Businessweek

al rooms, are independently operated on property leased from the company near Epcot. Other recreational amenities and activities available at the Walt Disney World Resort include four championship golf courses, miniature golf courses, full-service spas, tennis, sailing, water skiing, swimming, horseback riding, and various other noncompetitive sports and leisure time activities. The resort also includes two water parks, Blizzard Beach and Typhoon Lagoon. Disneyland Resort The company owns 461 acres and has the rights under long-term lease for use of an additional 49 acres of land in Anaheim, California. The Disneyland Resort includes two theme parks (Disneyland and Disney California Adventure), three hotels, and Downtown Disney, a retail, dining, and entertainment complex designed to attract visitors for an extended stay. The Disneyland Resort is marketed as a destination through international, national and local advertising and promotional activities. A number of the attractions and restaurants at the theme parks are sponsored by other corporations through long-term agreements. Disneyland — Disneyland consists of eight principal areas: Adventureland, Critter Country, Fantasyland, Frontierland, Main Street USA, Mickey’s Toontown, New Orleans Square, and Tomorrowland. These areas feature themed rides and attractions, shows, restaurants, merchandise shops and refreshment stands. Additionally, Disneyland offers daily parades and a nighttime entertainment spectacular, Fantasmic!. Disney California Adventure — Disney California Adventure is adjacent to Disneyland and includes eight principal areas: Buena Vista Street and Cars Land, which opened in 2012, as well as Condor Flats, Grizzly Peak, Hollywood Land, Pacific Wharf, Paradise Pier, and ‘a bug’s land’. These areas include rides, attractions, shows, restaurants, merchandise shops, and refreshment stands. Additionally, Disney California Adventure offers a nighttime water spectacular, World of Color. Hotels and Other Resort Facilities — Disneyland Resort includes 3 company-owned and operated hotels with a total of approximately 2,400 rooms, 50 vacation club units, and 180,000 square feet of conference meeting space. Disneyland Resort also includes Downtown Disney, a themed 15-acre outdoor complex of entertainment, dining and shopping venues, located adjacent to both Disneyland and Disney California Adventure. A number of the Downtown Disney facilities are operated by third parties that pay rent to the company. Aulani, a Disney Resort & Spa In 2011, the company opened its mixed-use family resort outside of its theme park developments on a 21-acre oceanfront property on Oahu, Hawaii. Aulani, a Disney Resort & Spa features 359 hotel rooms, an 18,000 square foot spa and 12,000 square feet of conference meeting space. The resort is also home to a 481 unit Disney Vacation Club facility that is being constructed in phases. As of September 29, 2012, 207 vacation club units had been completed. Disneyland Paris The company has a 51% effective ownership interest in Disneyland Paris, a 5,510-acre development located in Marne-la-Vallee, approximately 20 miles east of Paris, France, which has been developed pursuant to a master agreement with French governmental authorities. It manages and has a 40% equity interest in Euro Disney S.C.A., a publicly-traded French entity that is the holding company for Euro Disney Associes S.C.A., the primary operating company of Disneyland Paris. Euro Disney S.C.A. and its subsidiaries operate Disneyland Paris, which includes 2 theme parks (Disneyland Park and Walt Disney Studios Park); 7 themed hotels; convention centers; a shopping, dining and entertainment complex; and a 27-hole golf facility. An indirect, wholly-owned subsidiary of the company is responsible for managing Disneyland Paris. Disneyland Park — Disneyland Park consists of five principal themed areas: Adventureland, Discoveryland, Fantasyland, Frontierland, and Main Street. These areas include themed rides, attractions, shows, restaurants, merchandise shops, and refreshment stands. Disneyland Park also features a daily parade and a nighttime entertainmen