disney employee in California, would you want to move to the homophobic, book-banning, gerrymandered hellhole which DeSantis is attempting to create in Florida?

Most of the affected employees complained bitterly about having to move — some quit — but Disney held firm, partly because of a Florida tax credit that would have allowed the company to recoup as much as $570 million over 20 years for building and occupying the complex.

Disney felt that despite the tax credits from Florida, it would be a bad move overall.

While Disney, so far is not exactly disinvesting in Florida, it is clearly investing less than anticipated there.

Disney is also in the midst of cutting $5.5 billion in costs as it seeks to improve profitability, pay down debt and restore its dividend. Later on Thursday, for instance, Disney said it would close an underperforming luxury hotel at Disney World. The 100-room property, announced in 2017 and opened last year, simulated a two-night trip on a “Star Wars” spaceship. 

Meanwhile, Gov. DeSantis signed a slew of homophobic bills into law on Thursday.

Tampa Pride on the River cancelled after DeSantis signs 4 anti-LGBTQ laws on 1 day

DeSantis and other Florida Republicans are setting the tone for homophobia across the state.

Digital traffic sign in Orlando displays anti-gay hate message

Homophobia should always be bad for business.

[mitchipedia]

Disney Pulls Plug on $1 Billion Development in Florida. Daring Fireball: “Vote for Republicans, they’re good for business.”

[theyoungturks]

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[andronetalks]

Disney Abandons Billion-Dollar Florida Development Plan, Shutters 'Galactic Starcruiser' Hotel Amid DeSantis Suit

Zero Hedge ByTyler Durden – May 18, 2023 Disney is pulling the plug on a $1 billion development in Orlando Florida amid a fierce dispute with Governor Ron DeSantis (D). The complex would have brought in over 2,000 jobs to the region, with an average salary of $120,000, according to the NY Times, citing an estimate from the Florida Department of Economic Opportunity. Read more…

[fuojbe-beowgi]

"Disney Pulls Plug on $1 Billion Development in Florida" by Brooks Barnes via NYT Business https://www.nytimes.com/2023/05/18/business/disney-ron-desantis-florida.html?partner=IFTTT

[michaelgabrill]

A new office complex, and relocation of a division from California, would have created more than 2,000 jobs but was scuttled as the company and Gov. Ron DeSantis continue to feud.

[jtuohey]

Disney pulls plug on $1 billion development in Florida

http://dlvr.it/SpFnrq

[toyotabedzrock]

Disney Pulls Plug on $1 Billion Development in Florida

Disney Pulls Plug on $1 Billion Development in Florida https://www.nytimes.com/2023/05/18/business/disney-ron-desantis-florida.html

[triciansmithdesign]

Disney Pulls Plug on $1 Billion Development in Florida

http://dlvr.it/SpFWNZ