Updated at 5.45pm: Ocean Park was planning to spend $5.5 billion renovating its facilities to enable it to compete with Hong Kong Disneyland, local media reported on Monday. But ticket prices might have to rise by 40 per cent to cover renovation costs, Ocean Park chairman Allan Zeman told the Legislative Council during a briefing session. He said the theme park needed to be upgraded to cope with the additional competition which would be generated by Hong Kong Disneyland ? due to open in September. Ocean Park admission fees after refurbishment would be set anywhere between $262.2 and $280 ? up 42 to 51 per cent over the current prices, Mr Zeman said. He stressed that its ticket prices after refurbishment would still be cheaper than its potential competitor on Lantau. This was because many theme parks around the world set their prices at levels about 70 to 80 per cent of Disneyland?s, he explained. Mr Zeman also said renovation works would be carried out in two phases and scheduled for completion in 2010. He predicted there would be five million visitors to Ocean Park annually by this time, and seven million by 2021. Ocean Park had yet to provide details of what facilities it would renovate. Disneyland charges an adult $295 for admission on weekdays and $350 on holidays. Adults visiting Ocean Park would now have to pay $185.