On January 18, 1993, Euro Disneyland chairperson Robert Fitzpatrick announced he would leave that post on April 12 to begin his own consulting company. Quitting his position exactly one year after the grand opening of Euro Disneyland, Fitzpatrick with his resignation removed U.S. management from the helm of the French theme park and resort. Fitzpatrick’s position was taken by a Frenchman, Philippe Bourguignon, who had been Euro Disneyland’s senior vice president for real estate. Bourguignon, 45 years old, faced a net loss of FFr 188 million for Euro Disneyland’s fiscal year, which ended September 1992. Also, between April and September 1992, only 29 percent of the park’s total visitors were French. Expectations were that closer to half of all visitors would be French. It was hoped that the promotion of Philippe Bourguignon would have a public relations benefit for Euro Disneyland—a project that had been a publicist’s nightmare from the beginning. One of the low points was at a news conference prior to the park’s opening when protesters pelted Michael Eisner, CEO of the Walt Disney Company, with rotten eggs. Within the first year of operation, Disney had to compromise its “squeaky clean” image and lift the alcohol ban at the park. Wine is now served at all major restaurants. Euro Disneyland, 49 percent owned by Walt Disney Company, Burbank, California, originally forecasted 11 million visitors in the first year of operation. In January 1993 it appeared attendance would be closer to 10 million. In response, management temporarily slashed prices at the park for local residents to FFr 150 ($27.27) from FFr 225 ($40.91) for adults and to FFr 100 from FFr 150 for children in order to lure more French during the slow, wet winter months. The company also reduced prices at its restaurants and hotels, which registered occupancy rates of just 37 percent. Bourguignon also faced other problems, such as the second phase of development at Euro Disneyland, which was expected to start in September 1993. It was unclear how the company planned to finance its FFr 8–10 billion cost. The company had steadily drained its cash reserves (FFr 1.9 billion in May 1993) while piling up debt (FFr 21 billion in May 1993). Euro Disneyland admitted that it and the Walt Disney Company were “exploring potential sources of financing for Euro Disneyland.” The company was also talking to banks about restructuring its debts.
Despite the frustrations, Eisner was tirelessly upbeat about the project. “Instant hits are things that go away quickly, and things that grow slowly and are part of the culture are what we look for,” he said. “What we created in France is the biggest private investment in a foreign country by an American company ever. And it’s gonna pay off.”