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Hong Kong Disneyland reveals first ever profit

Hong Kong Disneyland reveals first ever profit
February 22, 2013

After years of disappointing results, the Hong Kong Government-backed Disneyland has finally made a profit, with Hong Kong Disneyland Managing Director Andre Kam this week revealing that the theme park earned HK$109 million (US$14 million) during the financial year ending September.

The results show the first profit since Hong Kong Disneyland opened in 2005. It comes after the Hong Kong Government, which owns 52% of the park, and Walt Disney, which owns the rest, made desperately needed additions to the world's smallest Disney theme park.

When it opened, Hong Kong Disneyland offered just Main Street USA and three 'lands': Fantasyland, Tomorrowland, and Adventureland and was widely seen as not being large enough to attract visitors. The scale of the park also created capacity problems such as during Chinese New Year when numbers wanting to enter exceeded capacity.

However, the attraction is currently expanding. Bloomberg news recently explained that anew land based on the Toy Story movies opened in 2011; a Wild West-themed land called Grizzly Gulch debuted last year and a third new land, called Mystic Point, is scheduled to open later this year.

Further expansion may lie ahead, with Kam telling reporters that the joint venture is looking at additional steps.

Kam explained "we are still negotiating with all the shareholders. The expansion is a matter of when, how, and what scale."

Writing for Bloomberg Businessweek, Bloomberg Asia Regional Editor Bruce Einhorn highlighted that Hong Kong Disneyland "needs to keep growing in order to match the competition across the border.

"The number of theme parks has exploded in mainland China (and) the business makes sense: (the) Chinese are growing wealthier and, thanks to the one-child policy, lots of parents and grandparents are eager to splurge on their Little Emperors or Empresses."

With more than 100 new parks opening across China in 2012, Einhorn added "notwithstanding restrictions that are supposed to prevent developers from opening new parks, there's no shortage of innovative ways to find loopholes, as with so many other things in China.

"Plenty of parks are in the works. For instance, district governments in the southwestern city of Chongqing have announced plans for two projects, each covering more than 1,200 acres. The cost of one park will be 3.5 billion yuan (US$560 million), the other 10 billion yuan (US$1.6 billion).

"The developing park with the highest profile of all is Shanghai Disneyland. Disney and its local partner, Shanghai Shendi Group, are investing US$4 billion on a 963-acre resort that will include the theme park, as well as two hotels."

30th May 2012 - 100 MILLION VISIT ASIAN THEME PARKS IN 2011

15th April 2012 - SHANGHAI DISNEY STARTS TO TAKE SHAPE

20th June 2011 - ASIAN ATTRACTIONS BOUNCE BACK AMID MIXED GLOBAL THEME PARKS PERFORMANCE

27th January 2011 - HONG KONG DISNEYLAND REPORTS RECORD ATTENDANCE

15th September 2010 - HONG KONG DISNEYLAND CELEBRATES FIVE YEARS OF OPERATION 

2nd July 2009 - FIVE-YEAR EXPANSION PLAN FOR DISNEYLAND HONG KONG


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