New park planned for Paris by Euro Disney

EURO DISNEY, the company that runs Disneyland Paris, is preparing to carry out another capital restructuring to raise money to finance a second, pounds 480m theme park.

It is understood the company plans to build the new leisure facility on the same site as the original park at Marne la Vallee, east of Paris.

Euro Disney hopes to open the new park in 2002 to coincide with Disneyland Paris's 10th anniversary. The attraction will celebrate cinema and television, and Disney officials say it will draw 4.5 million visitors in its first year and create 4,500 jobs.

The project was first proposed to French authorities in 1997, but was shelved as Euro Disney struggled with mounting debt. The formula developed by Walt Disney, a 39 per cent partner of the Paris park, calls for clusters of two or more theme parks that boost the time and money visitors spend there.

Last month the company reported a 4 per cent increase in its operating revenues to 630.2m euros (pounds 415m) for the nine months to 30 June. Euro Disney said the improvement was due to increased spending by guests in the park and higher rates of hotel occupancy.

Disneyland Paris has more than 40 rides and attractions and has become Europe's most popular tourist draw, with 12.5 million visitors last year. The Marne la Vallee site also includes a convention centre, a film complex and hotels. An international shopping centre is due to open in 2000.

In March Euro Disney opened a pounds 10.2m three-dimensional feature, "Honey, I Shrunk the Audience", in an effort to lure more customers and encourage them to spend longer in the park. The attraction is also needed to raise revenues to resume the payment of royalties and management fees to Walt Disney this year.

Under the company's first Ffr13bn (pounds 1.3bn) restructuring in 1994, 63 banks, led by Banque Nationale de Paris and Banque Indosuez, raised Ffr6bn through a cash call that was partly guaranteed by Walt Disney. The US giant put up an additional Ffr1.1bn in credit and spent a further Ffr1.4bn on buying some of Euro Disney's theme park assets, which were then leased back on favourable terms. Walt Disney also suspended management fees and waived royalties on entry fees, food and merchandise for five years.

Start your day with The Independent, sign up for daily news emails
ebooksAn unforgettable anthology of contemporary reportage
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Digital Optimisation Executive - Marketing

£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...

Recruitment Genius: Financial Reporting Manager

£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...

Recruitment Genius: Payments Operations Assistant

£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...

Recruitment Genius: Telephone Debt Negotiator

£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...

Day In a Page

Sepp Blatter resignation: The beginning of Fifa's long road to reform?

Does Blatter's departure mean Fifa will automatically clean up its act?

Don't bet on it, says Tom Peck
Charles Kennedy: The baby of the House who grew into a Lib Dem giant

The baby of the House who grew into a Lib Dem giant

Charles Kennedy was consistently a man of the centre-left, dedicated to social justice, but was also a champion of liberty and an opponent of the nanny-state, says Baroness Williams
Syria civil war: The harrowing testament of a five-year-old victim of this endless conflict

The harrowing testament of a five-year-old victim of Syria's endless civil war

Sahar Qanbar lost her mother and brother as civilians and government soldiers fought side by side after being surrounded by brutal Islamist fighters. Robert Fisk visited her
The future of songwriting: How streaming is changing everything we know about making music

The future of songwriting

How streaming is changing everything we know about making music
William Shemin and Henry Johnson: Jewish and black soldiers receive World War I Medal of Honor amid claims of discrimination

Recognition at long last

Jewish and black soldiers who fought in WWI finally receive medals after claims of discrimination
Beating obesity: The new pacemaker which helps over-eaters

Beating obesity

The new pacemaker which helps over-eaters
9 best women's festival waterproofs

Ready for rain: 9 best women's festival waterproofs

These are the macs to keep your denim dry and your hair frizz-free(ish)
Cycling World Hour Record: Nervous Sir Bradley Wiggins ready for pain as he prepares to go distance

Wiggins worried

Nervous Sir Bradley ready for pain as he prepares to attempt cycling's World Hour Record
Liverpool close in on Milner signing

Liverpool close in on Milner signing

Reds baulk at Christian Benteke £32.5m release clause
On your feet! Spending at least two hours a day standing reduces the risk of heart attacks, cancer and diabetes, according to new research

On your feet!

Spending half the day standing 'reduces risk of heart attacks and cancer'
With scores of surgeries closing, what hope is there for the David Cameron's promise of 5,000 more GPs and a 24/7 NHS?

The big NHS question

Why are there so few new GPs when so many want to study medicine?
Big knickers are back: Thongs ain't what they used to be

Thongs ain't what they used to be

Big knickers are back
Thurston Moore interview

Thurston Moore interview

On living in London, Sonic Youth and musical memoirs
In full bloom

In full bloom

Floral print womenswear
From leading man to Elephant Man, Bradley Cooper is terrific

From leading man to Elephant Man

Bradley Cooper is terrific