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Time - Man of the Year
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Time_Man_of_the_Year_Compact_Publishing_3YX-Disc-1_Compact_Publishing_1993.iso
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062292
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06229914.000
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1992-09-22
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THE WEEK, Page 30BUSINESSMickey Mess
A turnaround may be coming, but the Magic Kingdom needs more
magic
For executives at Euro Disneyland, it was what they had long
wished upon a star to see. The throngs at the $4.4 billion
theme park over last week's Pentecostal holiday were so thick
that ticket windows were shut for four hours to regulate the
flow. All 12,000 parking spots were filled; at one point,
sightseers waited two hours to shuffle through the main gate,
then an hour more for each attraction.
Finally -- at least momentarily -- it looked as if there
was magic in the latest version of the Magic Kingdom. During
most of the two months since its opening at Marne-la-Vallee
outside Paris, the entertainment complex has been dogged by
downbeat news. Euro Disneyland has drawn about 1.5 million
visitors, a number that barely matches early projections. The
stock of the Euro Disney holding company, once the rage of the
Paris Bourse, has posted a 20% decline since opening day. In a
letter to shareholders two weeks ago, company chairman Robert
Fitzpatrick confessed that there could be "no assurance" of
profitability by Oct. 1, when the French fiscal year ends. Last
week's attendance crush may be the start of a turnaround, but
the finale to the park's shakedown woes is still in
Tomorrowland.