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HK Disney park sees 1st loss in 4 years
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WALT Disney Co’s Hong Kong theme park posted its first net loss in four years in 2015 as Chinese mainland visitor numbers slumped, a potential headache for the US firm as it prepares to open its first mainland park in June.
The park posted a net loss of HK$148 million (US$19 million) for the year, dropping into the red after three straight years of profits, Hong Kong’s Legislative Council Panel on Economic Development said in a report released yesterday.
Hong Kong has been hit hard by slowing economic growth in China’s mainland, which has battered the number of big-spending mainland tourists traveling to the city. Its retail sales saw their worst annual decline last year since 2002.
Hong Kong’s tourist arrivals fell 2.5 percent in 2015 to 59.32 million, the first drop since 2003 when the city lifted travel curbs for some Chinese mainlanders. Mainland travelers account for three quarters of visitors.
“The tourism industry of Hong Kong was greeted with great challenges due to external factors as well as overall market condition and sentiment,” the panel said in the report.
The Hong Kong Disney park saw revenues of HK$5.1 billion in 2015, down 6 percent against a year earlier, the report said, the first revenue drop for the park since 2009. Visitor numbers also declined nearly 10 percent, the first decrease since at least 2008, driven by a steep drop in visitors from the mainland.
“Lower visitation from China’s mainland and the region largely contributed to softer overall theme park attendance,” Disney said in a statement.
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