Company cited “new leadership and changing business conditions,” a memo said.
Disney announced on Thursday that it canceled plans for a new campus near Orlando, Florida.
The development was planned for the Lake Nona region.
“Given the considerable changes that have occurred since the announcement of this project, including new leadership and changing business conditions, we have decided not to move forward with construction of the campus,” Disney said in a statement.
People gather at the Magic Kingdom theme park before the “Festival of Fantasy” parade at Walt Disney World in Orlando, Fla., July 30, 2022.
Octavio Jones/Reuters, FILE
However, the company affirmed its commitment to additional expansion.
“We have plans to invest $17 billion and create 13,000 jobs over the next ten years,” the memo said. “I hope we’re able to do so.”
The Lake Nona campus, announced in 2021, was set to host employees from Disney’s Parks, Experiences and Products division. The company previously delayed the opening of the campus to 2026.
As part of the plans, Disney asked roughly 2,000 Southern California-based employees to relocate to the planned 60-acre campus. The company will no longer be calling for the employees to relocate, the memo on Thursday said.
“For those who have already moved, we will talk to you individually about your situation, including the possibility of moving you back,” the memo added.
This is a developing story. Please check back for updates.
Disney is the parent company of ABC News.
