While the recession--and the company's delay in recognizing its effects--bore responsibility for many of Euro Disneyland's startup pains, the company itself had to be held accountable for a series of cross-cultural gaffes that reduced much of the consumer goodwill it had expected.
Chief among these was the company's seeming ignorance of the fact that its European audience was significantly unlike its American and Japanese audiences.
Trouble started in the theme parks marketing efforts, which emphasized the grand size and scope of the project, an issue which played well to an American or Japanese visitor but which left the Europeans largely indifferent.
In addition, admission costs--running some 30 percent higher than a Disney World ticket--and a refusal to offer discounted prices for winter admission helped discourage European visitors, who, unlike their American and Japanese counterparts, were less likely to take frequent short vacation trips, particularly during the school year, but preferred instead to spend their vacation budget on fewer and longer vacations.
Euro Disneyland hotels, which had geared up for receiving guests for average four-day stays, were surprised to find that the majority of their room bookings were only for overnight stays. Inside the park, visitors found other oversights. Euro Disneyland's restaurants, geared toward the American feeding style of eating snacks at various times of the day, were not prepared for the more fixed schedules of France--projected to account for as much as 50 percent of all visitors--where the country all but shuts down at every day to allow a leisurely lunch.
Thus, the park's restaurants had not been provided with the seating or staffing to accommodate the sudden influx of diners, resulting in long lines. Most famous among the company's failures to accommodate cultural differences, Euro Disneyland maintained the alcohol-free policy of its other parks, arousing the ire of a country where wine is an integral part of the culture.
The company proved no more popular with its employees. Largely French and highly jealous of their individualism, the park's cast members chafed at the strict and elaborate dress and behavior codes imposed on its employees.
Even at the corporate level, the Disney culture found itself at odds with its French hosts, which found the company's manner to be overbearing and patronizing, an attitude which seemed to reach its peak when Eisner all but threatened to shut down the park in December , arousing bad feelings among Euro Disneyland's creditors.
By then, however, with its losses mounting to FFr 5 billion and its debt load nearing FFr 22 billion, Euro Disneyland was in desperate need of its bankers' goodwill.
By the end of , Euro Disneyland had run out of cash. The Disney Company agreed to keep the company afloat but only until the end of March , when it required Euro Disneyland to have completed a restructuring of its finances.
Euro Disneyland hoped to convince its creditors to waive up to half of its debt load; in return, the banks, concerned that the Disney Company should bear its share of the liability, sought concessions from Disney as well, specifically in the form of a waiver of the company's management fees of 3 percent of revenues and a reduction in the Disney Company's royalty fees of 10 percent on ticket sales and 5 percent on concession sales.
Negotiations faltered between the Disney Company and its creditors, in part because of Eisner's suggestion that he allow the park to close--which was seen as a bullying tactic by the banks--and in part because the Disney Company refused to reduce its royalty fees. Less than a month before the deadline, the parties reached an agreement to rescue Euro Disneyland.
The banks also agreed to waive interest payments for 18 months and then to defer subsequent payments for three years, adding additional yearly savings of nearly FFr 2 billion to Euro Disneyland's relief. With its refinancing completed, and with new management in place--American Robert Fitzpatrick, who had overseen the Phase I construction, was replaced by Frenchman Phillippe Bourguignon in Euro Disneyland began addressing its internal problems.
In , the park's name was changed to Disneyland Paris, emphasizing its proximity to the French capital. The company also made concessions toward resolving its poor labor and press relations. The no-alcohol policy was changed, allowing wine and beer to be served at the park's restaurants, while the company lowered its admission prices, some of its hotel room rates, introduced lower-priced menu choices, and instituted discount pricing for winter admission.
In addition, the TGV link to the theme park was completed in , complete with a direct linkup with the Eurostar Chunnel train service. After narrowing its losses to FFr 1. The company also began moving forward on its Phase II development, attracting a Planet Hollywood restaurant and an eight-screen, state-of-the-art movie complex, owned by Gaumont, to the company's free-admission Festival Disney renamed Disney Village in June entertainment complex located next to the theme park.
The company also started construction on a second convention center and began eyeing plans to open a Disney Studios theme park on the site. Meanwhile, the passing European recession and stronger marketing campaigns were spurring increasing attendance, rising from The signing of this document by French public authorities and The Walt Disney Company laid the foundation for building a Disney resort in France.
Disneyland Paris is now accessible from Paris in just 35 minutes. On 12 April , Disneyland Paris officially opens its doors to the public. This train station, which today welcomes 88 TGV trains by day, has become the biggest TGV hub in France, serving 54 French and international cities daily.
This asset adds new ways of accessing the resort. To celebrate its opening, a huge meter long paper train traveled down Main Street, U. In this new park, Guests are invited to discover the magic of the movies. This amendment was the next step in the partnership between Euro Disney and French public authorities.
With some hectares, it is one of the biggest tourist projects in Europe. Barcelona was also eliminated due to its slightly out-of-the-way location in relation to European countries where amusement parks are extremely popular, such as the United Kingdom and Germany.
In France, a site in Toulon was considered but, due to the hardness of the subsoil, the investors finally decided against it. After numerous twists and turns, in particular due to the negotiations between Disney, the private companies involved and regional and local authorities, Euro Disney was built and opened its doors to the general public on April 12, : and so the adventure began!
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