{"id":12457,"date":"2023-05-23T04:08:25","date_gmt":"2023-05-23T08:08:25","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/florida-controversy-hasnt-hurt-disney-world-company-says\/"},"modified":"2023-05-23T04:08:26","modified_gmt":"2023-05-23T08:08:26","slug":"florida-controversy-hasnt-hurt-disney-world-company-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12457","title":{"rendered":"Florida Controversy Hasn’t Hurt Disney World, Company Says"},"content":{"rendered":"
\n
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<\/p>\n
<\/div>\n<\/figure><\/div>\n

The head of
\n Walt Disney\u2019s
\n lucrative parks division said Monday there had been no impact on business results from the firm\u2019s recent political brushes in Florida.<\/p>\n

Josh D\u2019Amaro, chairman of
\n Disney
\n parks, experiences, and products, was asked at the J.P. Morgan Global Technology, Media and Communications Conference whether recent headlines in Florida have impacted operations. \u201cIt has not,\u201d D\u2019Amaro said, according to a transcript provided by Sentieo. <\/p>\n

\n

\u201cAs you\u2019ve seen in our results, the progress that we\u2019ve made coming out of Covid has been exceptionally strong. So some of the things that are happening\u2014and I assume you mean from a political perspective, et cetera\u2014some of the things that have been taking place have not impacted our business results.\u201d<\/p>\n

Disney stock was up 0.4% in Monday afternoon trading. The company said earlier this month that revenue in D\u2019Amaro\u2019s parks, experiences, and products segment were up 17% to $7.78 billion in the fiscal second quarter.<\/p>\n

Disney is suing Florida Gov. Ron DeSantis, alleging the Republican lawmaker retaliated against the company for its stance against a piece of legislation that bans discussions of sexual orientation in elementary schools. <\/p>\n

After Disney spoke out against the bill, which was dubbed by critics as the \u201cDon\u2019t Say Gay\u201d law, DeSantis signed a bill that replaced the board of a special district that let Disney self-govern its Florida resort and theme parks with outside appointees. The DeSantis administration has said the firm had no right to \u201coperate its own government or maintain special privileges not held by other businesses in the state.\u201d<\/p>\n

D\u2019Amaro told staff last week the company no longer planned to build a campus in Lake Nona, Fla., and wouldn\u2019t move some employees in D\u2019Amaro\u2019s division to the state. D\u2019Amaro, in a memo to staff viewed by Barron\u2019s<\/em>, cited the firm\u2019s leadership changes and business conditions.<\/p>\n

\u201cWe\u2019re not going to have the campus in Florida and we\u2019ll keep things as they are right now from a cash perspective and an employee perspective, and making sure that we\u2019re taking care of our cast members the right way,\u201d he said.<\/p>\n

The firm also said last week it planned to shut down Star Wars: Galactic Starcruiser, a luxury boutique hotel experience that charged nearly $5,000 for a couple over a two-night stay. It included a day trip to Disney World\u2019s Hollywood Studios theme park, through a special entrance in the Star Wars section of the park. D\u2019Amaro said the firm expects about $100 million to $150 million acceleration in depreciation in the fiscal third and fourth quarters, each.<\/p>\n

\u201cIt didn\u2019t perform exactly like we wanted it to perform, so we decided that we were going to sunset this in September,\u201d D\u2019Amaro said at the J.P. Morgan conference today. \u201cOur cast members that operated this, for anybody who had a chance to go check it out, it did just an exceptional job pulling it off.\u00a0<\/p>\n

He noted the hotel, though it attracted plenty of headlines, only had 100 rooms, out of 30,000 rooms across Disney World.<\/p>\n

\u201cSo this is very, very small in the context of what we deliver at Walt Disney World,\u201d he said. \u201cBut again, I give the imagineers a lot of credit because this gives us the creative insight to think about new experiences as we move forward. But it\u2019s small in the context of Walt Disney World.\u201d<\/p>\n

Write to Connor Smith at connor.smith@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The head of Walt Disney\u2019s lucrative parks division said Monday there had been no impact on business results from the firm\u2019s recent political brushes in Florida. Josh D\u2019Amaro, chairman of Disney parks, experiences, and products, was asked at the J.P. Morgan Global Technology, Media and Communications Conference whether recent headlines in Florida have impacted operations. 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