Ocean Park's deficit widened to over HK$270 million in the last fiscal year, up from HK$71.6 million the previous year, despite the influx of visitors and revenue spurred by the giant panda craze.
In its 2024/25 fiscal year that ended on June 30, the theme park's total revenue grew by nine percent to HK$1.28 billion, according to the document submitted to the Legislative Council.
Both Ocean Park and Water World have benefited from a continuous surge in visitor numbers to the city and the popularity of the giant pandas. Total attendance and revenue rose for the fourth consecutive year, with total attendance increasing by 10 percent year-on-year to 3.46 million. Notably, the Park recorded a surplus from operations (EBITDA) of HK$42.4 million, turning around from a deficit of HK$17.2 million last year.
Despite this upward trend in attendance, the Park recorded a net loss of over HK$274.7 million for the fiscal year as the loss was exacerbated by a reduction of over HK$200 million in the impairment reversal of property, plant and equipment.
In terms of financial performance, Ocean Park reported an operating surplus of HK$190.7 million, a 14 percent increase from the prior year. As the government's provision of HK$280 million for conservation and education is set to last until the 2025/26 fiscal year, the Park stated that it will continue to aim for a balanced budget and explore measures to generate revenue and reduce expenses.
Water World continued to operate at a loss with a deficit from operations of HK$148.3 million, although this represented a 20 percent decrease from the previous year.
The Park cited reduced attendance during cooler seasons and intense competition from similar facilities in the Greater Bay Area (GBA) as key factors affecting performance. As a result, the Park will revise Water World's business model and explore long-term development strategies.
Ocean Park Chairman Paulo Pong Kin-yee noted that the Park achieved significant breakthroughs in operations, conservation and education this year.
The six giant pandas in the Park have provided leverage for the Park's conservation and education efforts, creating unprecedented opportunities for business growth, he said.
Another theme park, Hong Kong Disneyland Resort, recorded its highest net profit of HK$838 million in its 2024 fiscal year since opening in 2005.
