Word: disneyism
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...goal in opening the Studios, Rasulo says, "is to increase visits by lengthening the average stay," which is now two days and a night. With both parks open, Disney hopes visitors - an expected two-park total of about 17 million in the Studios' first full year - will stay an extra day and night. More time on-site means more time to spend on meals, rooms and Mickey Mouse ears. "The profit doesn't come from the theme parks," says Mark Abramson, an analyst with Bear, Stearns in London. "The profit comes from the hotels," restaurants and shops, all high-margin...
...visitor to the California or Florida parks. Nigel Reed, an analyst at BNP Paribas, says part of that difference is a function of factors like climate - you'll drink more sodas on a hot, sunny Florida day than on a drizzly, gray one in the Paris suburbs. While Euro Disney knows the U.S. isn't necessarily the best predictor of Continental attitudes toward amusement, both analysts and executives say there is room for spending growth...
...Euro Disney isn't alone in seeing the European theme-park market as under-developed. This summer, Vivendi will open a new water park and two hotels alongside its Universal Studios Port Aventura park near Barcelona, making it the first competitor on a Disneyesque scale. At least three other large regional parks will launch in 2002. Bear, Stearns' Abramson sees the competition as a positive for Disney because it familiarizes Europeans with American-style theme parks. "Parks here have historically been some small amusement with a juggler and music playing somewhere," he says...
Like them, Disney will need exciting, new attractions to get repeat visitors. Ride enthusiasts expect soon to see a version of the Florida park's popular Twilight Zone Tower of Terror. A third separate operation, possibly a water park, may be built in several years. "Walt Disney said that Disneyland will never be finished," Rasulo says. "We've certainly emulated that here...
...competition doesn't hurt Euro Disney, timing might - again. As in the early '90s, "the economic outlook for Europe is pretty unclear," says BNP Paribas' Reed. "They're adding something like 50% extra capacity when we've seen both slowing in European economies and several other parks open." Are consumers ready to spring for that three-day, two-night short break at Disney, or would they be just as happy to take the kids for an afternoon at a smaller, less expensive, less splashy park nearby...