Hong Kong Disney Losses Double To HK$345 Million

Hong Kong Disneyland said on Tuesday that its losses doubled in the last financial year, to HK$345 million, despite an increase in the number of visitors and revenue.

The theme park, in which the Hong Kong government is a major shareholder, had posted a loss of HK$171 million in their previous financial year, which ends on September 30.

The park authorities said they saw an increase in visitor numbers to 6.2 million in the last fiscal year, up 3 percent from the previous period.

Managing director Samuel Lau said revenue also grew by 8 percent. He said the growth would have been even higher if it wasn't for all the typhoons that Hong Kong had last summer.

The park blamed the expanding losses on expansion and operating costs. This is the third consecutive year that the park has ended up in the red.

Lau said the resort has set up a task force to attract more visitors and to look at taking advantage of the future cross-border express rail line and the Hong Kong-Zhuhai-Macau Bridge.

In 2016, the government agreed to inject nearly HK$6 billion into the park for a revamp and to add more attractions in a project costing HK$10.9 billion in total.