Disney Looks To A Galaxy Far, Far Away To Revamp Its Theme Parks
With each new attraction expected to span 14 acres, the project is forecast to set Disney back by more than $2 billion, but the new attraction is likely to help spur on park attendance and breathe life into the company's US parks after years of spending on foreign expansion.
Competing With Universal
The new parks will be added on to California's Disneyland and Florida's Disney Hollywood Studios, a part of Walt Disney World. Many believe that the Star Wars expansion will help draw in customers back to Hollywood Studios, which has been rapidly loosing visitors who instead opt to visit Universal's nearby movie-themed park.
Since taking over ownership, Comcast Corporation (NASDAQ: CMCSA) has invested billions in Universal Studios in an effort to update the park and lure in more customers. The park recently added a "Transformers" ride and an extremely popular "Harry Potter" section.
The Star Wars Draw
Analysts have been waiting for Disney to incorporate the popular franchise into its theme parks since 2012 when the company acquired Lucasfilm. While plans of what the 14 new acres will include are unknown, Iger did say that the major attractions would be a mission on the Millennium Falcon and a space battle. He also said the new section of the park will keep all of its food and shopping options in character with the movies, and that visitors can expect to see characters and animals from the movies roaming the streets.
Iger did not provide a timeline for the project, but most analysts expect that the extensive project will take several years to come to life.
See the photos below, originally shared on Disney's press release.
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