Key Takeaways
Disney is poised to announce a second Shanghai theme park as part of a $60 billion investment blitz, betting on China's surging travel market to drive growth under new Chief Executive Officer Josh D'Amaro.
Disney is expected to announce a new Shanghai theme park as part of a $60 billion investment in its Experiences division, the business that generated 57% of the company's $17.6 billion operating income last year. The announcement could come as early as next week during the resort's 10th anniversary celebrations, according to people familiar with the matter.
"The second park is likely to open around the 15th anniversary of Shanghai Disney," said Jim Shull, a former Walt Disney Imagineering artist who worked on the original resort and now runs the Disney Journey YouTube channel. The new park, codenamed Project Atlas, is expected to feature immersive lands based on local favorites such as Avatar, Marvel and Moana, moving away from earlier speculation of a science-themed concept.
Shanghai Disney welcomed its 100 millionth guest in November and drew 14.7 million visitors in 2024, up 5% from a year earlier, according to the Themed Entertainment Association. The resort cost $6 billion to build and is now the world's fifth-most-visited theme park. Disney owns 43% of the venture, with state-owned Shanghai Shendi Group holding 57%, though Disney controls the management company with a 70% stake.
The expansion comes as China's travel and tourism sector is projected to nearly double to $3.5 trillion by 2036, with international arrivals already up 15.5% last year to more than 68 million, according to the World Travel & Tourism Council. International visitor spending reached $135 billion, surpassing pre-pandemic levels. Disney's arch-rival Universal opened a Beijing park in 2021 that drew 9.8 million visitors in 2024, up 8.6%, and a Harry Potter studio tour is set to open in Shanghai next year.
The Experiences Engine
D'Amaro, who takes over as CEO this week, is the first Disney leader to rise from the Parks and Experiences segment. The division generated roughly $36 billion in revenue in 2025 and accounted for about 76% of Disney's total profits, according to company filings. It also makes up around 80% of the company's total valuation, making it the financial backbone that supports Disney's streaming and sports ambitions.
The $60 billion investment plan, announced in September 2023, allocates roughly half to theme parks and the remainder to the cruise line, maintenance and technology upgrades. Disney has more than 1,000 acres of land for possible future development, the equivalent of about seven new Disneyland parks. The Abu Dhabi Disneyland, announced in May 2025, is already in development.
China's Theme Park Boom
The Asia Pacific amusement park sector is set to grow 29.6% to $99 billion by 2031, with China accounting for 43.6% of the total last year, according to Mordor Intelligence. Revenue from Chinese theme parks is forecast to nearly double to $23.5 billion by 2033, Grand View Research data shows. In 2005, none of the 25 most-visited parks worldwide were in China; by 2024, the country was home to six.
Shanghai Disney has already expanded to compete, opening a Zootopia-themed land in December 2023 and building a Spider-Man roller coaster. Two new hotels are also under development, suggesting the resort is preparing for a significant increase in capacity. Disney's Experiences division generated 57% of the company's $17.6 billion operating income last year and nearly 40% of its $94.4 billion revenue, underscoring why the company is doubling down on physical attractions that streaming rivals cannot easily replicate.
Disney stock rose 0.5% in premarket trading Wednesday but remains down more than 11% year-to-date.
This article is for informational purposes only and does not constitute investment advice.
