Parks now 60% of Disney operating income; $60B capex plan bets on pricing power over attendance growth
Disney Parks generate $10B operating income on $36B revenue (vs Entertainment $4.7B on $42B). Attendance (145M) below 2019 peak (157M) but per-guest spending rises 5%/year for decades. $60B capex (2023-33) funds new lands/cruise ships to justify $3K+ family vacations. Physical capacity constraints make pricing the only growth lever. Risk: middle-class accessibility erodes the generational flywheel.