EuroDisney results lack magic

EuroDisney has seen its annual losses increase once again, reporting a loss of 56million euros for the year ending September. The company , which operates Disneyland Resort Paris, blamed the poor results on disappointing revenues, higher operating costs due to the opening of its new Walt Disney Studios Park and higher advertising costs. The number of theme park guests fell from 13.1milllion a year earlier to 12.4million. However spending per guest increased slightly from 40.1euros to 40.7 euros. Hotel occupancy fell from 88.2% in 2002 to 85.1% for the year ended September. Despite the difficulties, EuroDisney chairman and chief executive Andre Lacroix claimed: “Disneyland Resort Paris remains without a doubt the number one tourist destination in Europe, due to our unique product offer and high guest satisfaction rates.”