Dominic Walsh
We've made some changes
to The Sunday Times
Euro Disney, the operator of the Disneyland Resort near Paris, took a further step in its painstaking journey to financial health today by announcing a 20 per cent jump in first-quarter revenues.
The theme park, still basking in the glow of being chosen by President Sarkozy as the place to go public on his love for the model-turned-singer Carla Bruni, reported strong growth in visitor numbers, guest spend and hotel occupancy.
Kark Holz, the chairman and chief executive, said that the opening of new attractions, such as Crush's Coaster and Car Race Rally, to mark the theme park's 15th anniversary had "created another level of emotional connections with our guests".
He said the first-quarter performance showed that its startegy was working, adding: "We remain focused on driving the business towards profitability."
The company, which is 40 per cent owned by Walt Disney and 10 per cent by Prince Alwaleed Bin Talal of Saudi Arabia, has not made a profit since the terrorist attacks of September 11, 2001.
In the three months to December 31, the first quarter of its financial year, the heavily indebted company lifted revenues by 20 per cent to €341 million (£255 million).
Turnover from the resort rose by 14 per cent to €316 million, while revenues from property increased by €18.4 million to €24.4 million, mainly due to the sale of a property in Val d'Europe.
Theme park revenues rose by 14 per cent to €175.1 million, and sales from its hotels and the Disney Village retail and entertainment park were up 17 per cent at €126.7 million.
The performance was helped by a 10 per cent increase in theme park attendances and a 3 per cent rise in average spend per head as admissions and food and beverage sales both grew.
Hotel occupancy increased by 6.8 percentage points and average spend per head was 11 per cent better.
Most of the improvement was from Spanish and British guests.
In addition to Disneyland and Disney Village, the company runs a Walt Disney Studios park, seven themed hotels with about 5,800 rooms, two convention centres and a golf course.
Half of the 2,000-acre site has yet to be developed.
During the coming year it will open further attractions, such as the Twilight Zone Tower of Terror and Stitch Live, an interactive experience.
A spokesman said that the company had now reported seven consecutive quarters of strong growth and had yet to see any impact on consumer confidence from the global economic crisis.
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