For nearly a century, the Walt Disney Company was primarily based in California. But according to a new report from Orlando Business JournalThings may change soon, as the company is reportedly considering moving a number of its divisions to Florida.
Jack Whitehouse and Richard Bilbao write that Disney could move part of its company to Lake Nona, a major planned community in southeast Orlando. The move comes as a number of companies, including Hewlett Packard Enterprise, have announced a move to southeastern states, which tend to be more tax-friendly and supportive of businesses. Disney has reportedly not signed any deal with the community, and it is not certain which divisions or how people will take this step.
Recently, Disney has had open conflicts with California, particularly in relation to COVID-19 mandate restrictions, Which has kept Disneyland Resort parks closed since March. Meanwhile, Florida guidelines have allowed Walt Disney World parks to open since July.
A Disney spokesperson told Witthaus and Bilbao, “As the largest employer in Central Florida, we are always exploring opportunities for additional locations near our theme park, but nothing tangible.” Lake Nona Developer Tavistock Development Co. He did not comment on the story.
Jeff Sweeney, managing director at Cushman & Wakefield, who was not involved in the potential move, said Disney had “compelling reasons” to move more of its divisions to Orlando, saying, “We’ve seen time and time again in 12 months of companies leaving California for other markets. Business friendly. You’re looking at what happened to [theme] Parks in California versus Florida. This is a significant financial impact on the organization, along with the cost of operations and personal income tax for employees in addition to other California regulations. ”
Tuna Amobi, director and industry analyst at CFRA Research, added that it is unlikely to be a complete transition, especially with film and television production already taking root in Los Angeles and New York. Most likely, it will be park sections relocating, and additional support and operations departments will likely be relocated, with many already in Central Florida. Amoby also expressed his lack of surprise at the rumor, saying: “The case of Covid is not under control despite the advance of the vaccine, [but] It gives investors some hope. “
Keep reading WDWNT as we learn more about this ongoing story.
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