💡 The Big Idea: D’amaro Land

Four thoughts on what Disney’s new CEO means for Disney Parks and Cruise Line

When he takes over on March 18, Josh D’amaro will be Disney’s first ever “true parks person” CEO, and this distinction matters more than you might think.

When Bob Chapek was named CEO in 2020, a lot of mainstream coverage described him as a “parks guy.” And yes, Chapek had the Experiences Chairman role that D’amaro currently occupies when he was promoted. But Chapek’s background was in consumer products and home entertainment distribution.

D’Amaro is fundamentally different. His Disney career has been entirely in the parks: Disneyland operations (1998), various sales and marketing roles, Vice President of Animal Kingdom where he oversaw Pandora planning, President of Disneyland Resort for the Galaxy’s Edge opening, President of Walt Disney World, and finally Chairman of Disney Experiences in 2020. What I find most telling is how many fans posted park selfies with D’Amaro immediately after the CEO announcement. He’s regularly spotted walking through the parks, talking with guests, engaging with Cast Members.

And here are 4 reasons why having a parks-centered CEO really matters to the future of the business.

📊 The Analysis: A Great Big Beautiful D’amaro?

1 - Parks are now the core business.

The parks and cruises have become Disney’s core business, not a secondary promotional vehicle for movies.

Here’s the trajectory that tells the story: When Bob Iger became CEO in 2005, he’s since admitted that the return on invested capital in the parks “was not impressive and actually not acceptable.” Fast forward to today, and the Experiences division just posted $10 billion in quarterly revenue for the first time in company history. In the most recent quarter, the parks generated roughly three times the operating income of the entire entertainment division ($3.3 billion vs. $1.1 billion).

D’Amaro being elevated to CEO signals that Disney’s board recognizes where the company’s most reliable (and future-proof) competitive advantage lies. In an era of AI disruption threatening so many industries, the parks and cruise line represent something more stable: experiences that can’t be replicated digitally.

2 - Expect Disney’s massive parks investment to continue

One of the most consequential moments of the Iger 2.0 era came in 2024, when Disney announced a $60 Billion investment into parks, resorts, cruise line, and related technologies over the next decade. D’amaro’s corporate bio describes him as “guiding” this investment, which signals to me that this is something he personally believes is crucial to the success of the company.

This means that Disney’s massive expansions like Villains Land in Magic Kingdom or DCL’s new slate of cruise ships should still be on track.

Now, the flying elephant in the room: D’amaro is by all accounts popular, but some of the changes made under D’amaro as Experiences Chairman have been very unpopular with Disney fans, such as the removal of free FastPass and Magical Express. But I’ve personally noticed a positive trajectory since Chapek left: increased service, restored perks, and projects that over deliver like Beak and Barrel and Test Track 3.0.

I think this trajectory speaks to D’amaro being a parks person. Have things been perfect? No. But things are heading in the right direction.

This level of investment and positive trajectory was not a guarantee under a different CEO. Another Chapek-type might see the already profitable parks as not worth the giant capital investment. An outsider CEO might have seen AI as the future, and (foolishly) put that investment into building Disney’s own models.

3 - Disney will accelerate tech-savvy strategic partnerships

And that brings me to an underrated strength of D’amaro. He’s a big believer in tech, and he’s been advancing the Parks/Experiences through strategic partnerships. According to Variety, D’amaro spearheaded Disney’s investment into Epic Games, makers of Fortnite and Unreal Engine. This deal is about much more than Fortnite emotes. Unreal Engine is already being used in a variety of ways inside the parks, from the predictable (Millennium Falcon: Smugglers Run) to the surprising (Little Mermaid: A Musical Adventure).

This strategy strikes me as smart. Disney’s tech track record when they try to do everything themselves is spotty at best (I’m looking at you Go.com or Next Gen Experience). Instead, Disney is partnering with and investing in tech leaders, such as Epic and Nvidia, so they don’t have to own the whole stack, meanwhile Walt Disney Imagineering and Disney Research can continue to innovate in more specialized technologies.

As a bonus prediction: I don’t expect D’amaro to roll back the OpenAI partnership, as that seems to fit in line with how he approaches tech (but I think that has more to do with competing with TikTok than using GenAI in the parks).

4 - I’m predicting a few near term wins

What I’m watching for is whether D’Amaro implements any quick-win changes once a new Disney Experiences Chairman is named. When Chapek-era policies were rolled back, it started with smaller moves like free parking at resorts and removing park reservations for date-based tickets.

I wouldn’t be surprised if D’Amaro has similar quality-of-life improvements in mind, things that signal “new leadership has got you” without requiring major operational changes or revenue disruptions.

Could we see the return of Magical Express? Removal of Annual Passholder reservations? I’d put those in the realm of possibility. A return to the old FastPass system would be my big wish, but that feels like a stretch given how much revenue Lightning Lane generates.

But never say never with new leadership trying to establish goodwill.

👆 The Takeaway

We are about to enter one of those special eras of Disney Parks: the Disney Decade towards the beginning of Eisner’s reign. Iger 1.0 upped the game with investment and immersive lands. I believe Josh D’amaro can build on the momentum from the last few years in significant ways. The next decade is going to be full of new rides, new lands, new ships, new experiences, and new parks that will define Disney for the next era of entertainment.

In the short term, I’m very bullish that Disney World will have a big new reason to visit every year for the foreseeable future. I personally cannot wait to don a Fedora and see what Imagineering does with the brand new Indiana Jones Adventure coming to Tropical Americas next year.

And a bold prediction: I think this year’s D23 is going to be even bigger than 2024 (which is hard to top). I’ll be bringing the popcorn.

In the words of a great philosopher:

🎢 Park Intel

• Good news! Frozen Ever After reopens on February 12 with upgraded animatronics, which is a much quicker turnaround than I was expecting.
• Rafiki’s Planet Watch, the Wildlife Express train, Conservation Station, and Affection Section will all temporarily close on February 23, as Animal Kingdom gets prepared for new Bluey experiences opening this summer.
• Disney World crowds next week should be a doozy: Presidents’ Day, Mardi Gras, sports competitions, UK Half Term all collide. Check out my full February crowd guide for more.​

⭐️ The Recommendation

If you’re visiting starting this weekend through next week, equip yourself with a crowd-savvy strategy. I’m predicting crowds that will surpass Thanksgiving and rival Christmas and New Year's. So rope drop and hit up the biggest rides in the first two hours. Save the afternoon for less wait-dependent activities, like the EPCOT Lorcana activities, sit down meals, or low wait rides and shows like Country Bear Jamboree. If you can stay out late, crowds also dip in the hour or two before park closing, especially at Magic Kingdom after the fireworks.

See Ya Real Soon!

What are you hoping for the D’amaro era?

Let me know!

James