Most of today's Parks & Resorts capex is being spent on two things: general upkeep (what Rasulo calls "maintenance capital") and Shanghai. The amounts currently being spent on new WDW projects (Disney Springs and the Poly DVC) are laughably small.
WDW generates roughly $8
billion in annual revenue. Even a modest
real investment budget of 5% equates to building a New Fantasyland
every year.
Instead, for all their loyalty (i.e. money), WDW vacationers get another outdoor mall, a repurposed timeshare, and a promise to build one land based on a questionable IP in several years.
WDW is an incredible asset yet executives within the company continue to take it for granted rather than nurture it.