Disney World resort to have $5M in new investments


Disney’s Disneyland resort will get another $5 million in investment as the resort expands, the company said Monday.

The investment will come from a group led by venture capital firm KKR, which is owned by former Microsoft CEO Steve Ballmer.

“The investments from our team in Orlando, California and Kauai, Hawaii will bring significant additional economic and social impact to our guests, employees and partners,” Disneyland Chief Executive Jim Murren said in a statement.

Disney has been on a roller coaster ride of a year since the company announced a series of closures, with more than 2,200 workers forced to take jobs at its parks in Hawaii, Florida and California.

It said it expects to reopen by the end of the year.

The company has faced scrutiny from Congress over its plan to cut 5,000 jobs at the resorts in Florida and Hawaii.

Disney had announced plans to cut its workforce to 8,000 from more than 20,000 and said it had no plans to shut down any of its theme parks.

The announcement came after Disney also announced it would lay off about 4,000 workers at its resorts in Australia, New Zealand and China, and to lay off more than 3,000 employees at its theme park in India.

The moves followed the closure of its Hawaiian resort in June, which also prompted criticism from lawmakers.

The U.S. is expected to shed about 4 million jobs in the next decade as the economy continues to slow and the unemployment rate continues to climb.

The industry also faces a series a high cost of living, including rising costs for living, transportation, food, gas and other goods and services.

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