With a new deal signed with French Governement, now Euro Disney, the theme park operator can build a new complex on the undeveloped piece of land east of Paris within the coming 20 years. They can also build a third park in the Marne-la-Vallée region by 2030. There is already a Disneyland Paris, which opened in 1992, as well as the Walt Disney Studios, which opened in 2002. A new eco-tourism resort, plus a housing development will be developed in partnership with Pierre & Vacances.
A huge area of 2,230 hectares is available for development. This project is expected to generate 70,000 new jobs, directly and indirectly, and is estimated to be worth €8 billion. Philippe Gas, chief executive, said: “We are committed to developing our tourist destination and supporting France’s tourism leadership, while addressing the challenges of sustainable leadership.” However, he gave no indication of when the third park would actually come up.
Occupancy in the theme park has still been relatively high at a rate of 87.3 percent in the year ending 30 September. But it is down from 90.9 per cent in 2008. But the group recorded a net loss of €63m in 2009 after registering a slight profit.This year wasn’t great as well. The Walt Disney Company has 40 percent share in Euro Disney, whereas Prince al-Waleed of Saudi Arabia owns a 10 percent stake.