Theme parks: ready for another ride?

Are theme parks in a crisis? In France, in its chase after profit, Euro Disney recently doped its financial structure by raising capital by 253.3 million euros. After opening the second park Disney Studio, this new money will be used to relaunch its appeal with new attractions: Space Mountain 2, this year, will be followed by Buzz Lightyear and Toon City while waiting for the Tower of Terror in 2008. The goal: 16 million visitors necessary for obtaining good results at the site. Another plan for a relaunch is in the making: that of Futuroscope which posted a drop in its revenue by 28% in 2003 with respect to 2001. And we mustn’t ignore the failures of Parc Vulcania in Auvergne or Cap’Découverte in the Tarn. Is this a temporary problem or a deeper malaise? This question does not concern just France. With exception to Disney, American specialists are moving away from the European continent. Six Flags, after taking over 7 parks including the 4 Belgian and French Walibi parks, decided to throw in the sponge and dedicate themselves to the national market. Time Warner’s Movie Park in Spain met with considerable success when it opened, but since then it was taken over by local investors. Final example: Port Aventura, near Barcelona. In 1998, Universal invested a hundred million euros in it. Transformed into a resort, Port Aventura is trying to make the transition from oneday attraction to the higher category of European parks: a short-stay destination in and of its own. In 2004, the studio resold its shares to Caixa Bank and will touch 1.5% of sales in compensation for the license. This was welcome profit taking for pursuing its development towards the new Eldorado in the Far East (see box).In addition to developing customer loyalty, the sector must...