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NEWS
Euro Disney posts €145m losses
POSTED 10 Nov 2004 . BY
Annual losses at French theme park Disneyland Resort Paris have vastly increased due its financial restructuring and inability to attract higher visitor numbers.

The park’s operator, Euro Disney SCA, posted a net loss of €145m (£101m, $187m) for the year to 30 September, compared with a 2003 loss of €58m.

Operating loss stood at €23.9m (£16.6m, $30m), down €56m from operating profits of €32m last year. Although visitor numbers remained flat at 12.4 million, individual visitor spend did increase over the year.

However, this was offset by lower occupancy rates at the Disney-themed hotels which fell by 4.6 per cent to 80.5 per cent. Overall, hotel accommodation revenues were down 3 per cent on last year’s figure, to €405.2m (£281m, $522m).

Euro Disney’s considerable increase in costs was also attributed to its 39 per cent shareholder, Walt Disney, resuming royalty payments of €58m for the use of its characters, such as Mickey Mouse.

This repayment had been temporarily frozen due to the theme park’s continuing financial difficulties.

Euro Disney also lost a further €9.2m (£6.4m, $11.8m) for scrapping its Visionarium ride, which will be replaced by another ride in 2006, and paid €12.6m (£8.75m, $16.2m) in fees due to its financial restructuring programme and.

Part of the restructure requires Euro Disney to raise €250m (£173.6m, $332m) in a rights issue, which it currently intends to carry out in January 2005 and be put before shareholders on 17 December.

Euro Disney’s chair and chief executive officer, André Lacroix, said: “The company’s annual results reflect a flat attendance and revenue performance in another difficult year for the European travel and tourism industry, combined with an increase in the cost base mainly due to the resumption of royalties and management fees, as well as additional costs associated with the financial restructuring.” Details: www.disneylandparis.com

MORE NEWS
The Everyday Heritage initiative celebrates and preserves working class histories
Off the back of the success of the first round of Everyday Heritage Grants in 2022, Historic England is funding 56 creative projects that honour the heritage of working-class England.
Universal announces long-awaited details of its Epic Universe, set to open in 2025
Universal has revealed it will be adding new Harry Potter attractions, alongside Super Nintendo and How to Train Your Dragon worlds to its Florida resort.
Heartbreak for Swedish theme park, Liseberg, as fire breaks out
A fire has destroyed part of the new water world, Oceana, at Liseberg in Sweden, and a construction worker has been reported missing.
Museum director apologises after comparing the city of Florence to a sex worker
Museum director Cecilie Hollberg has come under fire for comparing the city to a sex worker due to uncontrolled mass tourism.
+ More news   
LATEST JOBS
Director of Operations
Active Luton
Salary: £61,000 - £64,000 + exceptional pension + excellent benefits
Job location: Luton , United Kingdom
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Mount Batten Group
Salary: c£65,000pa + pension + benefits
Job location: mount batten centre, plymouth , United Kingdom
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COMPANY PROFILES
Taylor Made Designs

Taylor Made Designs (TMD) has been supplying the Attractions, Holiday Park, Zoos and Theme Park mark [more...]
iPlayCO

iPlayCo was established in 1999. [more...]
IDEATTACK

IDEATTACK is a full-service planning and design company with headquarters in Los Angeles. [more...]
Vekoma Rides Manufacturing B.V.

Vekoma Rides has a large variety of coasters and attractions. [more...]
+ More profiles  
CATALOGUE GALLERY
 

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DIRECTORY
+ More directory  
DIARY

 

08-08 May 2024

Hospitality Design Conference

Hotel Melià , Milano , Italy
10-12 May 2024

Asia Pool & Spa Expo

China Import & Export Fair Complex, Guangzhou, China
+ More diary  
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NEWS
Euro Disney posts €145m losses
POSTED 10 Nov 2004 . BY
Annual losses at French theme park Disneyland Resort Paris have vastly increased due its financial restructuring and inability to attract higher visitor numbers.

The park’s operator, Euro Disney SCA, posted a net loss of €145m (£101m, $187m) for the year to 30 September, compared with a 2003 loss of €58m.

Operating loss stood at €23.9m (£16.6m, $30m), down €56m from operating profits of €32m last year. Although visitor numbers remained flat at 12.4 million, individual visitor spend did increase over the year.

However, this was offset by lower occupancy rates at the Disney-themed hotels which fell by 4.6 per cent to 80.5 per cent. Overall, hotel accommodation revenues were down 3 per cent on last year’s figure, to €405.2m (£281m, $522m).

Euro Disney’s considerable increase in costs was also attributed to its 39 per cent shareholder, Walt Disney, resuming royalty payments of €58m for the use of its characters, such as Mickey Mouse.

This repayment had been temporarily frozen due to the theme park’s continuing financial difficulties.

Euro Disney also lost a further €9.2m (£6.4m, $11.8m) for scrapping its Visionarium ride, which will be replaced by another ride in 2006, and paid €12.6m (£8.75m, $16.2m) in fees due to its financial restructuring programme and.

Part of the restructure requires Euro Disney to raise €250m (£173.6m, $332m) in a rights issue, which it currently intends to carry out in January 2005 and be put before shareholders on 17 December.

Euro Disney’s chair and chief executive officer, André Lacroix, said: “The company’s annual results reflect a flat attendance and revenue performance in another difficult year for the European travel and tourism industry, combined with an increase in the cost base mainly due to the resumption of royalties and management fees, as well as additional costs associated with the financial restructuring.” Details: www.disneylandparis.com

MORE NEWS
The Everyday Heritage initiative celebrates and preserves working class histories
Off the back of the success of the first round of Everyday Heritage Grants in 2022, Historic England is funding 56 creative projects that honour the heritage of working-class England.
Universal announces long-awaited details of its Epic Universe, set to open in 2025
Universal has revealed it will be adding new Harry Potter attractions, alongside Super Nintendo and How to Train Your Dragon worlds to its Florida resort.
Heartbreak for Swedish theme park, Liseberg, as fire breaks out
A fire has destroyed part of the new water world, Oceana, at Liseberg in Sweden, and a construction worker has been reported missing.
Museum director apologises after comparing the city of Florence to a sex worker
Museum director Cecilie Hollberg has come under fire for comparing the city to a sex worker due to uncontrolled mass tourism.
Populous reveals plans for major e-sports arena in Saudi Arabia
Populous have unveiled their plans for a state-of-the-art e-sports arena, designed to stand as a central landmark in Qiddaya City’s gaming and e-sports district, Saudi Arabia.
Raby Castle reveals ambitious plans to become a major visitor destination
Raby Castle, known as one of the finest medieval fortifications in England, is nearing the end of an ambitious two-year renovation project.
+ More news   
 
COMPANY PROFILES
Taylor Made Designs

Taylor Made Designs (TMD) has been supplying the Attractions, Holiday Park, Zoos and Theme Park mark [more...]
iPlayCO

iPlayCo was established in 1999. [more...]
IDEATTACK

IDEATTACK is a full-service planning and design company with headquarters in Los Angeles. [more...]
Vekoma Rides Manufacturing B.V.

Vekoma Rides has a large variety of coasters and attractions. [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

08-08 May 2024

Hospitality Design Conference

Hotel Melià , Milano , Italy
10-12 May 2024

Asia Pool & Spa Expo

China Import & Export Fair Complex, Guangzhou, China
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024

ABOUT LEISURE MEDIA
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