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Case 13 EURO DISNEY: THE DREAM BECOMES A NIGHTMARE, 1987-94* At a press conference announcing Euro Disneyland SCA's financial results for the year ended September 30, 1994, CEO Philippe Bourguignon summed up the year in succinct terms: "The best thing about 1994 is that it's over." In fact, the results for the year were better than many of Euro Disneyland's long-suffering shareholders had predicted. Although revenues were down 15 per cent-the result of falling visitor numbers caused by widespread expectations that the park would be closed down-costs had been cut by 12 per cent, resulting in a similar operating profit to that of the previous year. The bottom line still showed a substantial loss (net after-tax loss was FFr 1.8bn) however this was a big improvement on the previous year (FFr 5.33bn. loss). Tables 1 and 2 show details of the financial performance. Regarding the future, Bourguignon was decidedly upbeat. Following the FFr13bn restructuring...

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