In 1989, the Walt Disney Company financed its major European theme park and real estate development using a variety of financing tools and techniques that, when bundled together, amounted to a project financing. The case recounts the details of this financing and invites students to evaluate the financing from various standpoints, including those of the Walt Disney Company, the government of France, European equity investors, and European banks. The resulting opinion about the attractiveness of the project ultimately hinges on beliefs about European market demand for an American-style theme park. The case may be used to exercise students' skills in valuation analysis, to illustrate techniques for financing major real-property projects, and to explore the creation and transfer of wealth in such projects.
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January 20 2017
Euro Disneyland S.C.A.: The Project Financing
This case was prepared from public information by Professor Robert F. Bruner of the Darden Graduate School of Business Administration at the University of Virginia and Professor Herwig Langohr of INSEAD with the assistance of Research Associate Anne Campbell. The authors thank S. G. Warburg Securities for its cooperation with the research. Neither the Walt Disney Company nor Euro Disneyland S.C.A. has been involved in the preparation of this case, and neither company takes any responsibility for its contents.
Online ISSN: 1111-111X
Print ISSN: 1111-111X
Copyright © 1992 jointly by INSEAD, Fontainebleau, France, and the University of Virginia Darden School Foundation, Charlottesville, VA. All rights reserved.
1992
University of Virginia Darden School Foundation
Licensed re-use rights only. To order copies, send an e-mail to sales@dardenpublishing.com. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means-electronic, mechanical, photocopying, recording, or otherwise-without the permission of the Darden School Foundation. Rev. 4/98.
Teaching Notes 1–24.
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Euro Disneyland S.C.A.: The Project Financing
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Citation
Bruner RF, Langdon J, Campbell A (2017;), "Euro Disneyland S.C.A.: The Project Financing". Teaching Notes, Vol. ahead-of-print No. ahead-of-print.
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