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Phase Two development at
EuroDisneyland was slated to start in September 1993, but in light of their drained cash reserves (FFr1.1bn
in May 1993)3 and monstrous debts (estimated at FF421bn),4 it was unclear as to how the estimated
FFr8-10bn Phase Two project would be financed.
Despite this bleak picture, Michael Eisner, CEO of Walt Disney Co., remained optimistic about
the venture: "Instant hits are things that go away quickly, and things that grow slowly and are part of the
culture are what we look for. What we created in France is the biggest private investment in a foreign
country by an American company ever...
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