Hong Kong tourism chief says ‘have faith in Disneyland’, brushes aside calls to stop funding loss-making park
- Secretary for Culture, Sports and Tourism Kevin Yeung also tells lawmakers resort has had positive impact on local economy, youth development
- Legislators raise concerns over resort’s financial performance after park fails to make profit for eight consecutive years
Hong Kong’s tourism chief has urged lawmakers to “have faith in Disneyland”, brushing aside calls for the city to stop subsidising the loss-making theme park as he acknowledged its positive impact on the local economy and youth development.
Hong Kong Disneyland’s financial situation had improved in recent years with net loss shrinking to HK$2.1 billion (US$268 million) in 2022, a 12 per cent drop from the year before, Secretary for Culture, Sports and Tourism Kevin Yeung Yun-hung on Monday said.
The park has failed to make a profit for eight consecutive years. The site was also hit hard by the city’s stringent Covid-19 curbs during the pandemic, only operating for 190 days between October 2021 and September 2022, accounting for about half of the previous financial year.
“I understand many of you may worry about the company’s future after reading the figures,” the minister told a Legislative Council panel.
“We should have faith in Disneyland. It recorded a profit back in 2012. It is also willing to expand the park. That demonstrates its confidence in the attraction’s prospects or else it would not invest further.”
Lawmaker Andrew Lam Siu-lo was among those who expressed dissatisfaction with the resort’s performance, noting it had only recorded profits for three years since it opened in 2005.
The legislator also raised concerns about when the theme park would be able to break even.
