+1- spoken like a true finance professional!Not necessarily. OPEX and CAPEX are separate. We don't know how exactly these cuts are happening, but we do know it's not just an even 20% across everything Star Wars CAPEX has already been assigned over multiple years. They have two parks tied up in the construction. They won't spread that out much longer if they can avoid it.
And as for Star Wars popularity cooling? Nah. Even the prequels didn't do that so I hardly think a new movie a year is going to reduce enthusiasm.