Hong Kong Disney earns first profit in seven years since its opening
Theme park HK$109 million in the black as new attractions lure more Hongkongers to Lantau Island and visitor numbers increase 13pc
Seven years after opening, Hong Kong Disneyland has made a profit for the first time, thanks to surging visitor numbers.
For the fiscal year ending September 2012, the theme park earned revenue of HK$4.3 billion, up 18 per cent from a year ago, and made a profit of HK$109 million. Visitor numbers were up 13 per cent to 6.7 million, with 45 per cent from the mainland, 33 per cent locals and the rest from international markets.
"Expansion is the number one factor of success," Andrew Kam Min-ho, managing director of the park, said.
Expansion is the number one factor of success
However, an academic pointed out that the park had a long way to go to offset the HK$3.8 billion in net losses accumulated from 2008 to 2012.
Since 2011, the park has opened two new attractions - Toy Story Land and mining town Grizzly Gulch. When it opens Mystic Point - a mansion of visual effects - this year, the park will have grown by about a quarter.
The new attractions have lured more locals to the park. Their attendance saw the biggest jump, of 21 per cent to 2.2 million, last year, Kam said. The number of annual pass holders grew 40 per cent to almost 200,000.
The growth rate of mainland visitors was smaller at 13 per cent as more of them embarked on one-day return trips instead of staying overnight.
Also driving performance was higher per capita tourist spending and the high occupancy rate of its two hotels, which now stands at 92 per cent.