Disneyland Paris
NEWS
US
Revenue in Disney’s Parks and Resorts
Disney earnings flat in Q1
DESPITE the global economic downturn, The Walt Disney Company’s balance sheet remained healthy in the first quarter of fiscal 2010, due primarily to strong performance in its television and interactive divisions and the cost-cutting measures of the film studio and domestic home entertainment units. In the three months to January 2, revenues
for the group totalled US$9.7bn, up slightly on the $9.6bn achieved in the prior-year period. Net income totalled $844m, compared to $845m in the first quarter of 2009.
Schlitterbahn unveils new
boutique concept
SCHLITTERBAHN,
the water-based
entertainment destination developer, has announced plans for a new experiential entertainment resort in Cedar Park, Texas. The US$360m Schlitterbahn Boutique Hotel
and Conference Centre will include lodging, retail, restaurants, a conference centre and a year-round Transportainment-based waterpark featuring interconnected river technology along with a variety of innovative water attractions. Jeff Henry, principal for the Schlitterbahn
Development Group, said: “Our team has been working on the creation and design of this world-class destination for more than two years and we are excited to be announcing this project today. Without the support of the local government, the realisation of this dream could not have become a reality.” The first phase of the project is scheduled to open in the summer of 2012.
Division remained essentially flat at $2.7bn, as a drop in the number of visitors to Disneyland Paris was offset by an increase in domestic operations. The quarter also included restructuring and impairment charges and a gain on the sale of an investment in a television service in Europe. “We are pleased with our first quarter results
and are excited about our creative pipeline, from upcoming movies like Alice in Wonderland and Toy Story 3 to new attractions at our parks and resorts,” said president and CEO Robert Iger. “Our unique ability to deliver outstanding experiences to consumers across platforms, markets and businesses gives us a strong competitive advantage and positions us well for long-term growth.”
Cedar Fair addresses unit holders
Richard Kinzel
THE Cedar Fair board of directors has written to shareholders in an effort to push through a previously announced US$2.4bn acquisition of the North American theme parks operator by Apollo Global Management, a private equity investment
firm.
The board scheduled a special meeting on March 16, 2010, that sought to attain
final approval of Cedar Fair’s merger agreement. In order for the merger to go ahead unit holders representing no less than two-thirds of outstanding units had to voice their approval. “In order to complete the merger, we need your support,” said chairman, president and CEO Richard Kinzel. “Failure to vote will have the same effect as voting against the merger. Therefore, your vote is important, no matter how many or how few units you own.” The Cedar Fair board has unanimously recommended that shareholders vote in favour of the merger as the transaction price represents a 43 per cent premium over the group’s weighted average closing unit price over the 30 days prior to the announcement. “If the merger is not approved, we will need to reduce and refinance our debt before we can begin to consider reinstating distributions,” Kinzel added. “Despite our best efforts, we may be unable to refinance our debt in a manner that would allow us to resume distributions at any level or at all.”
IBM unveils Smarter Planet exhibit
INFORMATION technology conglomerate IBM has unveiled a new exhibit at Walt Disney World Resort’s Epcot theme park in Orlando, Florida. The SmarterPlanet exhibit is powered by a
new “smarter data centre,” providing a real- life demonstration of optimised computing that reduces energy costs by up to 25 per cent. The attraction offers visitors a behind-the-
scenes glimpse of how technology helps solve the world’s most complex problems, from reducing traffic and crime to improving food safety and local water supplies. The experience encourages guests to think about their individual roles in creating a smarter
8
planet and to understand how smart data centres are the heart of a more sustainable, technology-enabled world.
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