Disney has announced the change on their website and added a bit of a back story to the name change. The story tells of Prince Charming building a training device for him to practice his jousting skills. The villagers were so awed by the device that Prince Charming decided to have one built near the castle so that the villagers could have the chance to practice their skills as well.
The carrousel has a real history behind it as well. The ride was saved from Olympic Park, an abandoned amusement park in New Jersey, and Disney restore the 1917 carousel to new condition.
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