News Reedy Creek Improvement District and the Central Florida Tourism Oversight District

[Chi84]

Here’s the Orlando mayor’s comment:

“It is unfortunate that Disney will not be moving forward with construction of the Lake Nona campus. However, these are the consequences when there isn’t an inclusive and collaborative work environment between the state of Florida and the business community. We will continue to work closely with our valued partners at Disney.”

This has a lot of truth to it. I heard even before this latest dispute that many Disney employees did not consider Florida an ideal living environment.

 

[tissandtully]

Exactly what I said in the last page. This has more to do with declining stock price.

Lol what

 

[tissandtully]

This has a lot of truth to it. I heard even before this latest dispute that many Disney employees did not consider Florida an ideal environment.

Don’t blame them, especially after the disgusting stuff that was signed yesterday.

 

[lazyboy97o]

Here’s the Orlando mayor’s comment:

“It is unfortunate that Disney will not be moving forward with construction of the Lake Nona campus. However, these are the consequences when there isn’t an inclusive and collaborative work environment between the state of Florida and the business community. We will continue to work closely with our valued partners at Disney.”

This statement is from Jerry Demmings, mayor of Orange County, not from Buddy Dyer.

 

[tissandtully]

Jeff Vahle:

 

[GoofGoof]

Exactly what I said in the last page. This has more to do with declining stock price.

DIS stock price history:

7/15/21 $184.15 Disney confirms plans for Lake Nona project this day
12/31/21 $154.89. Stock down 15% from announcement
6/30/22. $94.33 Stock down 49% since announcement and another 34% since 12/31/21
12/31/22 $86.88 stock down 53% since announcement and another 4% since 6/30/22
5/18/23 $93.76 stock at same level it was 6/30/22

So if the stock being “down” is the driver for this decision then why not cancel a year ago when the stock was down 50% from the time of announcement. The stock price today is higher than it was end of last year when they decided not to cancel the project. What’s the major difference between today and even 6 months ago? The feud with DeSantis is heated up. This news has everything to do with that and very little to do with the recent decline in stock price.

 

[tissandtully]

DIS stock price history:

7/15/21 $184.15 Disney confirms plans for Lake Nona project this day
12/31/21 $154.89. Stock down 15% from announcement
6/30/22. $94.33 Stock down 49% since announcement and another 34% since 12/31/21
12/31/22 $86.88 stock down 53% since announcement and another 4% since 6/30/22
5/18/23 $93.76 stock at same level it was 6/30/22

So if the stock being “down” is the driver for this decision then why not cancel a year ago when the stock was down 50% from the time of announcement. The stock price today is higher than it was end of last year when they decided not to cancel the project. What’s the major difference between today and even 6 months ago? The feud with DeSantis is heated up. This news has everything to do with that and very little to do with the recent decline in stock price.

Also seems like they are actually listening to employees again.

 

[LAKid53]

DIS stock price history:

7/15/21 $184.15 Disney confirms plans for Lake Nona project this day
12/31/21 $154.89. Stock down 15% from announcement
6/30/22. $94.33 Stock down 49% since announcement and another 34% since 12/31/21
12/31/22 $86.88 stock down 53% since announcement and another 4% since 6/30/22
5/18/23 $93.76 stock at same level it was 6/30/22

So if the stock being “down” is the driver for this decision then why not cancel a year ago when the stock was down 50% from the time of announcement. The stock price today is higher than it was end of last year when they decided not to cancel the project. What’s the major difference between today and even 6 months ago? The feud with DeSantis is heated up. This news has everything to do with that and very little to do with the recent decline in stock price.

Bingo

Hostile environment, employees not wanting to relocate....

Wasn't the move of WDI to Lake Nona one reason Joe Rohde decided to retire early...in the midst of building Lighthouse Point?

 

[LAKid53]

DeSantis will paint this as a win. I guarantee it. “We’ve forced them from bringing their woke California employees to Florida”… or something like that. He is too predictable.

Forgetting that the state gave Disney a $528 million tax break to do so.

 

[Serpico Jones]

DIS stock price history:

7/15/21 $184.15 Disney confirms plans for Lake Nona project this day
12/31/21 $154.89. Stock down 15% from announcement
6/30/22. $94.33 Stock down 49% since announcement and another 34% since 12/31/21
12/31/22 $86.88 stock down 53% since announcement and another 4% since 6/30/22
5/18/23 $93.76 stock at same level it was 6/30/22

So if the stock being “down” is the driver for this decision then why not cancel a year ago when the stock was down 50% from the time of announcement. The stock price today is higher than it was end of last year when they decided not to cancel the project. What’s the major difference between today and even 6 months ago? The feud with DeSantis is heated up. This news has everything to do with that and very little to do with the recent decline in stock price.

Good point. I honestly don’t think Iger had any intention of moving forward with it.

 

[tissandtully]

Forgetting that the state gave Disney a $528 million tax break to do so.

Will seemingly not be mentioned

 

[mikejs78]

DeSantis office saying it’s not their fault basically

Honestly, this is pathetic. For a governor to be trash talking a major business in your state and your state's largest taxpayer is insane.

 

[drnilescrane]

Honestly, this is pathetic. For a governor to be trash talking a major business in your state and your state's largest taxpayer is insane.

It's also just so... milquetoast.

Is this what they're leading with into the campaign?

 

[GoofGoof]

Good point. I honestly don’t think Iger had any intention of moving forward with it.

The stock was at $91.80 the day before Iger took over in November. It’s $93.76 today so pretty flat. If Iger never had any intention to move forward it wasn’t because of the stock tanking. By November this DeSantis feud was already in full swing. My guess is they maybe were considering pulling back after the Governor tanked the compromise they worked out with the legislature over RCID last Summer but they waited to see what would happen after the election. When the attack escalated instead of cooler heads prevailing then they knew they had to act. Attempting to void the development agreement was the final straw which lead to this as well as the lawsuit.

 

[tissandtully]

 

[TimeTrip]

Florida AC is so cold at times one needs to layer up to prevent goosebumps.

That hasn't been the case at WDW in a while and is one my biggest peeves of the past decade or so of penny-pinching.

 

[LAKid53]

Honestly, this is pathetic. For a governor to be trash talking a major business in your state and your state's largest taxpayer is insane.

It's not just the 2000 or so employees that would have relocated to the area. It's all the business their presence would generate.

 

[MisterPenguin]

Disney isn’t building anything anywhere any time soon. Stock just went into the toilet.

That's not how stocks work.

Unless there is a huge crash in stocks (for example, an 90% drop), the price of the stocks doesn't affect a business's cash flow or its bottom line.

Disney made over a billion dollars last quarter. That figure would be the same whether DIS stock went up 20% or down 20%.

And cash on hand doesn't change when stocks go up or down.

 

[GoofGoof]

It's not just the 2000 or so employees that would have relocated to the area. It's all the business their presence would generate.

2,000 jobs at an average salary of $120,000 is $2.4B in salary paid over the first decade. That’s a lot of money that can be spent on big things like housing and paying local taxes, but it’s also ancillary stuff like haircuts and dinners out and auto sales/repairs and home improvement projects, etc…. It’s a big blow to the local economy.

 

[Serpico Jones]

This has reached the point of lunacy.