I just want to point out that Disney's Animal Kingdom saw a 3% decrease in attendance between 2022 and 2023 (2024 data not out yet) and is down 37% compared to it's pre-Covid high of 13.9M guests.
For reference, 2023 to 2019 comparisons:
- MK - down 16%
- EP - down 4%
- DHS - down 10%
- USF - down 11%
- IOA - down 4%
I'm sure we'll see the Orlando market get back to pre-Covid numbers within the next 3-5 years as experiences are added (assuming no economic turmoil) but we are years from a 5th gate (if at all). It took Disney 5 years to get both water parks operating at the same time.
While I'd love to see Disney's take on a new theme park build, I actually think they will benefit more from overhauls of their existing parks.
Vacations are not getting longer, and a 5th Disney theme park will only be a substitute of an existing one, not an incremental gain.