Disney World secures final approval for a $17 billion expansion plan that may include a fifth theme park

It seems a "Great Big Beautiful Tomorrow" awaits the approximately 58 million visitors who flock to Walt Disney World each year.

On June 12, the Central Florida Tourism Oversight District, responsible for land use and public services in the Disney World area, unanimously approved a 15-year development strategy that could lead to significant transformations at Disney World over the coming decades, including the potential addition of a fifth theme park.

Disney released a legal notice about the development plan in the May 29 issue of the Orlando Sentinel, receiving conditional approval on June 5. The notice detailed Disney's intention to invest as much as $17 billion over the next 10 to 20 years, with an upfront commitment of $8 billion within the first decade.

According to the plan, these funds may be allocated for new office spaces, hotels, dining establishments, retail outlets, and theme parks. The agreement covers around 17,370 acres of land under the jurisdiction of the CFTOD, which constitutes most of the land they manage.

As per the plan, Disney World has the potential to increase its hotel room count from over 36,000 to 53,467, along with expanding retail and dining spaces. Currently, Walt Disney World features four theme parks and two water parks, but the recent approval may allow for the construction of a fifth theme park and three additional smaller parks, including a water park.

The agreement further stipulates that Disney must "contribute land for public infrastructure enhancements required to support the new developments," invest at least $10 million into affordable housing initiatives, and allocate a minimum of 50% of the contracts for design, development, and construction to Florida-based businesses.

This plan reinforces The Walt Disney Company's $60 billion pledge to "accelerate and enhance investment" in its global theme parks, cruise line, and other vacation offerings that CEO Bob Iger announced last September.

"You can reasonably expect that investment will increase across all our locations — meaning every single site will benefit from heightened investment and expanded capacity, including at sea, where we are in the process of building three additional ships," Iger remarked during the company's first-quarter earnings call in February.

Following the announcement, the company launched the World of Frozen at Hong Kong Disneyland and a "Zootopia"-themed area at Shanghai Disney Resort. It is set to debut Fantasy Springs at Tokyo Disney Resort on June 6. Furthermore, Disney has recently secured approval for new areas and attractions at Disneyland and revealed preliminary concept ideas for expansion plans at Disney World.

This development agreement reinforces the commitment of both Disney and the CFTOD to invest in Central Florida. Disney's investment is expected to foster growth and development in the region, leading to new jobs, increased tourism, and additional revenue for state and local governments.

Historically, negotiations between Disney and the CFTOD have not been particularly friendly. Tensions began in 2022 when Disney opposed Florida's controversial "Don't Say Gay" bill, which banned discussions of sexual orientation and gender identity in classrooms, a measure backed by Governor Ron DeSantis.

Disney's critique incensed DeSantis, prompting him to strip Disney of its self-governing privileges and unique tax benefits by taking control of the Reedy Creek Improvement District (now known as the Central Florida Tourism Oversight District), renaming it and appointing five hand-selected members to a board that was previously entirely under Disney's control.

Before their removal, Disney's board members tried to advance a development agreement, resulting in ongoing legal disputes between the two parties. On March 27, Disney and the CFTOD reached a settlement that voided any prior development contracts, with both sides agreeing to work on a new development plan.

With the plan now approved, Disney World is set to undergo an even grander transformation than Cinderella before her royal ball.