Disney World’s fortunes have been on the slide for years, with a recent downgrade in attendance, the closure of theme parks, and new initiatives like its “Drive to Work” initiative.
However, some have been convinced that the park is now ready for a turnaround, and that it is looking to turn around the fortunes of the park, its employees and its theme parks.
The Disney World board of directors has reportedly decided to take a fresh look at its finances, and could announce new plans to boost its bottom line.
Disney World says it has reached a “mutual agreement” with its board to increase its revenues, with plans to increase the park’s operating income by $5 million to $10 million per year by 2021.
The park has also announced plans to raise the minimum wage to $12 per hour by 2020, and has promised to increase worker health benefits to $25 per hour over the next two years.
The board also plans to double the number of workers who can take advantage of a health plan, from 5,000 to 15,000.
“The board’s mission is to build a stronger, more sustainable company,” the Disney World statement reads.
“As part of our commitment to that goal, we have made some significant investments in our parks, our parks are now better than ever, and we’re committed to returning to profitability.”
Disney’s CEO, Bob Iger, has already revealed plans to make major changes to the park that will help it achieve profitability.
The company’s board has approved a proposal to hire more workers at the park in the next few years, and Disney has also said that it plans to spend $500 million in 2019 on improving the park.
Disney says it is also “in the process of evaluating other potential strategic investments that we believe will help us return to profitability,” including adding more restaurants, theme parks and theme parks that offer rides and other experiences, as well as new Disney theme park experiences.