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.
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.
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/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)