Chinese slowdown hits Hong Kong Disneyland as park posts first loss in four years
by Tom Anstey | 16 Feb 2016
Low hotel occupancy rates contributed to an earnings drop of 36 per cent / Hong Kong Disneyland
While Disney might be riding high on its Star Wars successes, things aren’t looking so rosy for its Hong Kong theme park, which posted its first net loss for four years after a slump in Chinese visitors to the attraction.
Disney recorded a net loss of HK$148m (US$19m, €17m, £13.2m) for 2015, according to a report from Hong Kong's Legislative Council Panel on Economic Development.
China’s slowing economic growth has hit Hong Kong attractions hard, with less tourists from mainland China travelling to the city, noted by an overall tourist decrease of 2.5 per cent to 59.32 million visitors, with mainland visitors accounting for roughly three quarters of that figure.
Visitor numbers for Hong Kong Disneyland (HKDL) for the year were 6.8 million – a 9 per cent drop on 2014’s figures. Despite this number being the third-highest attendance since HKDL opened in 2005, the drop in attendance, combined with low hotel occupancy rates, meant year-on-year figures saw an earnings decrease of 36 per cent.
“During 2015 the tourism industry of Hong Kong was greeted with great challenges due to external factors as well as overall market condition and sentiment,” said the report. “Overnight tourists to Hong Kong, as a major source of guests for HKDL, also recorded a decline in numbers owing to the external environment, in particular the exchange rate factor. In the light of the changes in number and structure of overnight tourist arrivals to Hong Kong, the business of the HKDL was also considerably impacted.”
The report addressed the intensifying competition for HKDL in the region with the imminent arrival of Shanghai Disneyland in June, stating that the Hong Kong park has a planned series of developments in the pipeline “in order to give full play to its international features, and maintain its distinctiveness and competitiveness,” also alluding to making use of the Star Wars success, as well as the likes of Frozen and Inside Out with the introduction of new seasonal entertainment offerings and experiences.
HKDL is expecting growth for 2016 with the debut of its new themed area based on the Marvel franchise, while long-term the government is discussing plans with Disney for further development of the park, including a phase two expansion.
Hong Kong Disneyland Legislative Council Panel on Economic Development Disneyland Shanghai Slowdown10 Feb 2016
Disney smashes earnings records on the back of phenomenal Star Wars success
04 Feb 2016
Star Wars drives Disney to become world’s most powerful brand
07 Apr 2015
Frozen helps Hong Kong Disneyland break merchandise sales record
03 Mar 2015
Hong Kong government in talks to double the size of Disneyland
08 Dec 2014
Hong Kong Disneyland targets Asian tourists with Iron Man attraction
While Disney might be riding high on its Star Wars successes, things aren’t looking so rosy for its Hong Kong theme park, which posted its first net loss for four years after a slump in Chinese visitors to the attraction. Disney recorded a net loss of HK$148m (US$19m, €17m, £13.2m) for 2015, according to a report from Hong Kong's Legislative Council Panel on Economic Development. China’s slowing economic growth has
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