Here's the catch; Iger and co. apparently believe that the theme parks are a "mature," business, which is why they're doing this. They don't see the growth potential that would be the catalyst for building grand new attractions, they see a flatlining resort that needs a way to continue to show increasing revenue numbers while having little/no (or even negative) physical growth. While they certainly needed some infrastructure improvements, that wasn't the driver behind NextGen, and if they could have pulled off parts of MM+ well enough without some of these major infrastructure upgrades, they likely would have (cheaper is better, and leads to larger bonuses, after all!). The ideal outcomes of MM+ could actually provide better results with negative attendance growth by driving out low value consumers and keeping your high value, heavy spending consumers and having them spend more on high-margin rooms, merchandise, and food (plus easier acceptance of higher gate prices).
The problem is (and @
ParentsOf4 puts this more eloquently than I probably can), many of us believe they're missing the forest for the trees and, like most investors on Wall Street, can't see beyond their quarterly and year-over-year statements to the long term picture.