Disney and Florida's DeSantis reconcile over a 15-year development plan

With a contract that gives Disney the right to build the Walt Disney World Resort close to Orlando for the next 15 years, the entertainment giant and Florida Governor Ron DeSantis have ended their battle.

Disney, one of the largest employers in Florida, and DeSantis have been at odds since 2022, when Bob Chapek, the previous CEO of Disney, attacked an attempt by the state legislature to restrict classroom discourse on gender and sexuality to younger pupils. It was dubbed the "Don't Say Gay" rule by its detractors.

Disney agreed to invest at least $8 billion at the resort over ten years, or a total of $17 billion over ten to twenty years, under the terms of the deal with the Central Florida Tourism Oversight District.

According to the Central Florida Tourism Oversight District, it will also increase the scope of an affordable housing effort and guarantee that Florida-based enterprises get at least 50% of the total expenditure for the development.

Disney also has the option under the agreement to create a fifth theme park, increase retail and office space, and add around 14,000 hotel rooms, bringing the total number of rooms at the resort to almost 54,000.

In a statement, Disney President Jeff Vahle claimed that the new deal "paves the way for us to invest billions of dollars in Walt Disney World Resort".

The agreement follows a high-profile litigation in state court over control of the special district that includes the Walt Disney World theme parks, which was settled in March between Disney and DeSantis appointees.

(Sources: reuters.com)