Disneyland Paris plans €2 billion expansion
February 27, 2018
The US media giant Walt Disney Company (Disney) is to invest €2 billion ($2.5 billion) into Disneyland Paris, it was announced on Tuesday. The world's second largest media conglomerate in terms of revenue took over full control of the theme park's operator Euro Disney last year.
Disney Chairman and CEO, Robert A. Iger was received by French President Emmanuel Macron at the Elysee Palace in Paris on Tuesday.
Macron said the plans reflected renewed investor belief in France: "Your confidence shows that France is back." The French tourist industry was hit following a series of terror attacks. In 2016 visitor numbers to Disneyland Paris fell 10 percent to 13.4 million but 2017 was Paris' best year for tourism in a decade.
"This investment...is the direct result of the growing confidence that we have in the economy of Europe and in France in particular," Iger said.
The plans include a transformation of the Walt Disney Studios Park with new areas based on Marvel superheroes such as Spider-Man and the Hulk, the animated movie Frozen, the long running Star Wars series and other attractions.
"We're very excited about the future of Disneyland Paris and continue to invest in its long-term success," Iger said.
Disneyland Paris employs 16,000 people from 100 different countries. The plans which will roll out in phases beginning in 2021 will include a new lake and facilities for live entertainment.
Disney also owns and operates the ABC broadcast television network in the United States and cable television networks such as Disney Channel and sports network ESPN. It owns and licenses 14 theme parks around the world. It reported revenues of $55 billion in 2017.
The attraction just to the east of the French capital accounts for 6.2 percent of France's tourism income and the 2,230 hectare site is Europe's most visited theme park. There are seven hotels with some 5,800 bedrooms, two convention centers and a golf course.
jm/aw (Reuters, AFP)