HK Disneyland upbeat about park's prospects
The head of Hong Kong Disneyland Resort on Tuesday said he is confident about the park's performance, citing an increase in visitors and upcoming attractions featuring Marvel comic characters. The theme park earlier announced record-breaking earnings in the first quarter of 2024, while net loss shrank 83 percent to HK$356 million in the fiscal year ending September 2023. At a Legislative Council meeting, managing director Michael Moriarty told lawmakers that the park aims to roll out new events throughout the year to lure visitors to come back. "I think this summer's Pixar celebration is a fine example of that, leveraging the popular intellectual property coming out of Inside Out," he said. "We're very much excited about the Marvel expansion, what we're doing for the 20th anniversary [of Hong Kong Disneyland], and a new attraction in between that we're in discussions with the shareholders ... I think all of those, put together, really provide a significant draw to Hong Kong."  Lawmaker Doreen Kong asked if there is room to further expand the park on Lantau Island, saying it is dwarfed by other Disney resorts in the region, such as the one in Tokyo. Culture and tourism minister Kevin Yeung admitted there are vacant sites at Penny's Bay, and pledged to make a decision with Hong Kong's interests in mind. "We have land available, but we need to work out the details with Hong Kong Disneyland to optimise its use," he replied. Despite the upbeat figures, Roundtable lawmaker Michael Tien told reporters that he had reservations about the resort's financial outlook. "I was worrying about the capital - whether they need to come to Legco and ask for money again, because the government is paying up money for everything. The bridges, tunnel... hopefully no further (government) investment in Disney," he said.   Hong Kong Disneyland has not turned in a profit since 2014, even as revenue surged 156 percent to HK$5.7 billion in the last fiscal year.