Walt Disney (DIS -0.65%) CEO Bob Iger tossed out a pretty big number during this week's annual meeting of shareholders. Asked about the run-ins that the media giant has had with Florida Gov. Ron DeSantis over the past year, Iger chose to play the lobby card.

Iger voiced his frustration with the state retaliating against the House of Mouse, arguing that Disney is Florida's largest taxpayer. He also mentioned that Disney expects to spend another $17 billion to expand its Florida resort in the next decade. It's a smart approach, taking the high road of flexing what Disney can do for Florida instead of loading its quiver with zingers. 

Iger's diplomatic approach in tackling some of the meeting's thorniest shareholder questions during the session's Q&A component was artful. He was able to -- wait. Did he really say $17 billion dollars in the next 10 years? Disney spends a lot of money on its gated attractions in Florida. It just invested heavily over the past 18 months to create new experiences and attractions for its guests to enjoy as Disney World celebrated its golden anniversary. Is something even bigger on the way? Is the world's leading theme park operator finally going to develop a fifth theme park at Disney World?

Party like it's 2033

Earmarking so much money for a resort expansion may seem like a luxury that Disney doesn't have at the moment. Iger announced less than two months ago that he would be shaving $5.5 billion in spending and trimming Disney's headcount by 7,000. Now he wants to spend $17 billion -- creating 13,000 new jobs -- in Disney World over the next decade? 

Disney isn't afraid to spend big money on its theme parks. An industry consultant estimates that Disney spent as much as $500 million on the Guardians of the Galaxy Cosmic Rewind roller coaster it opened in Florida last year. It reportedly invested about $1 billion a decade ago to develop the MyMagic+ admissions and guest-tracking technology that has evolved dramatically over the years. 

There's still no denying that $17 billion is a big number, especially when that forecast is tethered to thousands of new positions at Disney World. There will undeniably be more resort hotels and expansion of existing theme parks. The easiest path to growing revenue is to increase supply through new attractions that drum up demand. However, it's not going to surprise anyone if Disney does introduce a whole new theme park in the next decade.

Alice, Rabbit, and Mad Hatter looking perplexed at Disney World's spinning teacups ride.

Image source: Disney.

Comcast's Universal Orlando resort, just a few minutes away from Disney World, hasn't had a problem building new parks, and it has a sliver of Disney's massive real estate to play with. It opened the Volcano Bay high-tech waterpark in 2017. Epic Universe could raise the bar for traditional theme parks when it debuts in 2025. Does anyone believe Disney won't have a response in its most important theme park market? 

Disney has cleared the way for adding at least another major theme park to its Florida turf, but this happened years ago. It could take several more years before it happens. It may never happen at all. However, it's important to remember that Iger returned to the helm on a two-year term. The clock is ticking.

Iger has a short wick. He has eight quarterly reports to turn the company around. He also has to cement his legacy. He has to leave the corner office turnkey so his eventual successor can't fumble the crown. He's cutting costs now, but it would be shocking if he doesn't start planting the seeds of future growth as we head into fiscal 2024. He has dreams, and those fantasies don't come cheap when you're the ultimate bellwether of media stocks. He may have flashed his cards early during Monday's shareholder meeting, but he has 18 months to play the winning hand he's holding. 

Come on, Iger. Announce the fifth gate.