Hong Kong Disneyland finally turns profit - Philadelphia News, Weather and Sports from WTXF FOX 29

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>>

  • Cough syrup popular in celebrities' 'sizzurp' cocktails pulled from market

    Cough syrup popular in celebrities' 'sizzurp' cocktails pulled from market

    Thursday, April 24 2014 8:00 AM EDT2014-04-24 12:00:01 GMT
    A prescription cough syrup that some celebrities like to mix with soda and hard candy is being pulled from the market, pharmaceutical company Actavis confirmed. The cough syrup-soda concoction is often called "sizzurp."
    A prescription cough syrup that some celebrities like to mix with soda and hard candy is being pulled from the market, pharmaceutical company Actavis confirmed. The cough syrup-soda concoction is often called "sizzurp."
  • Beware what your 'Digital Shadow' says about you

    Beware what your 'Digital Shadow' says about you

    Wednesday, April 23 2014 11:00 PM EDT2014-04-24 03:00:19 GMT

    To promote a video game called "Watch Dogs," the game's maker has launched a website called Digital Shadow to data-mine your Facebook account. When given permission, digital shadow analyzes all the public information about you and your friends available on the social network to create a file detailing everything from your most-used words to your annual salary to your personality.

    To promote a video game called "Watch Dogs," the game's maker has launched a website called Digital Shadow to data-mine your Facebook account. When given permission, digital shadow analyzes all the public information about you and your friends available on the social network to create a file detailing everything from your most-used words to your annual salary to your personality.


  • Insurer warns of 'cybergeddon' scenario

    Insurer warns of 'cybergeddon' scenario

    Wednesday, April 23 2014 10:32 PM EDT2014-04-24 02:32:34 GMT
    Most people can't go a day without the Internet. Reasons for using it are nearly limitless: social media, shopping, work, communication, finance, everything. Securing passwords and personal information is an ongoing concern.Now a new report says it's not you who needs to step up cyber security. Instead, organizations storing information need to step up their response to cyber risks to avoid a global disaster on the scale of the 2008 financial crisis.
    Most people can't go a day without the Internet. Reasons for using it are nearly limitless: social media, shopping, work, communication, finance, everything. Securing passwords and personal information is an ongoing concern.Now a new report says it's not you who needs to step up cyber security. Instead, organizations storing information need to step up their response to cyber risks to avoid a global disaster on the scale of the 2008 financial crisis.
Powered by WorldNow

WTXF-TV
330 Market Street
Philadelphia, PA 19106-2796

Phone: (215) 925-2929
Fax: (215) 982-5494

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