This
article in the Orlando Sentinel talks about the new Fantasyland at WDW and the motives behind the project. Apparently Disney began to get the message that overcrowding at Fantasyland is not a pleasant experience for many people. The article refers to a survey in Oprah's magazine where two-thirds of respondents said WDW was the "toughest place to be" in the summer. The new Fantasyland is viewed as a "routine capital investment", rather than a major project.
...the Fantasyland work is chiefly a defensive investment, designed to
ensure that the Magic Kingdom — already the busiest theme park in the
world, with 17 million annual visitors — does not choke on its own
crowds.
By easing congestion and reducing wait times, Disney hopes to create a
more pleasant experience inside its busiest theme park — and ensure that
visitors will want to return for future visits. Ensuring a positive
experience in the Magic Kingdom, the cornerstone of Disney's vacation
empire, also makes it more likely that travelers will then visit the
company's other parks, sail on its cruise ships and book its guided
tours.
Interestingly, the article says that attendance at WDW has been slipping lately, although spending is up due to increased prices.
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