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HK Disneyland suffers first loss in five years due to competition

Update Date:2016-2-16 11:46:24 Source:BeiJing Tannet Views:1494
Hong Kong Disneyland Resort has recorded its first annual loss since 2011.

Its latest financial report shows it fell HK$148 million ($19 million) into the red for the fiscal year ending October last year.

Revenue also fell 6.4 percent to HK$5.11 billion, the park's first year-on-year decline in income since 2009. It made a profit of HK$332 million in 2014.

Andrew Kam, its managing director, blamed the figures on increased costs and growing competition from other destinations.

"Tourists now have more choices," he said, "because many countries have relaxed their visa requirements.

"Currency rates in some countries have depreciated remarkably over the past two years and airlines are offering more international routes at competitive prices."

Hong Kong Disneyland's total attendances fell to 6.8 million in the year, a 9.3 percent fall, while the figures also revealed a dramatic 23 percent drop in numbers from the mainland, which now accounts for 41 percent of total visitors compared with a half during its peak.

Kam admitted it had been "a challenging year", but said the company had already adopted a new strategy to attract a more diverse mix of guests, particularly from Asian markets including India, Thailand, Singapore, and Indonesia.

Officials from Hong Kong Disneyland attended 16 major expos in the Asian markets over the past year to promote the site, he said.

There has also been a concerned social-media campaign, including one using Facebook in the Philippines, which has attracted about 400,000 followers.

In the mainland, Kam said its marketing focus will be cities and areas linked by high speed rail, after the opening of the Guangzhou-Shenzhen-Hong Kong express line in the future.

The article transsshipment from China Daily

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