Behind Walt Disney’s grand plans for the New Amsterdam Theater is a bold $110 million gamble that the entertainment giant can reap big bucks in the city.
With Mayor Giuliani and Gov. Pataki on hand, Disney executives recently unveiled ambitious plans to create a mainstream entertainment mecca to rival the Great White Way at the historic, 94-year-old New Amsterdam.
“This is the culmination of a dream,” said Disney Chairman Michael Eisner.
“All the changes here are making this street the greatest street in the nation.”
On the whitewashed block, long associated with films like “Midnight Cowboy,” Disney said it will debut “King David,” an extravaganza pegged to the release of the animated “Hercules,” and a stage spectacular based on its movie hit “The Lion King.”
These plans are a major test of whether New York will embrace the Disney juggernaut, experts said.
But they’re also a test of whether the company still has its magic touch as a producer and creator of original work.
“Hercules” is a multi-million dollar production that will have to live up to some mighty competition, experts said.
Disney’s previous animated films have been blockbusters at the box office, breaking all records. Each one has tested Disney’s prowess and raised the bar for exactly what constitutes a Disney hit.
As the measure for success intensifies, Disney will rely on its New York public relations extravaganza to spread the word about “Hercules” and its other shows.
“The Disney juggernaut will be put to the test with four spectacles in five months, all built around the New Amsterdam,” said Daniel Lodge, an entertainment analyst at Loughlin & Gruzen.
“Success or failure in New York will be quickly measured by how well they pull off three shows.”
Other analysts said Disney is pumping more than $75 million into the extravaganzas, on top of the $36 million it already shelled out to renovate the once-dilapidated New Amsterdam.
But that’s just a drop in the bucket for the entertainment colossus, which last year earned more than $2 billion on sales of more than $14 billion.
In addition, the company snared $28 million in city and state loans–at rock-bottom 3 percent interest rates–to fix up the theater.
