Disney makes offer to Hong Kong park
Disney is offering to fund expansion at the loss-making Hong Kong Disneyland theme park.
But plans to develop the site have yet to be approved by Hong Kong’s government, which is the park’s majority owner, and it may demand changes in the shareholding structure.
The Mouse House’s commitment was made clear Monday in a submission to Legco, the territory’s equivalent of a parliament, by HKDL managing director Andrew Kam Min-ho.
“Hong Kong Disneyland Resort is the first priority of The Walt Disney Company’s investment in Asia. Despite the economic uncertainty, we are confident of the growth potential of the resort,” Kam said.
The funding offer is separate to the HK$3.26 billion ($420 million) that Disney loaned the park to repay commercial loans to 26 banks that were due in September.
The park has had 15 million visitors since opening in September 2005.