Hong Kong stocks at 18-1/2-month high on GDP, mainland inflows
- Author: Zachary Reyes Feb 22, 2017,
Feb 22, 2017, 15:22
The park, which is jointly owned by the Hong Kong government and Disney, generated revenues of $619 million (HK$4.8 billion, ) down from $659 million (HK$5.11 billion) in 2015, and earnings before interest, taxes, depreciation and amortization of HK$715 million.
The park last year posted its eighth annual loss in its 11 years of existence, with attendance in 2016 dropping more than 10% to 6.1 million visitors, down from of 6.8 million a year earlier.
"Disney would however take comfort from (growth in global visitor numbers), with locals now accounting for 39 per cent (of visitors)". Hong Kong Disneyland has been suffering from declining attendance and weak financial results in recent years as China's economic slowdown hurt Hong Kong's tourism market.
And the benchmark Shanghai Composite Index climbed 0.24 per cent, or 7.89 points, to close at 3,261.22 while the Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.46 per cent, or 9.20 points, to end at 1,990.34.
The benchmark Hang Seng index ended 1.0 percent up at 24,201.96, the highest since August 11 2015, while the Hong Kong China Enterprises Index gained 1.2 percent, to 10,537.58.
"HKDL continued to drive visitation with exciting new offerings and seasonal events during the year amid a soft tourism and leisure market", said Samuel Lau, executive vice president and managing director of HKDL. The new Iron Man Experience launched earlier this year and the park's third hotel, Disney Explorer's Lodge, will open its doors in April.
New attractions are set to open from 2018 to 2023, including "Frozen" and Marvel Comics-themed areas, a larger, remodeled castle and a new entertainment venue.