• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K
FinanceDisney

Disney admits defeat on ‘Star Wars’ hotel and axes Florida relocation plans for 2,000 employees amid cost-cutting drive and Ron DeSantis dispute

By
Christopher Palmeri
Christopher Palmeri
and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Christopher Palmeri
Christopher Palmeri
and
Bloomberg
Bloomberg
Down Arrow Button Icon
May 19, 2023, 5:20 AM ET
Disney' Josh D'Amaro speaks onstage
Josh D’Amaro, the head of Disney’s parks, said in a note to staff "changing business conditions" were behind the cuts.Errich Petersen—Getty Images for SXSW
Add Fortune on Google for similar content.

Walt Disney Co., embroiled in a high-profile fight with Florida Governor Ron DeSantis, is closing a luxury hotel at Walt Disney World and dropping plans to relocate 2,000 California employees to a new $864 million corporate campus it was building in the state.

Recommended Video

The Star Wars: Galactic Starcruiser, a pet project of former Chief Executive Officer Bob Chapek, will shut down at the end of September, the company said Thursday. The property takes guests on a two-day imaginary cruise in a space ship. Prices started at $4,800 per couple. Its 100 rooms account for less than 1% of Disney’s capacity in Florida.

Disney didn’t mention the dispute with DeSantis specifically in either the hotel-closing announcement or the note to employees canceling the relocation plan. The Burbank, California-based company said only that conditions had changed since the staff move was announced almost two years ago.

“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,” Josh D’Amaro, the head of Disney’s parks, said in the note to staff.

But the backdrop is the increasingly acrimonious fight with the Republican governor and presumed 2024 presidential candidate. DeSantis signed legislation that took control of a board that oversees municipal services at Disney World after the company publicly opposed a state law limiting the discussion of gender issues in public schools.

The company has since sued, and CEO Bob Iger has accused officials of being anti-business and anti-free speech.

Disney has also raised doubts about whether it will proceed with plans to invest $17 billion in the state over the next decade and create 13,000 new jobs.

“I hope we’re able to do so,” D’Amaro said in his note.

A spokesman for the governor said it looked as if Disney had long since abandoned the project due to its own financial woes. The company is cutting $5.5 billion in costs and eliminating 7,000 jobs as part of an effort to reduce losses in its streaming business.

“Given the company’s financial straits, falling market cap and declining stock price, it is unsurprising that they would restructure their business operations and cancel unsuccessful ventures,” said Jeremy Redfern, deputy press secretary for DeSantis.

Donald Trump’s campaign moved quickly to criticize DeSantis, his expected top rival for the Republican presidential nomination.

“Ron DeSanctimonius gets caught in the mouse trap,” Trump said on Twitter, using the former president’s derisive nickname for the Florida governor.

Disney announced the new Florida corporate campus in Lake Nona in July 2021. The project was to be financed in part through a $578 million tax break from the state.

While Disney has received the necessary permits, no work has commenced. Employees who had already made the move will have the option of staying or moving back to California, the company said.

Shares of Disney rose 1.1% to $93.76 at the close in New York on Thursday. They are up 6.9% this year.

About the Authors
By Christopher Palmeri
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Best private student loans for medical school
Personal Financestudent loans and debt
Best private student loans for medical school
By Joseph HostetlerJuly 2, 2026
6 hours ago
Michael Burry just shorted Caterpillar’s 172% AI rally. One analyst says his bet won’t even matter
Investingstock prices
Michael Burry just shorted Caterpillar’s 172% AI rally. One analyst says his bet won’t even matter
By Marco Quiroz-GutierrezJuly 2, 2026
7 hours ago
U.S. Treasury Secretary Scott Bessent
EconomyDebt
AI’s $2.2 trillion deficit fix is already half fake, economists say
By Tristan BoveJuly 2, 2026
8 hours ago
s
Personal FinanceSports
The sports economy is unaffordable at the bar, let alone the stadium
By Catherina GioinoJuly 2, 2026
8 hours ago
sb
North AmericaU.S. Department of the Treasury
Scott Bessent goes after the top Mexican cartel’s new billion-dollar business: gas stations
By Fatima Hussein and The Associated PressJuly 2, 2026
9 hours ago
eggs
LawAntitrust
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
By Wyatte Grantham-Philips and The Associated PressJuly 2, 2026
9 hours ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
2 days ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
8 days ago
Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K
Success
Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K
By Orianna Rosa RoyleJuly 2, 2026
20 hours ago
Mark Zuckerberg feeds his cows macadamia nuts and beer to create the 'highest-quality beef in the world' on his $300 million estate in Hawaii
Success
Mark Zuckerberg feeds his cows macadamia nuts and beer to create the 'highest-quality beef in the world' on his $300 million estate in Hawaii
By Sasha RogelbergJuly 2, 2026
10 hours ago
Current price of oil as of July 1, 2026
Personal Finance
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
2 days ago
Americans are escaping the U.S. for New Zealand where house prices have hit a new low—but only wealthy Americans with $3 million spare can invest
Success
Americans are escaping the U.S. for New Zealand where house prices have hit a new low—but only wealthy Americans with $3 million spare can invest
By Emma BurleighJuly 2, 2026
12 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.