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November 12, 2016

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Shanghai Disney Resort close to breaking even next year

SHANGHAI Disney Resort will be close to breaking even next year, senior officials said yesterday, after announcing a total of 4 million visitors between June and October.

The performance helped the Walt Disney Company achieve a sixth consecutive year of record results, the company said.

The US entertainment giant said revenues for the fiscal year ending on October 1 reached US$55.632 billion, up 6 percent on the year before.

“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 break-even for the year,” said Christine McCarthy, the company’s chief financial officer.

Robert Iger, the company’s chairman and chief executive officer, said: “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 US$7.5 billion in total box office.”

Shanghai Disneyland is now a national tourist destination — more than half its visitors are from outside Shanghai. Iger said they are developing a much greater awareness and affinity for the Disney brand. “It will certainly help drive our growth in that huge market over the long term,” he said.

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


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