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HK Disneyland posts $348mn net loss

The Hong Kong Disneyland Resort announced a net loss of HK$2.7 billion ($348 million) for the fiscal year 2020, owing to the fact that its theme park was closed for about 60% of the year due to the Covid-19 pandemic.

Between October 2019 and September 2020, Hong Kong Disneyland’s revenue decreased by 76% to HK$1.4 billion, the company said in a statement on Monday.

Xinhua announced that earnings before interest, royalties, depreciation, and amortization were negative HK$1.5 billion.

During the fiscal year, the park attracted 1.7 million visitors, a decrease of 73% from the previous year.

Additionally, per capita spending dropped 18%.

Despite the resort’s mediocre sales performance, it maintains an ambitious outlook.

Michael Moriatry, managing director of Hong Kong Disneyland, said: “Although last year was a challenge for the whole group, I am proud to be able to react rapidly, change our activity and identify the innovative methods to generate income while retaining jobs.

Local tourists’ response to the theme park’s latest reopening on February 19 this year has been strong, indicating continuing growth in attendance.

According to the resort, annual pass membership has hit a record high since its inception in 2011.

“I am hopeful about the future of Hong Kong Disneyland Resort and view our recovery as critical to reviving Hong Kong’s tourism ecosystem,” Moriatry continued.

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Written by Ankur J Kakoti

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