In April 1993, Philippe

Bourguignon took over the helm of EuroDisney, thought by some to be a sinking ship.
EuroDisney publicly reported a net loss of 188 million for the fiscal year ending September
1992, though cumu-lative losses through April 1993 approached half a billion dollars.1

The European park also fell one million visitors short of its goal for the first year of
operations, with the French comprising only 29% of the park’s total visitors between April
and September 1992—a far cry from the predicted 50%.2

By 1919, Walt was making independent short cartoon ads for theatres. In 1920, Walt’s
brother Roy became a partner, and soon thereafter the group moved to Hollywood. Since
July 17, 1955, Disneyland has stood as the icon of Walt’s dream—a park for family-type
entertainment that would provide clean, safe fun. Cleanliness is a high priority. By 8 a.m.,
when the park opens, the cleaning crew will have mopped and hosed and dried every
sidewalk, every street, and every floor and counter. This begins at 1 a.m., when more than
350 of the park’s 7400 employees commence the daily cleanup routine. Revenues began to
level off, and the stock price fell.

During the period of April 1983 to February 1984, the stock price went from $84.375 per
share to $48.75.7 As the company fell from riches-to-rags, Roy Disney, Jr., was forced to
watch the Disney Empire built by his uncle, Walt Disney, and his father, Roy Disney, Sr.,
crumble. He also saw his personal holdings in the company drop from $96 million to $54
million. Disney’s Yacht Club and Beach Resort, along with the Dolphin and Swan hotels
(owned and operated

by Tishman Realty & Construction, Metropolitan Life Insurance, and Aoki Corporation,
respectively),

opened during 1989-90. With this addition of 3,400 hotel rooms and 250,000 sq. feet of
convention space, Disney’s hotels represented the largest convention center east of the
Mississippi. Before the ex-

pansion plan, the Orlando area had 64,000 hotel rooms; fewer than 10% belonged to Disney.
With the expansion plan, the total number of hotel rooms owned by Disney exceeded
20,000. Prices ranged from

$104-455/night.