Sept 19 Reuters Walt Disney said on Tuesday it would nearly double its capital expenditure for its parks business to about 60 billion over the next 10 years.

Disney CEO Bob Iger and Josh D39;Amaro, the company39;s parks chief, announced the accelerated pace of investment at a gathering of Wall Street analysts and investors at Walt Disney World Resort in Orlando, Florida.

The parks business has become a reliable profit engine for Disney and has helped cushion losses in the Disney streaming business, which is expected to become profitable only next year. Iger has described the parks as a tremendous business for the Californiabased global entertainment company.

Disney said its parks, experiences and products segment has expanded at a combined annual growth rate of 6 since fiscal 2017, and generated 32.3 billion in operating income over the last 12 months, according to a presentation included in a regulatory filing.

Periods of significant investment including the addition of Cars Land at Disney California Adventure or Disney39;s Hollywood Studios in Orlando have spurred attendance, Disney noted in a blog post on Tuesday.

Iger has said the company plans to invest 17 billion over the next decade in Florida, where it is embroiled in a dispute with Governor Ron DeSantis, a Republican presidential candidate. It also is laying out longterm plans for new attractions and amenities at its Disneyland Resort in Anaheim, California.

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