Walt Disney shares ended in the red in the US Tuesday, as the global entertainment business announced a multi-year expansion plan for its Disneyland Paris theme park. The works should begin in 2021 and will add numerous new areas and attractions to the existing park.
Walt Disney Chairman and CEO Robert A. Iger, announced the news while at the Palais de l'Elysée in Paris, with French President Emmanuel Macron.
Walt Disney shares closed 4.49% lower in the US. However, after-hours trade has the stock in positive territory.
€2 billion investment
Disney said it will spend some €2 billion on the expansion of the parks in Paris that will give visitors many more experiences to enjoy. They will include adding three new areas – Marvel, Star Wars and Frozen – to the Disney Studios Park.
“We're very excited about the future of Disneyland Paris and continue to invest in its long-term success,” Iger said.
“The resort is already the leading tourist destination in Europe, and the transformative expansion we announced today will add even more of our beloved characters and unparalleled storytelling to create new lands, attractions and entertainment that further elevate the guest experience and drive new opportunities for tourism in this dynamic region,” he added.
Disney committed to Paris park
The announcement comes after Walt Disney took back full control of the park in 2017, after it had experienced falling visitor numbers.
The expansion plans represent the biggest investment in Disneyland Paris since it opened in 1992. The theme park accounts for 6.2% of the France’s tourism income and also employs over 16,000 staff.
The expansion works will be rolled out in phases and will also include a new lake, Disney said. The lake will become the “focal point for entertainment experiences and will also connect each of the new park areas.”
The Disney theme parks and resorts have proved, overall, a positive line of business for the global entertainment business.