Disney is seeking approval from local authorities for a $1.9 billion expansion at its Disneyland resort in Anaheim over the next four decades.
While the proposed overhaul will not add acreage to the already 490-acre property, it would allow the theme park to add new attractions. For example, approval could enable Disney to convert an existing 50-acre parking lot into an area with new rides and entertainment, per The Associated Press.
As part of the initiative, Disney would be required to invest tens of millions of dollars in the city of Anaheim, with funds going toward affordable housing, street improvements, and other infrastructure. The proposal includes the company acquiring Magic Way from the city of Anaheim, the 1,150-foot road located on the park’s west side, per KTLA 5.
Disney has already crossed one hurdle, obtaining 5-1 approval from the Anaheim City Planning Commission to present the company’s DisneylandForward plan to the city council, per Deadline. The theme park operator hopes final approval will be granted before the end of the year.
According to a Disney-sponsored economic study conducted by Cal State Fullerton, over the anticipated four-year construction period, over 4,000 new jobs will be created, and $1.1 billion in economic output will be generated for every $1 billion Disney invests. Following construction, that investment will spur over a quarter-billion dollars annually in economic output, drive $15 million in tax revenue, and support 2,292 jobs.
A more recent assessment by Disney themselves projects even loftier results, with 8,960 jobs created during construction and 4,583 during regular operations.
Disney’s planned project aims to create a more immersive experience, not unlike their popular Star Wars: Galaxy’s Edge attraction. While nothing concrete has been announced, the company says visitors could expect more areas like “Zootopia” in Shanghai Disneyland.
Last year, The Dallas Express reported that Disney planned to cut 7,000 positions as part of a corporate reorganization to cut costs and streamline operations. The company also announced ticket price increases at some resorts, including its Southern California location.
Walt Disney Company shares are up just over 21% as of March 12, compared to the S&P 500’s over 33% during the same period.
