Grift Horse Gone

You've been around all night
And that's a little long
You think you've got it right
But I think you've got it wrong
--Toni Basil

After criticizing the state's GOP, The Walt Disney Company (DIS) is in the process of having its longstanding favorable legislative treatment in the state of Florida revoked. Established more that five decades ago, the Reedy Creek legislation granted Disney the privilege of operating its amusement park properties outside of Orlando in a 'special district' with no local government oversight. 

The special status allows Disney to issue its own tax exempt muni bonds as well as build new developments without obstacles such as local zoning laws. Disney's competitors in the state have not been granted similar favor. For example, Universal Studies Florida, which operates its own entertainment facilities adjacent to Disney, does not have Reedy Creek-like special status.

Increasingly, corporations have been weighing in on the left wing side of political issues such as the Chinese takeover of Hong Kong, the Black Lives Matter movement, election fraud, et al. Until now, their political commentary has not been met with much push back.

Unfortunately for Disney, Florida operates differently, boasting a strong GOP party presence highlighted by a fearless governor grounded in constitutional principles. This creates an environment where state officials are alert for opportunities to surface and remove grift.

Disney's political commentary put the process in motion on Reedy Creek. Both Florida houses have voted to end the company's special district status. Governor DeSantis is expected to sign the legislation.

It appears that Disney execs looked the grift horse in the mouth once too often. 

no position