According to the Telegraph, for the first time in over a decade, Disneyland Paris has returned to profit due to an increase in attendance and guest spending, boosting the park’s revenue to a record £1.5 billion according to recently filed accounts.
Despite being Europe’s most visited tourist attraction, the resort has rarely made a profit since opening in 1992 due to large interest payment used to fund the resort’s construction. However, this changed in 2012 when Disney provided £1.1 billion to repay the bank debt. Likewise, in 2017, Disney regained ownership of Disneyland Paris.
The annual accounts of the resort’s main operation company, Euro Disney Associés, revealed revenue from the resort’s activities rose 14.5% to £871m in the year to Sept 30 2018, while a further £387.5m came from a subsidiary that operates five of the Disney hotels and a 10-acre on-site entertainment district.
The increased revenue outstripped a 7.2% increase in costs, largely due to the rise in pay for cast members from £65 million to £627 million. Disneyland Paris is the largest private employer in the Paris region with cast member numbers rising 4.3% to 16,386 last year.
In total, this financial year the company achieved an £18 million profit compared to its £43 million loss in 2017, which is not only a significant difference but also an incredible achievement.
In 2018, Disney invested £170 million into the resort to renovate the attractions and hotels for its 25th anniversary. Last year Bob Iger, Walt Disney’s chief executive announced that the company will invest a further £1.8 billion into Disneyland Paris to expand the Walt Disney Studios Park to include lands inspired by Frozen, Marvel and Star Wars. Furthermore, the planned expansion will create more than 1,000 new jobs.
Photo source- telegraph.co.uk
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