I disagree D23 will be where they continue to make big announcements on new projects or provide details on current projects. And honestly I sort of expect D23 this year to provide that big announcement given its going into the 100 yr anniversary of the company.
Also just because we're in a lull right now with major projects doesn't mean that will continue long term, remember we are just starting to get out of a 2 year long pandemic.
Also its not like we haven't been here before, capital expenditures were down at different periods of the companies history. However lets not pretend like there isn't investment being done at the various Parks around the world. Sure its not what we would like overall, but its not like they aren't spending no money. There are projects happening today as we type at almost every Park around the world. From MMRR at DLR to Tron and Guardians at WDW to the Marvel and other expansion areas coming to DLP to the new castle (already done) and expansion areas coming to HKDL to the multiple expansion areas coming to TDL. I think even Shanghai has an expansion area going in.
Point is that projects are happening around the world right now. Again maybe not some of the things we want, but they are investing major capital on these projects. Now we'll see in September if anything new is announced when D23 rolls around, but I for one am looking forward to it.