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.