BEIJING — Disney will spend $452 million to upgrade its underperforming Hong Kong theme park.
The upgrade will include 30 new attractions and three new theme areas, and will increase the total area of Hong Kong Disneyland by 23% over five years.
The Hong Kong government, which owns a majority share in the park, hopes the improvements will build up attendance before a planned larger Disneyland opens in nearby Shanghai in 2014.
Hong Kong CEO Donald Tsang will not invest more capital in the joint venture but will convert part of its loan to the project into equity, leaving it with a 52% share.
“If there is no expansion, the attraction of the theme park will fall over time,” government economist Helen Chan said at a media briefing to announce details of the expansion Tuesday.