bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Denise Tsang

Wynna Wong

Hong Kong Disneyland Resort reduced its net losses by 83 per cent to HK$356 million (US$45.6 million) in 2023 in a strong post-pandemic recovery that extended into the first quarter of this year.
Managing director Michael Moriarty revealed on Tuesday that the theme park on Lantau Island broke its record in financial indicators such as revenue, Ebitda and net profit between January and March, amid the wider recovery in Hong Kong tourism.
“We are back and have turned the corner financially,” he said, adding that it had been “a challenging journey through the Covid-19 pandemic”.
Despite the relative improvement, 2023 nonetheless marked the company’s ninth consecutive year of losses.
Disneyland’s Ebitda – or earnings before interest, taxes, depreciation and amortisation – rose by 207 per cent year on year to HK$924 million for the 12 months ending last September 30.
Revenue soared 156 per cent to HK$5.7 billion last year as visitor numbers increased 87 per cent to 6.4 million.

The turnaround in Ebitda means its parent company, Walt Disney Company, will be able to charge a management fee. The base management fee is set at 6.5 per cent of Ebitda with a variable management fee of zero to 8 per cent.
Moriarty said mainland Chinese visitor numbers rebounded strongly last year and exceeded the figures for the 2018 financial year. Southeast Asian visitors also showed a strong return.
Spending per capita in the park jumped 54 per cent in 2023 from the previous year.
However, the recovery of long-haul visitors to Disneyland and Hong Kong remained constrained by flight capacity, which Moriarty said “has not come back to the pre-pandemic level”.
Hong Kong flag carrier Cathay Pacific Airways has said it will not return to full capacity until the first quarter of next year.
Moriarty attributed the theme park’s recovery to new attractions such as the Ant-Man and The Wasp: Nano Battle! ride in 2019, the revamped Castle of Magical Dreams in 2020, and shows such as “Follow Your Dreams” in 2021, “Momentous Nighttime Spectacular” in 2022 and “World of Frozen” last year.
The overall occupancy rate for the park’s three hotels - Disneyland Hotel, Hollywood Hotel and Explorers Lodge - had risen to 47 per cent in the last financial year from the previous year’s 24 per cent.
The lower rate was recorded at a time when Hong Kong remained under pandemic restrictions, while the Disneyland Hotel was the only one of the three to remain open throughout the three years of Covid-19.
Increased demand spurred Disneyland to return to opening seven days a week earlier this month, up from six.

Moriarty said the theme park had fully repaid a revolving loan facility that its US parent company had provided.
“The recovery was fast and huge enough that we paid it back in December last year.”
Lawmaker Michael Tien Puk-sun said the park’s strong performance in recent months was “the best news” he had heard in a while, despite the operator reporting an overall loss for the previous financial year.
The first half of that year, which began in October of 2022, was while the city still had pandemic restrictions, he added.
“If Disneyland had been able to fully perform for the entire year, I am certain its revenue could have reached up to HK$8 billion, which would have been a record high,” the legislator said.
Tien said he believed records set in the second half of that year would be used as a benchmark for “many years to come”, adding he was almost certain the park would record a profit for the next fiscal year, based on the current trend.
“So if they make money, they don’t need to come to the Legislative Council again for more funds,” he said.
“They can rely on their revenue for their own internal growth … this is what I want to see most.”
Disneyland has only recorded profits over three years since opening in 2005. It is 52 per cent owned by the Hong Kong government, with the rest held by US-based Walt Disney Company through a joint venture called Hong Kong International Theme Parks.


Beijing slams ‘slander’ in US’ Hong Kong travel advisory over national security law

Hong Kong rolls out Muslim-friendly accreditation system for hotels, tourist attractions

Hong Kong marks historic launch of 3-runway system, John Lee urges airlines to boost flights

Hong Kong’s John Lee says multi-entry visas for Shenzhen residents may be revived soon in boon to tourism industry

Hong Kong economy

Hong Kong Disneyland posts 83% reduction in losses as post-pandemic recovery continues

Visitors at the entrance of Hong Kong’s Disneyland theme park. Photo: Jonathan Wong

Visitors at Hong Kong’s Disneyland Resort. Photo: Jonathan Wong

The recovery of long-haul visitors to Disneyland and Hong Kong remains constrained by flight capacity, the park has said. Photo: Jonathan Wong

Hong Kong’s small but colourful businesses can lead tourism recovery

Illustration: Craig Stephens

Macau to open 80,000-seat outdoor venue as Hong Kong embraces mega events

Tourists visit the Ruins of St Paul’s in Macau. “Hong Kong has always been a ‘big brother’ to Macau,” the city’s leader told members of the media on Monday. Photo: Getty Images

Macau Chief Executive Ho Iat Seng answers questions from media delegations at his office. Photo: Eugene Lee

Tourists at the Grand Canal shop inside the Venetian Macao hotel. Photo: Reuters 

Hong Kong’s leader says bold tourism ideas welcome but must be practical

Chief Executive John Lee attends a question and answer session at the legislature. Photo: Sam Tsang

Members of ethnic minorities perform a cultural show entitled Impression Lijiang. Photo: EPA-EFE 

News

Hong Kong

Despite recording ninth straight year of losses, theme park’s revenue soared 156 per cent to HK$5.7 billion last year as visitors return


Despite recording ninth straight year of losses, theme park’s revenue soared 156 per cent to HK$5.7 billion last year as visitors return.
