figure of 30,000) instead of the predicted 60,000. The Euro Disney Company stock price spiraled downwards and on 23 July 1992, Euro Disney announced an expected net loss in its first year of operation of approximately 300 million French francs. During Euro Disney's first winter, hotel occupancy was so low that it was decided to close the Newport Bay Club hotel during the season. Initial hopes were that each visitor would spend around US$33 per day, but near the end of 1992, analysts found spending to be around 12% lower. Efforts to improve attendance included serving alcoholic beverages with meals inside the Euro Disneyland park, in response to a presumed European demand, which began 12 June 1993. By the summer of 1994, Euro Disney was burdened with $3 billion worth of debt. Disney CFO Richard Nanula and Wall Street financier Steve Norris worked with Alwaleed's business advisor Mustafa Al Hejailan to rescue the overleveraged company. In that deal, the Walt Disney Corporation's 49 percent stake was reduced to 39 percent, the banks agreed to forego interest payments until 1997, Disney wrote off royalties and fees until 1999, and Alwaleed agreed to pay $345 million for a 24 percent stake in Euro Disney. 1995 turnaround On 1 October 1994, Euro Disney changed its name to Disneyland Paris. On 31 May 1995, a new attraction opened at the theme park. Space Mountain: De la Terre à la Lune had been planned since the inception of Disneyland Paris under the name Discovery Mountain, but was reserved for a revival of public interest. With a redesign of the attraction (which had premiered as Space Mountain at the Walt Disney World Resort's Magic Kingdom in 1975) including a "cannon launch" system, inversions, and an on-ride soundtrack, the US$100 million attraction was dedicated in a ceremony attended by celebrities such as Elton John, Claudia Schiffer, and Buzz Aldrin. On 25 July 1995, Disneyland Paris reported its first quarterly profit of US$35.3 million. On 15 November 1995, the results for the fiscal year ending 30 September 1995 were released; in one year the theme park's attendance had climbed from 8.8 million to 10.7 million, an increase of 21%. Hotel occupancy had also climbed from 60 to 68.5%. After debt payments, Disneyland Paris ended the year with a net profit of US$22.8 million. 2000 onwards As of March 2002, Disneyland Paris underwent a second name change to Disneyland