HK Disneyland Still In The Red, But Losses Narrow

Hong Kong Disneyland on Monday said its net losses in the 2021 financial year narrowed by 12 percent to HK$2.4 billion, thanks to a jump in visitor numbers and a reduction in costs.

The theme park said some 2.8 million people visited the park between October 4, 2020 and October 2, 2021 – up 64 percent year-on-year.

Subscriptions to its annual pass also increased by 55 percent, Hong Kong Disneyland said.

Revenue grew 19 percent to HK$1.7 billion, even though the theme park was closed for about 40 percent of the time due to social distancing rules.

Managing director Michael Moriarty said they managed to cut costs and expenses by around eight percent.

Moriarty said he's encouraged by the government's announcement that the park can open again from April 21.

He said he's optimistic about the park's outlook, although the closure in the past few months has had an impact on business.

“We have a huge product line up waiting for our guests right now, not to mention our special events,” he said during a virtual press briefing.

“We have not been able to fully exploit the benefit of the infrastructure improvement that has come, the high-speed rail for one and the [Hong Kong-Zhuhai-Macau Bridge] makes access to Lantau much more easier than in the past," he said.

“I think we are well-positioned for not just April 21 but to welcome the guests and tourists in the second half of the year.”

The theme park said it has no plans to increase ticket prices, fire staff or seek additional funding from the government.