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Hong Kong Disneyland Posts First Profit

By: RTV/CBS
By: RTV/CBS

Hong Kong Disneyland's parade had all the more reason for celebration on Monday (February 18) when the seven-year-old theme park announced its first ever net profit.

The world's smallest Disneyland, opened in September 2005, posted its first net profit at $14.1 million in the 2012 fiscal year. It also saw a record attendance of 6.7 million people, up 13 percent from the previous year.

Hong Kong Disneyland's managing director, Andrew Kam, said the resort had turned a corner after much scrutiny.

"Now, obviously, we are all very excited about the milestone that we have achieved. This is a very significant milestone. We have seen the business has turned a corner. This is very, very encouraging and exciting among our leaders and our shareholders," said Kam.
One year before, the struggling resort jointly owned by the Hong Kong government and The Walt Disney Company saw a loss of $30.6 million.

Recently, Hong Kong Disneyland invested $468 million in building three new attractions, including Asia's only Toy Story Land that launched in November 2011.

Kam said this expansion was key in putting the business in the black.
"Number one is our expansion. Our expansion is the most critical success factor that contributed to our result this year. Because of our expansions, we have expanded our capacities to receive more guests and this enabled us to further grow the volume of our business," said Kam.

Nearly half of Hong Kong Disneyland's visitors hail from mainland China.

Hong Kong locals also make up a third of the guests. Hong Kong father, Vincent Wong, brought his wife, Yonee and 7-year-old and 5-year-old daughters to the park on Monday and said the park's expansion encouraged them come more often.

Hong Kong Disneyland will soon lose its status as China's only Disneyland as Shanghai is expected to open its own resort about three times the size at the end of 2015.


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