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Tokyo plans Disney sea park

TOKYO – Tokyo Disneyland operator Oriental Land said Wednesday it will invest 325 billion yen ($2.9 billion) to develop a theme park and resort town near Tokyo Disneyland.

Tokyo Disney Sea, an aquatic theme park to be opened in 2001, will include “fascinating harbors” and “brave navigation,” according to the company.

About $2.45 billion of the investment will be put toward development of the theme park, while $446 million will be invested in a hotel and shopping area nearby.

The shopping area also is expected to house an AMC multiplex theater, according to industry sources.

The new park will be financed in part by Oriental Land’s first public stock offering. The company made its debut Wednesday on the Tokyo Stock Exchange, with shares closing at $78.50, up from its opening price of $71.88.

A record 16.9 million people visited Tokyo Disneyland in the past business year, which ended in March.

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