May 16, 2023
HONG KONG – Hong Kong Disneyland Resort’s net loss in the fiscal year that ended in September fell 12 percent year-on-year to HK$2.1 billion ($267.9 million), with the amusement park banking on new attractions and longer operating hours to further improve performance as the city casts off the COVID-19 pandemic.
The money-losing park said it was open only 190 days in the previous fiscal year, around half of the number of the previous fiscal year, because of social-distancing restrictions and the park’s five-day operation arrangement. The fiscal-year net loss is its eighth in a row.
Meanwhile, Disneyland’s revenue for the year reached HK$2.2 billion, a 31 percent increase from a year earlier. This was fueled by attendance by local residents, which grew by 22 percent to 3.4 million before the lifting of the city’s travel restrictions.
Michael Moriarty, Hong Kong Disneyland Resort managing director, expressed optimism about the theme park’s business recovery, announcing Disney’s Hollywood Hotel will reopen in mid-July
The overall occupancy of Hong Kong Disneyland’s facilities rose 3 percentage points to 24 percent last year.
Michael Moriarty, Hong Kong Disneyland Resort managing director, expressed optimism about the theme park’s business recovery, announcing Disney’s Hollywood Hotel will reopen in mid-July, and that a lineup of new projects is due to debut in the second half of the year.
Among them is the much-awaited debut of the world’s first Frozen-themed land, World of Frozen, in November. Guests will be able to visit the kingdom of Arendelle, the home of royal sisters Elsa and Anna.
The park’s inspiring recovery plan chimes with Hong Kong’s tourism boom. According to the Hong Kong Tourism Board, provisional visitor arrivals in April rose 18 percent to 2.89 million from the previous month. The daily average figure for the month is equivalent to about 58 percent of the pre-pandemic level.
Moriarty added that the park will return to operating six to seven days a week in June, up from the current five days a week.