02 Apr 2020

USA: Disney Purchases Additional Land West of Magic Kingdom Park

The indications of comprehensive expansion plans for the Walt Disney World Resort in Orlando (FL) are intensifying: At the end of March, The Walt Disney Company acquired a property of over ten hectares (26.3 acres) on Lake Reedy. The plot of land is located to the west in the immediate vicinity of Magic Kingdom Park and was previously owned by Lake Reedy Development Group LLC, which transferred the land to Disney for a total sales price of just under one million Euro (1.05 million US Dollars).

The Disney parks are currently closed due to the worldwide corona pandemic. In order to ensure continued salary payments for the numerous resort employees at least for the next few weeks, the Disney top managers (partly) forgo their salaries. Executive Chairman Bob Iger forgoes his income completely, the recently appointed CEO Bob Chapek (cf. EAP News of 26 Feb 2020) cuts his salary by 50 percent. At other Disney management levels, income cuts of 20, 25 and 30 percent have been agreed. (eap)