Alwaleed-backed Disneyland Paris net loss hits USD141m
09 Nov 2014
(MENAFN) Disneyland Paris, the French theme park in which Saudi businessman Prince Alwaleed bin Talal owns a 10 percent stake, reported it has registered a net loss of USD141.47 million for the fiscal year between October 2013-September 2014, Arabian Business reported.
Disneyland Paris said that these net losses increased by 45 percent compared with last year, when the company registered a net loss of USD97.38 billion, while its revenues declined by 2 percent compared to 2013, reaching USD1.61 billion.
“Results for the year were impacted by the continued economic softness, notably in France. Despite the challenging economy, we continued to invest in the guest experience with this summer’s successful opening of the new attraction Ratatouille: L’Aventure Totalement Toqu”e de R”my, driving increased guest satisfaction and spending,” President of parent company Euro Disney S.A.S said.
In October, Disneyland Paris announced that Prince Alwaleed, who has a 10 percent stake, had agreed to join a USD532 million bailout of Euro Disney, along with its biggest shareholder, US-based Walt Disney Company, which owns 40 percent stake while 5 percent is owned by fund manager Invesco and the rest is floated on the Paris Euronext exchange.
Disneyland Paris, which has an accumulated a net loss of USD964 million in its first year of operation in 1992, has only turned a profit in eight of the past 22 years despite recording 14.9 million in visitors only last year.
“Two years ago we had 16 million visitors to Euro Disney, with half from France. Now it is down to 14 million and most of the loss comes from France. But we are seeing a plateau because revenue was up this quarter,” Prince Alwaleed was quoted saying after visiting the park last month.