1.4b expansion for HK Disney
Hong Kong – 22 November 2016
Walt Disney is embarking on a US$1.4 billion expansion of its Hong Kong Disneyland resort, which reported a loss last year, with features that include the first “Frozen” and Marvel-themed lands in its parks.
The six-year construction project, which will begin in 2018, will include two attractions based on the animated film “Frozen” and a related dining area, new rides tied to Marvel’s superheroes as well as entertainment additions to the existing Sleeping Beauty Castle. The park recorded a loss of HK$148 million (US$19 million) in the fiscal year ended last October amid a slower Chinese economy and political unrest in Hong Kong. Figures for the latest fiscal year are not yet available.
“Hong Kong tourism is in an adjustment period,” the city’s commerce secretary Gregory So said at a joint briefing with Disney in Hong Kong. The expansion is a strategic development to attract tourists who would stay overnight and spend more, he said.
Hong Kong Disneyland is the smallest of the company’s six resorts worldwide. The property was criticized after its 2005 opening as lacking the breadth of attractions at other Disney parks. Hong Kong has seen a series of expansions since that include an Iron Man Experience ride opening in January and a third hotel, the Explorers Lodge, in the first half of next year.