West Kowloon Cultural District Authority reports 18pc revenue drop, operating deficit widens to HK$769 million

According to documents submitted to the Legislative Council, the West Kowloon Cultural District Authority recorded an 18 percent year-on-year decrease in basic revenue, falling from HK$1.061 billion to HK$871 million in the 2024/25 fiscal year. The authority's operating deficit widened from HK$578 million to HK$769 million despite increased visitor numbers and event volumes.

The legislative filing cited global geopolitical instability, changed consumption patterns, and weak local market sentiment as factors contributing to declines in both business-to-consumer revenue (down 23% to HK$189 million) and business-to-business income (down 12% to HK$456 million excluding one-off sponsorships). Interest income dropped 24% as the government's HK$21.6 billion one-time endowment approaches depletion.

The authority confirmed in the submission that it maintained operational expenses at HK$1.64 billion while meeting all government-mandated financial discipline indicators. The document also noted completion of a HK$5 billion sustainability-linked loan refinancing in April 2023, with cash and bank balances standing at HK$4.3 billion as of March 31.