A Spirited Perfect Ten

ford91exploder

Resident Curmudgeon
To be clear, 7.4% was domestic P&R capex as a percentage of domestic P&R revenue for the most recent quarter.

This does not include international investments or revenue.

Disney spent 94.2% of international P&R revenue on international P&R capex. :jawdrop:

P&R's combine domestic and international total for the quarter was 22.4%.

Disney's Shanghai investments are incredibly high right now. 2014 was the first fiscal year that Disney spent more internationally than domestically.

The most recent quarter (1Q2015) was the most lopsided quarter ever, with Disney investing over 2 1/2 times more internationally than domestically. :jawdrop:

Disney is spending, but they are spending most of it in Shanghai, that well-established Disney BRAND stronghold. ;)

Disney's overseas exposure is at its peak right now. It explains why Disney executives might be hypersensitive to anyone questioning what's happening in China.

Let's look at apples-to-apples. For fiscal year 2014:
  • Universal Theme Parks: 25.6%
  • Disney P&R total: 17.8%
  • Disney P&R domestic: 9.6%
  • Six Flags: 9.2%
Reposting something I wrote on another thread ...

During Bob Iger's first 7 fiscal years as CEO, Disney spent 14.6% of domestic P&R revenue on domestic P&R capital expenditures.

The following shows domestic spending levels over the last 8 fiscal quarters (i.e. 2 years):

View attachment 87538

Disney's current domestic spending is approaching the record low. (The lowest full fiscal year is 8.1% in 2006.)

P.S. In case it is unclear, the above numbers are specific to Disney's Parks & Resorts segment and Universal's theme Parks division, not to either company as a whole. I've edited the above to explicitly state this. Hopefully, it's clearer. :)

Thanks @ParentsOf4 for the detailed breakdown. It makes the picture much clearer.
 

NearTheEars

Well-Known Member
As a hot stock DIS is firing on all cylinders, As to investing in key lines of business DIS has done little other than investing in what I suspect will be called 'Igers Folly' ie SDL. Parks and Resorts is investing at record lows where even Six Flags is investing more as a percentage of CAPEX.

@WDW1974 is quick to point out that Bob has absolutely no control of SDL. Tough to be someone's folly if they have no say in the project.
 

the.dreamfinder

Well-Known Member
@WDW1974 is quick to point out that Bob has absolutely no control of SDL. Tough to be someone's folly if they have no say in the project.
This is true, but this is all about perception and projecting ownership. Take a look at Bob here getting stroked by Jim Cramer on CNBC the week of the shareholders meeting and compare it to his body language when a young lady from CCTV asks him some softball questions about SDL.
http://video.cnbc.com/gallery/?video=3000360793
 

xdan0920

Think for yourselfer
Who?

The jake guy who jumped into this thread looking to make a federal case of people's posts.

What are you confused about? What's cryptic? Do you not know the idiom "got his dander up"?

I'll keep this simple for you.

You quoted me, I was quoting @Funmeister, who had quoted Jake. You answered a question not meant for you, in a way that left me wondering if you were talking about Fun or Jake. So I asked.

Got it?
 

jakeman

Well-Known Member
Who?

The jake guy who jumped into this thread looking to make a federal case of people's posts.

What are you confused about? What's cryptic? Do you not know the idiom "got his dander up"?
You can tag me. It's pretty easy.

Who's making a federal case? It's a pretty easy question. There are only a few answers: Yes it's been reported. No, I made it up to make a point. No it hasn't been reported.
 

flyerjab

Well-Known Member
I typically stay out of Spirit threads as they don't really do anything for me (yeah, I am one of the guys that brings up cheesesteaks and Wawa). Let's just say that this type of discussion around politics, censorship, foreign affairs, is not why I visit the @wdwmagic site (the site whereby all other Disney sites pale in comparison). If I want that, I seek out other news outlets for such weighty topics. Neither do I seek out to bring down the "vanilla on toothpaste" helmsman of TWDC (unbiased reporting indeed). That is Spirit's path to tread. I will even go on record to say that I am not a fan of how Spirit expresses his opinion of things, that he is way too abrasive in his delivery and that I disagree with him on many topics. Off the boards, he is probably a decent individual, but the narcissism of his forum persona is a little hard to take at times.

Now that I got that off of my chest, I am going to say one thing. Even though I do not lay palms at your feet when you ride your donkey into town, on this particular subject, @WDW1974, you actually did move me to read up on this subject. So, even though I am a detractor of your 'style' I will say that you peaked my interest. Now I am certain that you will sleep easier at night knowing that.

I found some interesting quotes in an article on the subject matter:

1) SHANGHAI: The towers of Disney’s planned Magic Kingdom in Shanghai are wreathed in scaffolding and mystery after the US entertainment giant pushed back the opening of its first mainland China theme park to 2016. On a tightly guarded, 3.9-square-kilometre site east of China’s commercial hub, a grey turret of the unfinished “Enchanted Storybook Castle” rises into the sky. There is no Disney branding at the main entrance, only a sign reading: “Shanghai International Tourism and Resort Zone. [Interesting choice of words. Not Disney resort zone]

2) It was originally due to be transformed in time to open this year, but Disney chairman and chief executive Bob Iger last week announced a delay, pushing the opening back to next spring. He attributed the change to an expansion in the park’s size and number of attractions. “The artistry, complexity, the magnitude and the detail, it’s all quite astonishing,” Iger said, calling the facility “spectacular”. But Shanghai authorities have not confirmed any plans to expand the project, and people familiar with it point to it following stricter environmental and labour standards than normal in China.

3) One Chinese academic estimates it will contribute $3.3bn to Shanghai’s economy every year and account for one per cent of the city’s annual gross domestic product.

4) Chinese construction is normally staggeringly fast, with towering skyscrapers and multi-lane highways changing urban landscapes at extraordinary pace.
But a Shanghai official told AFP that a delay arose after contaminated soil on the site failed to meet environmental standards, prompting Disney to bring in a foreign contractor to remedy the problem. Workers removed topsoil up to a metre deep. A worker said that the builders were insisting on a standard eight-hour work day, preventing faster construction — unlike many other sites in China where labour laws are loosely enforced and routinely violated. Disney did not respond to a request for comment on the delay.

5) He Jianmin of the Shanghai University of Finance and Economics, who has consulted for the city on the tourism zone, forecast the park will initially attract seven million visitors a year, eventually rising to 16 million.

It is interesting to note that the first point falls well within Spirit's own mantra that this is China's Disney park, and not Disney's Disney park. The other part that interests me are the issues regarding a failure to meet current environmental standards, and that Disney's mistake and subsequent response likely are what caused the opening day delay into 2016, not a park expansion. What did not surprise me is that Disney had no response. Shocker.

This was pulled from a middle east news agency (Dawn.com). I tried to stay away from a publication that either Disney or the Chinese government were involved in so that the article could not be redacted post publishing like some other article we were familiar with (for about 2 seconds).
 
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the.dreamfinder

Well-Known Member
I typically stay out of Spirit threads as they don't really do anything for me (yeah, I am one of the guys that brings up cheesesteaks and Wawa). Let's just say that this type of discussion around politics, censorship, foreign affairs, is not why I visit the @wdwmagic site (the site whereby all other Disney sites pale in comparison). If I want that, I seek out other news outlets for such weighty topics. Neither do I seek out to bring down the "vanilla on toothpaste" helmsman of TWDC (unbiased reporting indeed). That is Spirit's path to tread. I will even go on record to say that I am not a fan of how Spirit expresses his opinion of things, that he is way too abrasive in his delivery and that I disagree with him on many topics. Off the boards, he is probably a decent individual, but the narcissism of his forum persona is a little hard to take at times.

Now that I got that off of my chest, I am going to say one thing. Even though I do not lay palms at your feet when you ride your donkey into town, on this particular subject, @WDW1974, you actually did move me to read up on this subject. So, even though I am a detractor of your 'style' I will say that you peaked my interest. Now I am certain that you will sleep easier at night knowing that.

I found some interesting quotes in an article on the subject matter:

1) SHANGHAI: The towers of Disney’s planned Magic Kingdom in Shanghai are wreathed in scaffolding and mystery after the US entertainment giant pushed back the opening of its first mainland China theme park to 2016. On a tightly guarded, 3.9-square-kilometre site east of China’s commercial hub, a grey turret of the unfinished “Enchanted Storybook Castle” rises into the sky. There is no Disney branding at the main entrance, only a sign reading: “Shanghai International Tourism and Resort Zone. [Interesting choice of words. Not Disney resort zone]

2) It was originally due to be transformed in time to open this year, but Disney chairman and chief executive Bob Iger last week announced a delay, pushing the opening back to next spring. He attributed the change to an expansion in the park’s size and number of attractions. “The artistry, complexity, the magnitude and the detail, it’s all quite astonishing,” Iger said, calling the facility “spectacular”. But Shanghai authorities have not confirmed any plans to expand the project, and people familiar with it point to it following stricter environmental and labour standards than normal in China.

3) One Chinese academic estimates it will contribute $3.3bn to Shanghai’s economy every year and account for one per cent of the city’s annual gross domestic product.

4) Chinese construction is normally staggeringly fast, with towering skyscrapers and multi-lane highways changing urban landscapes at extraordinary pace.
But a Shanghai official told AFP that a delay arose after contaminated soil on the site failed to meet environmental standards, prompting Disney to bring in a foreign contractor to remedy the problem. Workers removed topsoil up to a metre deep. A worker said that the builders were insisting on a standard eight-hour work day, preventing faster construction — unlike many other sites in China where labour laws are loosely enforced and routinely violated. Disney did not respond to a request for comment on the delay.

5) He Jianmin of the Shanghai University of Finance and Economics, who has consulted for the city on the tourism zone, forecast the park will initially attract seven million visitors a year, eventually rising to 16 million.

It is interesting to note that the first point falls well within Spirit's own mantra that this is China's Disney park, and not Disney's Disney park. The other part that interests me are the issues regarding a failure to meet current environmental standards, and that Disney's mistake and subsequent response likely is what caused the opening day delay into 2016, not a park expansion. What did not surprise me is that Disney had no response. Shocker.

This was pulled from a middle east news agency (Dawn.com). I tried to stay away from a publication that either Disney or the Chinese government were involved in so that the article could not be redacted post publishing like some other article we were familiar with (for about 2 seconds).
No response is a response.

EDIT: Just wanted to point out that the article is from the French newswire service Agence France-Presse. So you have a notable western media organization writing about the subject in a critical manner, but it seems as though few outlets picked that article up for publishing. Yahoo News picked it up, but they'll publish anything from a news wire which would likely indicate it got buried fairly quickly. Nice job digging through the trash @flyerjab.
http://news.yahoo.com/mystery-cloaks-disneys-future-magic-kingdom-china-042820923--finance.html
 
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