Euro Disney slashes losses

Euro Disney has slashed its losses for the past six months thanks to its 1994 financial restructuring and increased operating margins, the theme park announced April 21 in Paris.

Euro Disney, which has struggled with poorer-than-expected turnout and crippling debt since its opening in April 1992, reported a net loss of 241 million francs ($48.2 million), down 77% from the same period last year.

“These results show we are on the right track,” Euro Disney chairman Philippe Bourguignon said. “Nevertheless, it is premature to draw conclusions on the full year before the end of the summer.”

The theme park expects to break even toward the end of 1996.

Its latest attempt to draw crowds is the creation of movie multiplex at the entrance to the park with French cinema giant Gaumont.

Gaumont and the Walt Disney Co., which owns 49% of the park, already share a film distribution company in France, Gaumont Buena Vista Intl.

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