Editorial | Time to dust off plans for Disney expansion
- On the back of a strong rebound in visitor numbers, Hong Kong Disneyland stands to benefit along with the city from a massive taxpayer investment while the city’s integration with the Greater Bay Area only enhances its prospects
The last few years of social unrest, pandemic and political reform followed by laboured economic recovery have not been fun, least of all for venues that depend on tourism and positive consumer vibes.
There can be few sorrier examples than Hong Kong Disneyland, which suffered particularly as a result of business bans and social-distancing rules during the pandemic that forced it to close attractions.
So it is good, unexpected news that the 52 per cent Hong Kong government-owned theme park has just posted an 83 per cent reduction in losses to HK$356 million on the back of the post-pandemic recovery.
In fact, a 156 per cent increase in revenue to HK$5.7 billion, as visitor numbers soared 87 per cent to 6.4 million, put it on course to avoid a decade of consecutive annual losses, following only three years of profit since it opened in 2005.
That milestone seems even more likely after the March quarter this year, when Disney broke its record in financial indicators such as revenue, Ebitda and net profit, according to managing director Michael Moriarty. “We are back and have turned the corner,” he said.
A particularly pleasing aspect has been a strong rebound in mainland visitor numbers, which bettered those for the 2018 financial year, along with a strong showing from Southeast Asian tourists.
