The operator of Walt Disney Co.’s facilities in Japan said Tuesday it had cancelled plans for a new Disney-theme entertainment complex in a major Japanese city, citing poor prospects for the project’s investment returns in the current economy.

Oriental Land Co Ltd., which operates Tokyo Disney Resort, said it would continue to explore possibilities for a new business, which might not involve Disney characters.

Oriental Land and Disney had spent more than a year studying a plan to build an urban-style amusement facility in 2010, but Oriental said the estimated investment return would not justify the project.

Disney shares were down 88 cents, or 3 percent, to $27.40 in morning trading on the New York Stock Exchange.