They were spending billions fixing California Adventure. Priorities.
The whole "they were spending, but they just weren't spending where you wanted it spent" is a classic. Somewhat true too.
Projects like Disney Springs and Avatar weren't ever generating nearly as much excitement as Star Wars Land and even Toy Story Land. Recently there's been pivots, with excitement mounting for Avatar, but I'd actually say that it's more of a recent event. Neither project captivated the community right out of the gate.
Even knowing that, something still feels wrong with your original assertion. Intuition proves correct when one does a deep dive on the statistics. Alas, I don't personally have the annual reports and information going past the late 1990s, but
@ParentsOf4 is always willing to give us breakdowns.
I'll spare him having to write one of his excellent posts (I hope you have a form letter), but instead direct you to:
http://forums.wdwmagic.com/threads/walt-disney-world’s-biggest-investment-since-1998.922682/
I'd also follow up with this for methodology:
http://forums.wdwmagic.com/threads/walt-disney-world’s-biggest-investment-since-1998.922682/#post-7489630
In short, Iger could have been doing much much more. His management team incorrectly concluded that Walt Disney World Resort was a "mature business." Under his leadership the
company pivoted away from expansion and instead to extraction.
Extraction of every dollar from each individual that comes in.
His early leadership can also be celebrated as a time when extraction included systematically selling off real estate from Walt Disney World (Golden Oak, Flamingo Crossing, and even DVC to an extent [I know it's just a lease on the building, but still is real estate]). Instead of a canvas to work on, the land was there to be sold off in chunks.
Finally you could also throw in credit for his incredible focus on efficiency, as the teams slashed away features and services that people enjoyed for a few extra dollars here or there and further damaged the already declining service that Walt Disney World offered.
All while building very few new areas and offerings.
At the same time three lesser parks languish even today, and while plans to exist (or are going to exist) to fix each one, they still are going to need more. Even the flagship, the most important theme park in the world, languishes with attraction and area upgrades needed; and I haven't even pointed out capacity boosts are needed too.
With the film studio expected to have an off year, with media networks essentially flat, consumer products still suffering from no major Star Wars Film, and Parks and Resorts still recovering from opening Shanghai Disney Resort, you know what would have been a great distraction? A Walt Disney World that had already fixed Epcot or DHS and was already collecting those rewards while also throwing Avatar into the mix.
Epcot or DHS could be done by now. If Bob Iger had been bold enough 5 years ago to forgo buybacks and build instead, we wouldn't be in the situation we are. Universal seemed to have gotten the memo, but Iger's Disney sat around in stagnation.
In short, it's great to be a Disney Parks fan anywhere but in Walt Disney World's sphere of influence.
That's Iger's shortsighted leadership, or really the shortsighted leadership of a accountant turned Parks Chairman that Iger has since fired after almost making him his successor.
I think Iger's Disney has been extremely successful at implementing his strategy. It has its positives, but also negatives. His leaderships simply hasn't been good for Walt Disney World. There's signs that the worst is behind us, but the fact it took all this time is pathetic.
He wasn't a visionary, he was the very essence of a follower.