Euro Disney SCA, operator of Disneyland Resort Paris, is planning to invest 240m euros (£168m, US$315m) in new attractions over the next three years, subject to its upcoming 250m euros (£175m, US$328m) rights issue.
This year, the company will re-launch one of its most popular attractions as a completely new experience called Space Mountain: Mission 2. Then, in 2006, Buzz Lightyear’s Laser Blast – a ride-through attraction where guests help Buzz defend the universe against Emperor Zurg – will be introduced.
Walt Disney Studios Park will see the opening of Toon Studios in 2007 and and the Tower of Terror – a white-knuckle ride in a mysterious Hollywood hotel – in 2008.
The rights issue, which must be completed by 31 March, is part of the financial restructuring required in order for Euro Disney’s banks to extend its debt repayment deadlines.
The company’s second-largest shareholder, Prince Alwaleed Bin Talal, has agreed to subscribe for up to 25m euros (£17m, US$33m) in additional shares in order to retain at least a 10 per cent ownership interest, while the largest shareholder, the Walt Disney company, has already undertaken to subscribe to at least 100m euros (£70m, US$131m) of the rights issue.
Euro Disney has also reported that theme park revenues were up 4 per cent over the previous year to 137m euros (£96m, US$180m) for the quarter ending 31 December 2004 due to higher average spend. However, its hotels and Disney Village arm saw a 6 per cent decrease to 96.5m euros (£67m, US$127m) due to lower occupancy rates and daily guest spend per room.
