Sorry for not being clear. Slowing down construction duration has limited benefit to Iger. However, slowing down a project's overall development cycle does benefit Iger.
Don't think in terms of what's best for the company. Instead, think in terms of what's best for Iger. Iger is the one making these decisions, and it's Iger who personally benefits by delaying theme park capex.
It's one of the reasons Iger loves cruise ships. Even though a cruise ship takes years to build, Disney's overwhelming cost is paid upon delivery. In other words, Iger doesn't pay for a cruise ship until the year the company realizes revenue from it. Theme park capex projects aren't like that. Disney pays these costs as they are incurred, not realizing any revenue until the project is complete.
Let's consider a theoretical construction project that's going to cost $1B and take 2 years to build. For simplicity, let's assume these construction costs are linear, or $500M for every 12 months. For simplicity, let's also assume that for every $1B Iger spends at the parks, his personal compensation is reduced by $1M. Remember, Iger's compensation package is organized to penalize Iger for spending company money on theme parks, a direct result of Eisner's wild spending sprees of the 1990s.
Now let's look at how the schedule for this theoretical project might be affected by the structure of Iger's compensation package.
Iger has the option of starting construction now and incurring company costs of $500M in the current and next fiscal year, reducing Iger's compensation by $500K in each year, or Iger can delay construction by 6 months and impact his compensation by only $250K this year, $500K in the second year, and $250K in the third year. Better yet, Iger can tell Disney Imagineering to spend an extra year (or two) making sure the plans are right (giving Iger & co. time to find ways to reduce that $1B budget to $900M) and push off the start of construction by 18 or even 30 months.
Even though senior executives are supposed to be long-term strategic planners, they more often than not are laser focused on
this year's bonus. Come next year, they'll figure out ways to focus on
that year's bonus.