Hong Kong Disneyland suffers losses 8 years in a row

(ECNS) -- Hong Kong Disneyland Resort has suffered losses four eight consecutive years, its latest annual performance report showed.

The resort also announced that it would open six or seven days a week starting from the middle of next month.

According to report, Hong Kong Disneyland Resort’s net loss shrank 12 percent year on year to HK$2.1 billion (US$268 million) from October 2021 through September 2022. The report shows it has failed to reverse the losses, although its finances have gradually improved.

In 2021-22, earnings before interest, taxes, depreciation and amortization, or Ebitda, narrowed 11 percent to negative HK$861 million from a year earlier.

Before Hong Kong reopened to the world, attendance by residents kept the park afloat, lifting its turnout by 22 per cent to 3.4 million in 2021-22.

Michael Moriarty, managing director of Hong Kong Disneyland Resort, said the Castle of Magical Dreams and the “Momentous” Nighttime Spectacular show are key to turning loss into profit.

The resort plans to return to normality in summer, with the park operating six to seven days a week in June compared with five at present, he added.

Disney’s Hollywood Hotel will receive guests in July, the new Walt & Mickey Dream Makers Statue will debut in October, and the Frozen-themed attraction is expected to open in November, he said.