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Disney CEO talks up prospects for Shanghai resort
After shelling out another $1.3 billion to bail out struggling Euro Disney, Walt Disney Co. chairman and chief executive officer Robert Iger says the upcoming Shanghai theme park will avoid the same financial woes.
Disney Shanghai won’t be saddled with debt like the Paris resort, and can count on a larger local customer base and a stronger economy, said Iger.
"Euro Disney’s troubles date back a couple of decades and had to do with a financial structure of that business almost at inception," he said.
"They took on a lot of debt, their pricing models were off, and they ended up in an economy that was very, very bumpy over the years."
Disney this week agreed to a restructuring program at Euro Disney which is "essential to improve our financial health and enable us to continue making investments in the resort that enhance the guest experience," said Euro Disney president Tom Wolber.
Shanghai Disney Resort is due to open for business in 2015 and will feature a Magic Kingdom style park with themed lands and two resort hotels, at an estimated construction cost of $5.5 billion.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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