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Disney set to grow as earnings double

Phila Siu

Wednesday, January 11, 2012

Hong Kong Disneyland will reveal proposals for its second phase of expansion this year to maintain growth.

Managing director Andrew Kam Min-ho yesterday announced the strongest growth since the park opened in 2005.

Attendance last year reached a record high of 5.9 million, up 13percent from the previous year.

Visitors from the mainland accounted for 45percent of total attendance, while locals made up 35percent.

Revenue for last year was HK$3.63 billion, up 20percent from the previous year.

Earnings before interest, taxes, depreciation and amortisation more than doubled to HK$506 million last year.

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Net loss narrowed to HK$237 million from HK$718 million.

Hotel occupancy increased to 91 percent in 2011 from 81 percent in 2010.

Kam attributed the growth to the opening of Toy Story Land at the end of last year and the park's promotional efforts, especially in Southeast Asia.

"We have the responsibility to work on an expansion plan," Kam said. "We have had different ideas and have communicated with our shareholders.

"But at this moment we do not have a concrete plan. It is still in the initial stage."

He said Disneyland will definitely build more hotels.

The park reportedly plans to build an artificial lake and another amusement facility with a theme similar to Star Wars.

Kam also said the park will hire 300 full-time and 300 part- time staff in the middle of this year for the opening of Grizzly Gulch and Mystic Point. There are no plans to raise prices.

Meanwhile, it is understood the Lantau Economic Development Alliance has invited experts to see how different attractions can cooperate.

The alliance covers Disneyland, Ngong Ping 360 and AsiaWorld-Expo.


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