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Shanghai Disney Resort draws 4m visitors, expects break-even for 2017

By Yang Jjian | November 11, 2016, Friday | Online Edition

SHANGHAI Disney Resort received 4 million visitors during its first four months of operation between June and October, the robust performance of which helped the Walt Disney Company to achieve a sixth consecutive year of record results, the company announced today.

The Walt Disney Company today reported earnings for its fourth quarter and fiscal year ended October 1, 2016. Revenues for the year reached US$55.632 billion, up by 6 percent on year.

“We’re very pleased with our performance for the year, delivering the highest revenue, net income and earnings per share in Disney’s history,” said Robert A. Iger, Chairman and Chief Executive Officer of the Walt Disney Company.

“Fiscal 2016 was our sixth consecutive year of record results, highlighted by the opening of Shanghai Disney Resort, the phenomenally successful return of Star Wars, and our Studio’s record-breaking $7.5 billion in total box office. We remain confident that Disney will continue to deliver strong growth over the long-term as we further strengthen our brands and franchises, our technological capabilities, and our international presence.”

The Shanghai resort welcomed 4 million guests in the first four months of operation, which included the peak summer season, Iger said. “Some of you may infer from this early performance that we could achieve 10 million in attendance in the park’s first year, a number we would be thrilled with, but we are not providing any annual guidance at this point,” he added.

Shanghai Disneyland is now a national tourist destination – more than half guests come from outside Shanghai, and millions of people across China. They are developing a much greater awareness and affinity for the Disney brand, Iger said. “It will certainly help drive our growth in that huge market over the long term,” he said.

“I was there last week, the place looks fantastic, and it’s very clear our guests are thoroughly enjoying it. They are enthusiastically embracing our stories and characters – classics like Mickey Mouse are fan favorites, but they love our new IP, too – Zootopia is very popular,” he said. 

“The financial results for the park’s first full quarter of operations of Shanghai Disneyland were ahead of our expectations. As we look to Fiscal 2017, we expect Shanghai Disney Resort to be very close to breakeven for the year,” said Christine McCarthy, chief financial officer of The Walt Disney Company.

Operating income at Walt Disney’s international operations was lower, driven by about a US$100 million decline at Disneyland Paris, but partially offset by positive results from a full-quarter of operations at Shanghai Disney Resort, McCarthy said.

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