Disney pulls out of $1 billion dollar Lake Nona campus deal
Disney announced Thursday it has canceled its plans to build a new Central Florida campus, citing changes in the business climate.
The new Lake Nona Campus would have brought more than 2,000 jobs to the Central Florida area.
But the company announced its plans to cancel the $1 billion dollar development amidst an ongoing legal battle with Gov. Ron DeSantis.
"Given the considerable changes that have occurred since the announcement of this project, including new leadership and changing business conditions, we have decided not to move forward with construction of the campus," said Josh D’Amaro, Chairman of Disney Parks, Experiences and Products, in an email sent to employees Thursday.
The DeSantis administration on Thursday said Disney had announced the possibility of a Lake Nona campus nearly two years ago, but, "nothing ever came of the project, and the state was unsure whether it would come to fruition."
"Given the company's financial straits, falling market cap and declining stock price, it is unsurprising that they would restructure their business operations and cancel unsuccessful ventures," said Jeremy Redfern, press secretary for Gov. Ron DeSantis.
Disney said it still plans on investing $17 billion dollars in Walt Disney World over the next decade. Company execs estimate this will create 13,000 new jobs.
Disney sued DeSantis for alleged retaliation over the company's stance on the Parental Rights in Education law late last month. The DeSantis administration responded by counter suing.