Walt Disney said on Tuesday it would nearly double its capital expenditure for its parks business to about $60 billion over the next 10 years.

Disney CEO Bob Iger and Josh D'Amaro, the company's parks chief, announced the accelerated pace of investment at a gathering of Wall Street analysts and investors at Walt Disney World Resort in Orlando, Florida, focused on the company's parks business.

Parks have become a reliable profit engine for Disney and has helped cushion losses in the Disney+ streaming business, which is expected to become profitable only next year. Iger has described the parks as "a tremendous business" for the California-based global entertainment company.