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Company Town Annex

August 16, 1995| Times Staff and Wire Reports

MCA Plans Florida Park Expansion: Britain's Rank Organisation and Seagram Co.'s MCA Inc. said they will spend $2.6 billion to turn their Florida theme park into a major resort. The Universal City Florida resort will rival Walt Disney World, analysts said. The current Rank-MCA theme park, equally owned by the companies, is called Universal Studios Florida. Rank said it secured financing to develop a second theme park at the current site at a cost of $2 billion and to build as many as four hotels for $600 million. The new Islands of Adventure theme park, scheduled to be completed by the summer of 1999, will feature five theme-based islands containing rides, shows, restaurants and shops. In 1994, 6.4 million people visited the park, generating revenue of $317 million.

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