To celebrate a significant step in the expansion of Hong Kong Disneyland, a groundbreaking ceremony was held today at the Hong Kong Disneyland Resort. John Tsang, Financial Secretary of Hong Kong Special Administrative Region of the People’s Republic of China, and Jay Rasulo, Chairman of Walt Disney Parks and Resorts officiated the ceremony with representatives from the Government, The Walt Disney Company and the Hong Kong community in attendance.

The ceremony represents a major milestone in the Resort’s expansion plan. The expansion will bring the total number of attractions, entertainment and interactive experiences at the Park to more than 100, create 3,700 jobs during the construction phase and 600 new full-time jobs after expansion.

“Today marks the beginning of another exciting phase for Hong Kong Disneyland,” said Mr Rasulo. “The new themed areas will showcase the best in creativity, technology and story-telling. The planned attractions and rides will position our youngest Disney theme park for future growth and success.”
Mr. Tsang said that a larger park with more attractions will continue to draw the crowds and provide even more fun and excitement for visitors.

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HONG KONG (July 10, 2009) – The Hong Kong SAR Government and The Walt Disney Company (TWDC) today applaud the Legislative Council’s approval of the financial arrangement relating to the Hong Kong Disneyland (HKDL) expansion plan. Three new themed areas will be added to HKDL, bringing the total number of attractions, entertainment, and interactive experiences at the resort to over 100 by 2014 and further establishing Hong Kong as one of the world’s premier international family tourist destinations.

Financial Secretary, Mr. John C. Tsang commented that, “HKDL, as an important tourism infrastructure, has brought substantial economic benefits to Hong Kong. With the proposed expansion and realignment of the financial arrangements, we believe that HKDL would rise up to the keen competition in the region on the tourism front, attracting more family visitors from round the world. This will generate streams of benefits to our tourism and related sectors, further reinforcing the tourism industry’s contribution as a major pillar of Hong Kong’s economy.”

“We are pleased that the financial agreement relating to the HKDL expansion has been approved and we are eager to begin work on this exciting new chapter for Hong Kong Disneyland,” said Jay Rasulo, Chairman of Walt Disney Parks & Resorts. “This substantial investment represents our continued commitment to and confidence in Hong Kong Disneyland and solidifies our partnership with the Hong Kong government helping assure the resort’s long-term success.”

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Disney has just provided us with the following posters advertising the new Grizzly Trail, Mystic Point and Toy Story lands. Click on each thumbnail to view a larger version.

[View with PicLens]

 

HONG KONG (Reuters) – Hong Kong lawmakers approved a government plan on Friday to spend HK$3.63 billion ($468 million) expanding the city’s Disneyland theme park with Walt Disney, boosting the smallest of Disney’s five resorts.

With attendance falling short of targets, the government has been seeking ways to boost the number of visitors in the long term, given the threat from a rival Disney theme park planned for Shanghai.

Hong Kong will convert a significant amount of its HK$6.89 billion outstanding loan to the park into equity, while Walt Disney will invest HK$3.5 billion to help finance the construction cost and also convert its outstanding HK$2.76 billion loan to the theme park into equity.

After Disney’s new investment and Hong Kong’s debt-to-equity swap, Hong Kong’s stake in the park will fall to 52 percent from 57 percent.

(Reporting by Nerilyn Tenorio and Alison Leung; Editing by Dan Lalor)

HONG KONG (Reuters) – Hong Kong on Tuesday said the Walt Disney Co will invest $452 million to expand its Hong Kong theme park, seen as necessary to bolster the park’s long-term prospects against a planned rival park in Shanghai.

Hong Kong Chief Executive Donald Tsang said Hong Kong would not invest more capital in the joint venture but would convert a substantial part of its loan to the project into equity.

After Disney’s new investment and the government’s debt to equity swap, Hong Kong will see its stake in the underperforming park fall to 52 percent from 57 percent.

“If there is no expansion, the attraction of the theme park will fall over time, government economist Helen Chan said at a media briefing to announce details of the expansion.

The Hong Kong government desperately needs the expansion to boost flagging attendance, with a much larger rival Disneyland expected to be built in Shanghai in 2014 that could draw much visitor traffic from the burgeoning mainland China market.

“To help deleverage the joint venture the government will convert a substantial part of its loan to equity, retaining a balance of not less than HK$1 billion,” the government said in a statement.

The expansion, which will cost about HK$3.6 billion, will include 30 new attractions and three new theme areas, and will see the total area of Hong Kong Disneyland increase by 23 percent over five years.

The total net economic benefit of the expanded theme park over 40 years would range from HK$64.7 billion to HK$117.3 billion, the government said in a statement.

Hong Kong’s Financial Secretary John Tsang traveled to Los Angeles in May, where he met senior Disney executives. The trip is seen to have paved the way for the breakthrough after Disney earlier said it would stall any expansion amid the credit crunch.

Disney earlier indicated it would likely invest more capital in Hong Kong Disneyland and allow the Hong Kong government to convert its loans to equity to maintain its majority share of the theme park, a source involved in their talks told Reuters earlier.

(Reporting by James Pomfret / Editing by Chris Lewis)

HONG KONG/LOS ANGELES (Reuters) – The Walt Disney Co is close to agreeing to invest more capital in Hong Kong Disneyland and allow the island’s government to convert its loans to equity to maintain its majority share of the theme park, a source involved in the talks said.

If Disney and Hong Kong’s government, which now owns 57 percent of the underperforming and much-maligned resort, can close a deal, it could pave the way for an expansion that is estimated will cost HK$3 billion ($387 million) and boost flagging attendance.

(Reporting by James Pomfret and Gina Keating in Los Angeles; Editing by Nick Macfie)

HONG KONG (Reuters) – Hong Kong’s top financial official will meet Walt Disney Co. management in Los Angeles later this week to discuss the stalled expansion of the struggling Hong Kong theme park.

Disney and the Hong Kong government have been embroiled in protracted discussions over financing for a second phase of the world’s smallest Disneyland which could cost a reported HK$3 billion ($387 million).

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The TEA/ERA Attraction Attendance Report identifies the top commercial theme parks and waterparks around the world and reflects their performance in 2008. Global attendance data is broken down by geographic region, by chain and by type of venue. This vital report is issued annually and jointly produced by the TEA (Themed Entertainment Association) – the leading international trade alliance for the creators of compelling experiences and places – and ERA (Economics Research Associates) – a top international consulting firm providing economic analysis for the entertainment and leisure industry worldwide.

Burbank, Calif. USA — April 16, 2009 — The TEA/ERA Attraction Attendance Report for 2008 is now posted on the TEA and ERA websites. It reveals 2008 visitation totals for top theme parks and waterparks worldwide.

The report summary is included here (see below). To access the full report including attendance charts, visit:
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The Themed Entertainment Association (TEA) and Economics Research Associates’ report for attendance to the world’s theme parks in 2008 was released earlier today. On the whole, things look on par or slightly better for the Disney Parks over 2007.

In North America, Magic Kingdom (#1) remained steady at approximately 17,063,000 after its record breaking performance in 2007; Epcot (#3) also remained steady at 10,935,000; Disney’s Hollywood Studios (#4) saw the largest percentage increase of 1% for an attendance total of 9,608,000; and Disney’s Animal Kingdom (#5) set an attendance record of 9,540,000 (an increase of .5%)

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China View is reporting that the Hong Kong government will begin conducting a study to determine if additional funding from the government will be necessary and help relations with the Disney company in an effort to continue with the expansion plans for Hong Kong Disneyland. Article here.