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

Trendingnow

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

3

Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

3

Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
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
  • TikTok icon
  • YouTube icon

Latest in Finance

house
PoliticsCongress
The Republican-controlled House just passed a stock trading bill — that exempts Trump’s 3,600 Q1 trades
By Joey Cappelletti and The Associated PressJuly 23, 2026
3 minutes ago
ford
EnergyAutos
Ford’s F-150 now doubles as a $1,100 home backup generator
By Alexa St. John and The Associated PressJuly 23, 2026
5 minutes ago
t
North AmericaWhite House
Trump signed a nuclear deal with Saudi, then rewrote its terms on social media to include Israel
By Aamer Madhani, Collin Binkley, Michelle L. Price and The Associated PressJuly 23, 2026
15 minutes ago
Amazon founder Jeff Bezos
SuccessBillionaires
Amazon’s Jeff Bezos could be the latest American billionaire to buy into European soccer clubs—he’s eyeing up a stake in Liverpool FC
By Emma BurleighJuly 23, 2026
55 minutes ago
t
EconomyWhite House
Trump dismissed affordability as a word ‘made up by the Democrats’ and promised oil would come ‘tumbling down’—then it hit $100 a barrel
By Nick LichtenbergJuly 23, 2026
1 hour ago
Japanese Prime Minister Sanae Takaichi and U.S. President Donald Trump sit in the Oval Office.
Economynational debt
The $39 trillion U.S. national debt isn’t as high as Japan’s and Singapore’s relative to economy size—and yet it’s still worse somehow
By Sasha RogelbergJuly 23, 2026
1 hour ago

Most Popular

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
Real Estate
The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
By Nick LichtenbergJuly 22, 2026
1 day ago
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Success
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
By Sasha RogelbergJuly 20, 2026
3 days ago
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
Economy
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
By Sasha RogelbergJuly 22, 2026
21 hours ago
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
AI
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
By Eva RoytburgJuly 21, 2026
2 days ago
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
Success
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
By Emma BurleighJuly 21, 2026
2 days ago
'The man who dies rich dies disgraced': The last time America had such wealth inequality, Andrew Carnegie knew he had to give it all away
Success
'The man who dies rich dies disgraced': The last time America had such wealth inequality, Andrew Carnegie knew he had to give it all away
By Nick LichtenbergJuly 22, 2026
24 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.