Euro Disney loss almost doubled

OVER-indebted theme park operator Euro Disney today reported a near-doubled first-half net loss of e56m (£39m), despite waivers on management fees and royalties from Californian partowner The Walt Disney Company.

Revenues fell by 2.1% to e105bn, caused by falling admissions despite the opening last spring of a second theme park, Walt Disney Studios, on the same site at Marne-la-Vallⅇ, north of Paris.

The company blamed the disappointing revenues on a prolonged downturn in European travel and tourism, strikes and work stoppages throughout France during the year, combined with challenging economic conditions in its key markets.

Euro Disney, located next to the London-Paris railway, remains Europe's most popular tourist attraction, drawing about 12m visitors a year.

The studio park failed to bring in the additional visitors expected, while adding to operating and advertising costs.

Euro Disney began debt refinancing talks with creditors owed e1.7bn this summer. Earlier this month, the company said that it had obtained waivers from lenders until 31 March next year to give space for a more profound financial reorganisation.