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[dagobert]

These rumours all fit in the same category as the now almost mystical "third gate".  Nice to dream about but never going to happen.

I guess at the end nothing will happen and we will be stuck with Star Tours for another five years and TSMM will turn out to be a small carnival ride addition to TSPL. Over the last ten years there have been so many rumours, some have even been semi-official, like the Hollywood makeover, and nothing happened. At least Ratatouille is turning into reality. It's nice to speculate about such things, but we are still talking about DLP with its huge debt. I will be happy if ST II and TSMM will really come, but I wouldn't be surprised if it doesn't happen at all.

[Josh]

I'm confused. You all talk about ST2 as if it's still a rumour, but I thought it was officially confirmed by Philippe Gas, in that newspaper article, as the next ride in their plans.

[ford prefect]

M. Gas did not announce that it WOULD be coming.  He announced it COULD be coming.  He also stated in the same article that the Third Gate decision might be taken in 2020.

DLP currently has various waivers in place with the Walt Disney Company enabling EuroDisney SCA to use the licenses of the WDW without charge.

Since Star Wars is owned by LucasFilm a different set of licences would need to be negotiated and agreed.

EuroDisney SCA has utilised it's €150million line of credit to fund Dreams and Ratatouille.  I really cannot envisage when (before 2014) the company will be in a position to pay back what it owes and establish a new line of credit to afford the upgrade and required license.

Perhaps I am wrong. M. Gas is a very capable man and perhaps he has a cunning plan.

Considering (as I have said before) EuroDisney SCA owes €1.8billion and us shareholders haven't seen any return on our investment, other than increasing debt and magical holidays, I really don't see where the money will come from.

[ed-uk]

I think DLP has done well just staying open, and I'm impressed when we get anything new like Ratatouille and the wonderfull Dreams. Yet to survive and stay ahead of the game DLP has to build new rides and attractions to keep us fans happy and coming back.

[ford prefect]

I agree, DLP is almost too big to fail.  However there still needs to be new shows and attractions.  

Personally I think they should lay off new attractions and invest in shows, entertainment and maintenance.  That will keep people coming back more than one new ride every 3 years.

[ed-uk]

I don't think DLP will ever close, if it was going to it would have closed years ago, it is too big to fail which is a good thing. A new ride every two or three years is about average for most theme parks I believe, and EuroDisney are right to focus on WDS, because the park did need more rides and themeing. I would like to see the Videopolis theatre used for shows again, and I am pleased to see the Tarzan Encounter coming back on, an old, but very good show and way better than nothing.

[dagobert]

I agree, DLP is almost too big to fail.  However there still needs to be new shows and attractions.  

Personally I think they should lay off new attractions and invest in shows, entertainment and maintenance.  That will keep people coming back more than one new ride every 3 years.

If DLP would have closed it would have been in 1994, but thankfully Disney could negotiate a new contract with the banks and the French Government. I'm also glad they took the risk and added another $100 mio to the resort and built the fantastic SM and not a copy of the lame US coasters. Back then Disney risked a lot more with the new ride technology than today and that brought us the wonderful attraction. According to Tim Delaney and Michael Eisner SM saved the resort. Does someone know if SM is still owned directly by TWDC or did ED SCA buy it?

Investing in new shows is a good way to bring people back, but it needs more than just cheap stage shows we have seen in recent years. DLP needs shows like The Lion King, but unfortunately the food department doesn't want to lose the Videopolis space.

I hope DLP continues to refurb the parks and invests in more maintenance programms, because not everything in the parks is already in a good shape. Even the journalists noticed peeling colour during the press event. Thankfully Disney did a lot to improve the park during the last year, but that doesn't mean they can relax now.

[ford prefect]

Few people realise quite how close DLP in 2004.  

The Hedge Funds were clamoring at the gates and there was a very real chance the park would shut down.

I think this indirectly lead to Andre Lacroix being replaced as CEO.

I think most people believe that 1994 was the real low point, but no.  The resort barely made its way past its tenth birthday.

[dagobert]

I know that the financial situation has been pretty bad in 2004, but I didn't expect it to be that bad. I know that led to the financial restructuring of 2005. I read the book Disney War which covers Michael Eisners tenure and departured from TWDC and that book only mentioned the 1994 situation. According to the book, even the French secret service was involved by planting telephone bugs in the Euro Disney offices. I don't know if that's true. However that booked showed a very dark periode of DLRP.

[ford prefect]

If DLP would have closed it would have been in 1994, but thankfully Disney could negotiate a new contract with the banks and the French Government. I'm also glad they took the risk and added another $100 mio to the resort and built the fantastic SM and not a copy of the lame US coasters. Back then Disney risked a lot more with the new ride technology than today and that brought us the wonderful attraction. According to Tim Delaney and Michael Eisner SM saved the resort. Does someone know if SM is still owned directly by TWDC or did ED SCA buy it?

AFAIK all attractions and facilities in the park are owned and operated by Euro Disney SCA, a subsidery of The Walt Disney Company.  

The ownership of DLP is incredibly complex and is split between several phased financing companies, Prince Al-Walid and the other shareholders of Euro Disney SCA.

Space Mountain was financed in the same way that Ratatouille is today.  A line of credit from TWDC.

The 2004 debacle lead to the Lion King show.  That significantly increased attendance.

Characters are essentially "rented" from TWDC which means that everytime a new character or costume for an established character appear Euro Disney SCA has to pay royalties to TWDC.

The waiver of these royalties has kept the resort operational.

As a matter of interest, it is Euro Disney SCA that is the indebted company, not TWDC.  One could therefore envisage a future where Euro DIsney SCA fails, leaving billions in debt and TWDC takes over a debt free park but the bad will would be enormous.  This is why TWDC keeps the resort afloat.

[ford prefect]

http://www.businessweek.com/magazine/co ... _mz054.htm

This link is all I could find in the time I have had.  The panic was real!

[dagobert]

Ford, I'm not sure about SM. I don't know if someone from MiceChat or from LaughingPlace who works with WDI, said that WDI still owns SM and leases it to ED SCA. I can't find the topic anymore, but he was very certain.

I know about the fees of the characters and the waivers, but I'm also not sure if ED SCA could go bankrupt and TWDC could take over a debt free resort. Isn't there a French Law that prohibits Disney from taking over the whole company.

[ed-uk]

I haven't read the link, but I  remember well how bad things have been in the past at EuroDisney, and that has always been my biggest worry, although I know how important maintenance is.

[dagobert]

Unfortunately the link doesn't work.

[ed-uk]

The financial position of EuroDisney is very complex, and I just don't want to see a repeat of 1994 and 2004 when the resort faced bankrupcy.