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A Tomorrowland for today
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May 22, 1998: 11:45 a.m. ET
Disney hopes the updated attraction will meet theme park's future needs
From Correspondent Casey Wian
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ANAHEIM, Calif. (CNNfn) - When Tomorrowland became part of Disney's Magic Kingdom in 1955, the theme park attraction embodied the company's dreams of things to come: rocket ships, jet packs, moonsuited spacemen.
However, with 2000 in sight, these once-futuristic images now seem outdated, even nostalgic. Tomorrowland didn't feel like tomorrow any more, it felt like the past -- so Disney has overhauled the attraction for the 1998 summer season to bring it in line with four decades of progress.
The opening ceremony for the new Tomorrowland came complete with a squadron of real life astronauts and an appearance by racing star Mario Andretti, testing the attraction's new Rocket Rods ride [937Kb Quicktime movie].
Tomorrowland's new golden towers and somewhat rococo architecture are reminiscent of the work of visionaries and science fiction creators ranging from Leonardo da Vinci to George Lucas, the company said.
Making it fabulous
Although the renovations cost Disney an estimated $100 million, the company denies speculation that the overhaul is an attempt to bring in more tourists.
Although company watchers estimate that crowds at Disney theme parks shrank 5 percent last year, Chairman Michael Eisner denied that there was anything wrong with attendance figures.
"It's not really about attracting more visitors, it's just about making Disneyland fabulous," he said.
Some shareholders aren't enchanted
Still, Disney's theme park division has helped fuel a 50 percent rise in Disney stock (DIS) from November to April, and the company announced a stock split last quarter.
But in May, Disney stock has been hard-pressed to hold its ground.
"I don't worry about the stock price," Eisner said. "I worry about what we do and how we do it, and if we do it well and if people like what we do, they'll come to our properties. If they come to our properties, we'll do well financially and the stock market reflects that."
Despite such statements from the company, Disney has come under increasing pressure in recent years from major stockholders seeking changes in the company's directorial policy.
In a meeting last spring, about 35 percent of voting shareholders supported a resolution initiated by the College Retirement Equities Fund -- which holds about 1 percent of all outstanding Disney shares -- to reorganize the board of directors. It was the second proposal of its kind in two years.
ABC blamed for Disney woes
Some Wall Street analysts recently have downgraded the company's stock because of a ratings slump in the third-ranked ABC Television network, which pushed it briefly down to fourth place behind Fox Broadcasting Co.
"Because ratings were down in a high-single digit level, concerns are about the up-front advertising market, which may be soft, perhaps more for ABC than others," said Jeffrey Logsdon, entertainment analyst at Cruttenden Roth. "I think analysts have gotten nervous." 
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