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>>

  • Heartbleed: Android devices may be vulnerable

    Heartbleed: Android devices may be vulnerable

    Tuesday, April 15 2014 10:14 PM EDT2014-04-16 02:14:46 GMT
    If you've heard about the Heartbleed bug, maybe you've already changed all your passwords and online security information. But Android users may still be at risk. Lance Ulanoff, senior editor of the online tech site Mashable, explains: "For the most part, Heartbleed has really been about the services that you access, and not local devices so the encryption on the device may have the same vulnerability."
    If you've heard about the Heartbleed bug, maybe you've already changed all your passwords and online security information. But Android users may still be at risk. Lance Ulanoff, senior editor of the online tech site Mashable, explains: "For the most part, Heartbleed has really been about the services that you access, and not local devices so the encryption on the device may have the same vulnerability."
  • Connecticut casinos post March slot revenue drop

    Connecticut casinos post March slot revenue drop

    Tuesday, April 15 2014 9:34 PM EDT2014-04-16 01:34:00 GMT
    Connecticut's Indian-run casinos say slot machine revenue fell sharply in March, with Foxwoods Resort Casino citing an "ultra-competitive" market. Foxwoods reported Tuesday that the share of wagers, known as revenue, was $44.6 million, down 10 percent from March 2013. Total slot machine wagering at the Mashantucket Pequot tribal casino was $566 million, down 5 percent.
    Connecticut's Indian-run casinos say slot machine revenue fell sharply in March, with Foxwoods Resort Casino citing an "ultra-competitive" market. Foxwoods reported Tuesday that the share of wagers, known as revenue, was $44.6 million, down 10 percent from March 2013. Total slot machine wagering at the Mashantucket Pequot tribal casino was $566 million, down 5 percent.
  • Heartbleed: what websites are affected and what you should do now

    Heartbleed: what websites are affected and what you should do now

    Tuesday, April 15 2014 9:16 PM EDT2014-04-16 01:16:42 GMT
    The Heartbleed bug is no joke. Websites, social networks, services, networking equipment, and web-enabled hardware may all be vulnerable. Here are some steps to take right now: Use the LastPass Heartbleed checker to see if websites you use are vulnerable and/or if they have installed security patches. Check the website of the company that made your home router in case it has been compromised. Make sure to download any software updates and security patches. Change your passwords.
    The Heartbleed security flaw is no joke. Websites, social networks, services, networking equipment, and web-enabled hardware may all be vulnerable. Here are some steps to take right now: Use the LastPass Heartbleed checker to see if websites you use are vulnerable and/or if they have installed security patches. Check the website of the company that made your home router in case it has been compromised. Make sure to download any software updates and security patches. Change your passwords.
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