, Hong Kong

Hong Kong Disneyland suffers $2.66b loss amidst COVID

Its revenue also dropped by 76% to $1.4b in 2020.

Hong Kong Disneyland Resort (HKDL) recorded a net loss worth $2.66b in 2020, attributed to the impact of the COVID-19 pandemic on tourism.

Its revenue declined 76% to $1.4b during the period, whilst earnings before interest, taxes, depreciation and amortization was negative $1.5b.

“We implemented a number of new health and safety measures that have been well-received by both our cast members and our guests, and we continue to hear positive feedback about our experiences,” Managing Director Michael Moriarty said.

“I’m optimistic about the future of Hong Kong Disneyland Resort and consider our recovery as an important part of reviving Hong Kong’s tourism ecosystem.”

HKDL resumed operations of the theme park on February 2021, during which it saw a rebound in attendance. Its Magic Access (annual pass) membership also reached a record high since its launch in 2011.

Despite, park attendance dropped 73% year-on-year to 1.7 million. Average hotel occupancy decreased 59 percentage points to 15%.

The resort’s per capita spending also declined 18%, whilst per room guest spending increased 22%, driven by higher guest spending on food and beverage as well as merchandise.

The resort remains as one of the largest employers in Hong Kong with an average of over 5,300 full-time and 1,800 part-time workers in 2020.

Moreover, the resort will launch an all-new daytime show “Follow Your Dreams” on 30 June that will feature musical performances of Mickey Mouse and his pals.
 

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Property sales fell by almost 21% in June
Over 6,290 sale and purchase deals for all units were received for registration.
High-street shop vacancy rises to 16.5% in Q2 22
Amongst core districts, Tsim Sha Tsui had the biggest vacancy rate.   High-street shop vacancy rose 1.3 percentage points from Q122 to hit 16.5% in Q2 22, data from CBRE showed.   The increase in vacancy was likely due to some landlords, who are under limited financial pressure, opting to leave units vacant rather than renting them out.   This practice was most evident in Tsim Sha Tsui and Mong Kok where vacancy rates were the highest, at 23.2% and 18.9%, respectively.   Whilst vacancy rose during the quarter, rents remained flat. According to CBRE, rents were unchanged from Q122 because “cash-rich landlords with strong holding power prevented some units from transacting at lower rents this quarter.”   In addition to rents being unchanged, leasing volume also increased in Q2, signalling an improvement in the retail property sector.   “Improved retailer sentiment underpinned an increase in transaction volume, although many deals signed this quarter involved short-term leases,” CBRE commented.