Tuesday, February 14, 2012
PI Update: Disney Files Form 10-K With SEC
The Walt Disney Company has filed its annual report with the Securities and Exchange Commission and it is loaded with information about the many businesses that make up the company including Walt Disney World. I reviewed the report to see if it mentioned Pleasure Island and it does. Barely:
The Walt Disney World Resort also hosts a 120-acre retail, dining and entertainment complex known as Downtown Disney, which consists of the Marketplace, West Side and Pleasure Island. Downtown Disney is home to the 51,000-square-foot World of Disney retail store featuring Disney-branded merchandise, Cirque du Soleil, the House of Blues, and the Company’s DisneyQuest facility. A number of the Downtown Disney facilities are operated by third parties that pay rent and license fees to the Company. In September 2008, the Company commenced a multi-year project to enhance Pleasure Island, which will feature new shopping and dining experiences to entertain guests of all ages.
The casual reader might notice that the enhancement project began in September 2008 and think that there is an on-going project taking place down there that is improving Pleasure Island. At least that's what the SEC and stockholders are being told. The truth though is that nearly 3-1/2 years after the enhancement project supposedly commenced, nothing has been "enhanced" unless you consider seed & mulch behind construction walls an enhancement.