Disneyland Paris

Disneyland Paris is an entertainment resort in Chessy, France, 32 km (20 mi) east of Paris. It encompasses two theme parks, resort hotels, Disney Nature Resorts, a shopping, dining and entertainment complex, and a golf course. Disneyland Park is the original theme park of the complex, opening in 1992. A second theme park, Walt Disney Studios Park, opened in 2002. Disneyland Paris celebrated its 25th anniversary in 2017, by then 320 million people had visited, making it the most visited theme park in Europe. It is the second Disney park outside the United States, following the opening of the Tokyo Disney Resort in 1983, and the largest.

Walt Disney announced a €1 billion ($1.25 billion) bailout plan to rescue its subsidiary Disneyland Paris, the Financial Times reported on 6 October 2014. The park is burdened by its debt, which is calculated at about €1.75 billion ($2.20 billion) and roughly 15 times its gross average earnings.

Until June 2017, Disney only held a minority stake in the resort, when they bought the remaining shares. In 2017, The Walt Disney Company offered an informal takeover of Euro Disney S.C.A., buying 9% of the company from Kingdom Holding and an open offer of 2 euros per share for the remaining stock. This brought The Walt Disney Company’s total ownership to 85.7%. The Walt Disney company will also invest an additional 1.5 billion euros to strengthen the company. On 19 June 2017 Disney completed a tender offer to own over 97% of Euro Disney and then implemented a full buyout of the shares they did not already own.

Following the success of Disneyland in California, the plans to build a similar theme park in Europe emerged in 1966 with sites in Frankfurt, Paris, London or Milan under consideration. Under the leadership of E. Cardon Walker, Tokyo Disneyland opened in 1983 in Japan with instant success, forming a catalyst for international expansion. In late 1984 the heads of Disney’s theme park division, Dick Nunis and Jim Cora, presented a list of approximately 1,200 possible European locations for the park. Britain, France, Italy and Spain were all considered. However, Britain and Italy were dropped from the list due to both lacking a suitable expanse of flat land. By March 1985, the number of possible locations for the park had been reduced to four; two in France and two in Spain. Both nations saw the potential economic advantages of a Disney theme park and offered competing financing deals to Disney.

Both Spanish sites were located near the Mediterranean and offered a subtropical climate similar to Disney’s parks in California and Florida. Disney had asked each site to provide average temperatures for every month for the previous 40 years, which proved a complicated endeavour as none of the records were computerised and were registered on paper. The site in Pego, Alicante became the front-runner, but the location was controversial as it would have meant the destruction of Marjal de Pego-Oliva marshlands, a site of natural beauty and one of the last homes of the almost extinct Samaruc or Valencia Toothcarp, so there was some local outcry among environmentalists. Disney had also shown interest in a site near Toulon in southern France, not far from Marseille. The pleasing landscape of that region, as well as its climate, made the location a top competitor for what would be called Euro Disneyland. However, shallow bedrock was encountered beneath the site, which would have rendered construction too difficult. Finally, a site in the rural town of Marne-la-Vallée was chosen because of its proximity to Paris and its central location in Western Europe. This location was estimated to be no more than a four-hour drive for 68 million people and no more than a two-hour flight for a further 300 million.

Michael Eisner signed the first letter of agreement with the French government for the 20-square-kilometre (4,940-acre) site on 18 December 1985, and the first financial contracts were drawn up during the following spring. The final contract was signed by the leaders of the Walt Disney Company and the French government and territorial collectivities on 24 March 1987. Construction began in August 1988, and in December 1990, an information centre named "Espace Euro Disney" was opened to show the public what was being constructed. Plans for a theme park next to Euro Disneyland based on the entertainment industry, Disney-MGM Studios Europe, quickly went into development, scheduled to open in 1996 with a construction budget of US$2.3 billion. The construction manager was Bovis.

https://en.wikipedia.org/wiki/Disneyland\_Paris

Photo: Heather Cowper