Hong Kong Disneyland Resort records net loss of HK$2.1 billion, 12 per cent lower year on year as management voices confidence in recovery
- It is the theme park’s eighth year in a row without profits
- Hong Kong Tourism Board says 2.89 million visitors arrived in the city in April
It was Disneyland’s eighth year in a row without turning a profit, with the latest figures reflecting the tough pandemic rules that had shut down the city for most of 2022. Disneyland was only able to operate for 190 days, about half its financial year ending September 30, 2022, the company said on Monday.
Before Hong Kong reopened to the world, attendance by residents kept the park afloat, lifting its turnout by 22 per cent to 3.4 million in 2021-22, and increasing revenue by 31 per cent to HK$2.2 billion.
“We are focusing on returning to profitability as soon as we can,” managing director Michael Moriarty said. “We are optimistic about summer for both our business and the travel trade.”
He pinned some of his hopes for recovery on the debut of the much-awaited Frozen-themed attraction expected to open in November. The attraction will recreate the Arendelle town Elsa and Anna lived in. It would feature natural mountains and a harbour, Moriarty said.
Disneyland has only recorded profits in three years since opening in 2005. It is 52 per cent owned by the Hong Kong government, with the rest held by US-based Walt Disney Company through a joint venture called Hong Kong International Theme Parks.