Hong Kong Disneyland finally turns profit - FOX 10 News | myfoxphoenix.com

Hong Kong Disneyland finally turns profit

Posted: Updated:

KELVIN CHAN, AP Business Writer

HONG KONG (AP) — Disneyland in the southern Chinese city of Hong Kong has turned a profit for the first time since it opened in 2005, theme park officials said Monday. 

The park earned 109 million Hong Kong dollars ($14 million) in 2012 and its revenue rose 18 percent to HK$4.27 billion ($550 million).

The park's losses had steadily narrowed from HK$1.6 billion in 2008, the year it started disclosing financial figures, to HK$237 million in 2011.  

Legislators and analysts have blamed the park's poor performance on its small size. It's the smallest of Burbank, Calif.-based Disney's parks worldwide. But the 311 acre (126 hectare) park, set on reclaimed land on Lantau island, will be a quarter bigger once an expansion is completed later this year.

Hong Kong Disneyland's managing director, Andrew Kam, called the park's swing into profit a "significant milestone."

"The business has turned a corner," said Kam. He said the park expansion was "the most critical success factor that contributed to our result this year."

The $465 million expansion adds three new attractions that Kam said allowed the park to draw more visitors. Two have already opened, including one based on the "Toy Story" series of movies and another with a Wild West theme called "Grizzly Gulch," which Kam said has become the park's most popular draw. The final phase, "Mystic Point," which has a supernatural theme and is set in a rain forest, is scheduled to open by the middle of the year. 

The number of visitors in 2012 rose 13 percent to 6.73 million, with guests spending 6 percent more compared with the previous year. Visits by local residents, who accounted for a third of the total visitors, rose 21 percent, while those by mainland Chinese, who make up nearly half of the total, climbed 13 percent. 

The occupancy rate at the resort's two hotels, which have 1,000 rooms in total, edged up by 1 percentage point to 92 percent. Kam said the park was looking at the feasibility of expanding its hotels. 

Hong Kong's government has a 52 percent stake in the park. The Walt Disney Co. owns the remaining 48 percent. 

______

Online: 

Hong Kong Disney: http://park.hongkongdisneyland.com

Follow Kelvin Chan at twitter.com/chanman

 

Copyright 2013 The Associated Press.

  • Your MoneyMore>>

  • Do you waive your right to sue if you follow a company on social media?

    Do you waive your right to sue if you follow a company on social media?

    Friday, April 18 2014 8:19 AM EDT2014-04-18 12:19:02 GMT
    General Mills quietly tweaked its legal policies, which made getting coupons or joining a contest online two things that would simultaneously prevent you from being able to sue the company. But what about Tweeting or just liking a General Mills company's Facebook page? There's concern about that, too.
    General Mills quietly tweaked its legal policies, which made getting coupons or joining a contest online two things that would simultaneously prevent you from being able to sue the company. But what about Tweeting or just liking a General Mills company's Facebook page? There's concern about that, too.
  • Wineries flourish in Brooklyn

    Wineries flourish in Brooklyn

    Thursday, April 17 2014 10:34 PM EDT2014-04-18 02:34:04 GMT
    Hundreds of oak barrels of wine are all stacked in one room. You might think this is Napa, California. But it's not. It's the Brooklyn Winery, located in what was once an old pickle factory in Williamsburg. Refrigerated grapes are brought in from the North Fork of Long Island and from the Finger Lakes and then aged in barrels. These days urban wineries are becoming more popular, and they're popping up all over the borough.
    Hundreds of oak barrels of wine are all stacked in one room. You might think this is Napa, California. But it's not. It's the Brooklyn Winery, located in what was once an old pickle factory in Williamsburg. Refrigerated grapes are brought in from the North Fork of Long Island and from the Finger Lakes and then aged in barrels. These days urban wineries are becoming more popular, and they're popping up all over the borough.
  • Catalog shopping is alive and well

    Catalog shopping is alive and well

    Thursday, April 17 2014 9:57 PM EDT2014-04-18 01:57:31 GMT
    Bonobos is an online men's clothing store. The company tried something new in 2013 by trying something, well, old. Bonobos mailed to some customers a traditional catalog. The results were very surprising to these Internet retailers: the catalog attracted more customers to the website. Bonobos' catalog circulation has now increased.
    Bonobos is an online men's clothing store. The company tried something new in 2013 by trying something, well, old. Bonobos mailed to some customers a traditional catalog. The results were very surprising to these Internet retailers: the catalog attracted more customers to the website. Bonobos' catalog circulation has now increased.
Powered by WorldNow

KSAZ-TV & KUTP
511 W. Adams St.
Phoenix, AZ 85003

Phone: (602) 257-1234
Fax: (602) 262-0177

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices