Falling attendance drags HK Disneyland into loss; costs rise to HK$4.3b

Local | 15 Feb 2016 8:18 pm

Hong Kong Disneyland Resort, owned by a joint venture company, Hongkong International Theme Parks, booked a HK$148 million loss for the fiscal year ended October 3, 2015.

In the previous year, Hong Kong Disneyland posted profit of HK$332 million.

The 2015 loss was the theme park’s first in four years and comes as the company marks its 10th anniversary.

Hong Kong Disneyland said the performance was impacted by the slowdown in the local travel and leisure market.

Hong Kong Government holds 53 per cent of shares in the company and The Walt Disney Company holds 47 per cent.

Revenue fell by 6 percent on year to HK$5.11 billion as attendance fell by 9 percent to 6.8 million compared with 7.5 million in 2014.

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

Costs and expenses made up of mainly labor, operating and support costs, costs of sales, and marketing and sales expenses increased by 2 percent, or HK$94 million, to HK$4.3 billion.

But Hong Kong Disneyland Resort reported improved per capita visitor spending and spending per room by guests.

On another bright note, the park drew a record number of local visitors “as a result of a series of promotions and special offers.’’ Locals accounted for 39 percent of the visitor total, while mainlanders made up 41 percent. International visitors made up 20 percent, the same as in 2014.

Earnings before interest, taxes, depreciation and amortisation was HK$805 million.

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

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