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Falling attendances leads to losses at Hong Kong Disneyland

Falling attendances leads to losses at Hong Kong Disneyland
February 17, 2016

Falling attendances and rising costs have led the Hong Kong Disneyland Resort to record a HK$148 million (US$19 million) loss for the fiscal year ended 3rd October 2015.

Now celebrating its 10th anniversary, the 2015 loss was the theme park’s first in four years having posted a profit of HK$332 (US$42 million) in the previous year.

Revenue fell by 6% on year to HK$5.11 billion (US$656 million) as attendance fell by 9% to 6.8 million compared with 7.5 million in 2014.

The hotel occupancy rate also dropped to 79% compared with 93% in 2014.

Costs and expenses made up of mainly labour, operating and support costs, costs of sales, and marketing and sales expenses increased by 2%, HK$94 million (US$12 million), to HK$4.3 billion (US$552 million).

Hong Kong Disneyland officials said the fall in attendances was impacted by the slowdown in the local tourism and leisure market – a phenomena experienced by attractions across Hong Kong which is experiencing a decline in visitors from mainland China.

Hong Kong’s theme parks have also been impacted by the anticipated opening on the Shanghai Disney Resort in June this year.

On a brighter note, Hong Kong Disneyland Resort reported improved per capita visitor spending and spending per room by guests and attendance by a record number of local visitors “as a result of a series of promotions and special offers.”

Locals accounted for 39% of the visitor total, while mainlanders made up 41%. International visitors made up 20%, the same as in 2014.

Earnings before interest, taxes, depreciation and amortisation was HK$805 million (US$103 million).

HK Disneyland said it will introduce a new themed area based on Marvel’s Iron Man franchise this year while a new 750-room resort-style hotel, Disney Explorers Lodge, is set to open in 2017.

Earlier this month, Hong Kong theme park Ocean Park announced that its visitor numbers dipped by 14% in 2015, slipping by over a million visits from 7.8 million visits.

Hong Kong Disneyland Resort is owned by Hongkong International Theme Parks, jointly owned by The Walt Disney Company (48%) and the Government of Hong Kong (52%).

Image: A young visitor meets Disney character Buzz Lightyear at Hong Kong Disneyland.

10th February 2016 - DRAMATIC DECLINE IN VISITATION SEES OCEAN PARK LOSE OVER A MILLION VISITORS IN 2015

5th February 2016 - DISNEY TO PRICE SHANGHAI THEME PARK TICKETS CHEAPER THAN HONG KONG

14th May 2015 - HONG KONG DISNEYLAND TO DEVELOP SCHOOLS PROGRAM

17th March 2015 - HONG KONG DISNEYLAND PROFITS RISE AS VISITOR GROWTH SLOWS

19th January 2015 - NEW DISNEY HOTEL UNDERLINES IMPORTANCE OF HONG KONG TOURISM

4th July 2014 - HONG KONG NEEDS NEW ATTRACTIONS AND VENUES


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