Ocean Park records HK$71.6 million deficit despite visitor numbers reaching five-year high

Ocean Park reported a deficit of HK$71.6 million for the past fiscal year -- marking a decrease for the third year in a row -- and recorded a surge in revenue and visitor numbers that achieved a five-year high.

The total revenue of the park increased by 41 percent year-on-year to HK$1.181 billion, while visitor numbers rose by 33 percent from 2.36 million to 3.14 million. 

In the financial statement for the fiscal year 2023–2024, the theme park recorded a deficit of HK$71.6 million. It noted that excluding factors such as government subsidies and investment income, the net operating deficit decreased by 30 percent to HK$297.2 million compared to the previous year. 

"This reflects sustained upward momentum in operations and business performance with effective cost-saving and revenue-generating measures in place," the park said in a statement.

The company credited its continuous improvement in business performance to refining its operational model, enhancing the visitor experience, diversifying revenue streams, and the rebound of the inbound tourism market.

The growth of inbound tourists was particularly notable as the number rose more than threefold, with those from Mainland China increasing by 355 percent and India and the Philippines' visitors rising by 412 percent and 226 percent, respectively.

The park noted that admission ticket revenue rose by 54 percent, benefiting from the increase in visitor numbers, while merchandise and catering revenue increased by 27 percent and 32 percent.

It added that per capita spending also rose by six percent compared to the previous year.

The park highlighted that its bank balance and cash totaled approximately HK$1.66 billion as of June 30, which indicates a solid financial position.

Ocean Park chairman Paulo Pong Kin-yee said the park would capitalize on the presence of six giant pandas in the park to drive citywide excitement in the coming year, "thereby increasing visitor numbers and revenue while promoting panda tourism and ecological conservation in Hong Kong."