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Hong Kong Disneyland Slips Into Loss

Hong Kong Disneyland, Disney’s first theme park in Greater China, last year lost US$19.1 million (HK$148 million) following a drop in Chinese visitor numbers.

In 2015 it welcomed 6.8 million visitors, compared with 7.5 million in 2014. Revenues in 2015 were $659 million (HK$5.11 billion,) compared with US$705 million (HK$5.47 billion) in 2014

The park said that the figures represented the second-highest annual revenues and third-highest annual attendance in its ten year history. The park also achieved record guest spending, marking six consecutive years of per capita guest spending growth.

The biggest problem was a drop in visitor numbers from mainland China and the Asia region, a problem felt by Hong Kong as a whole, which also saw tourist numbers fall. Locals accounted for 39% of total attendance, while mainland and international visitation made up 41% and 20%, respectively. Hotel occupancy was close to 80%.

Disney is on course to open its Shanghai Disneyland in June this year, which some analysts see as a threat to Hong Kong.

Andrew Kam, MD of Hong Kong Disneyland, however, played down the impact from Shanghai and said that demand for theme parks in Asia is still growing.

Hong Kong Disneyland is owned by Hongkong International Theme Parks Limited, which is a joint venture between the Hong Kong Special Administrative Region Government and a subsidiary of The Walt Disney Company. As of the end of fiscal 2015, the Hong Kong Special Administrative Region Government owned a 53% majority interest in the joint venture, with The Walt Disney Company owning the remaining 47%.

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