Disneyland Paris rescued with €1bn bailout

Walt Disney company forced to save Euro Disney

Updated: 
Disneyland paris rescued in 1bn euro bailout

Disney is to rescue Disneyland Paris in a €1bn (£785m) bailout as the French tourist attraction struggles with high debt.

The Walt Disney company is to help Euro Disney, which operates the Disneyland Paris theme park.

In a statement, Disney said: "This recapitalisation plan would improve Euro Disney Group's financial position and enable it to continue investing in the guest experience.

"With this effort, we are demonstrating the Walt Disney Co.'s continued confidence in Disneyland Paris, which remains the number-one tourist destination in Europe."

The Guardian reports that despite visitor numbers being down, Disneyland Paris sees more visits than the Louvre and the Eiffel Tower combined.

Experts say that for the park to start making money it needs to attract at least 15 million people a year. In the past year it has pulled in 14.1 million tourists.

According to Today, there have been rumours that Disney intends to buy all the equity in Disneyland Paris. It currently owns 40 per cent of the attraction, while Saudi Prince Alwaleed owns 10 per cent and the remainder is publicly held.

Tom Wolber, president of Euro Disney, told the BBC: "Disneyland Paris is Europe's number one tourist destination, but the ongoing economic challenges in Europe and our debt burden have significantly decreased operating revenues and liquidity."

Euro Disney said that it believes the rescue package would help it boost numbers.

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