Fewer visitors to Euro Disney spend less

VISITORS to Euro Disney, the troubled French theme park, fell more than a fifth in the seven weeks to 21 May, and their average spending dropped 2.3 per cent, writes Heather Connon.

The attendance figures were issued as the group announced its long-awaited Fr6bn ( pounds 700m) rights issue, part of a Fr13bn restructuring aimed at securing its future. The price of the rights shares has been set at Fr10 and shareholders will be offered seven new shares for every two held.

The attendance figures suggest that Euro Disney has failed to halt the decline in visitors. In the six months to March, 3.13 million people visited the park, down 6 per cent on the previous year, each spending an average of Fr229 - a 7 per cent drop.

Last week, Prince Al-Waleed Bin Talal, the Saudi prince, rode to Euro Disney's rescue when he said he would buy up to 24.5 per cent of the group's shares if they were not taken up in the rights.

Yesterday, Michael Montgomery, Euro Disney's finance director, said the restructuring would add Fr1.5bn to the group's profits in 1995, although the benefit this year would be only Fr590m.