Hong Kong Disneyland to Get $1.4 Billion Expansion
The ten-year old Hong Kong Disneyland theme park is to get a $1.4 billion expansion. New attractions will include new Frozen and Marvel Super Heroes areas.
The plans call for the expansion to be funded through cash equity injections from Hong Kong Disneyland’s shareholders – subsidiaries of The Walt Disney Company and the Hong Kong Government – based on current ownership stakes, which are 47% and 53%, respectively. That means Disney will put up $650 million and the HK government $750 million. The government finance is subject to approval by the Legislative Council.
The expansion moves follow shortly after the opening in June of the Shanghai Disney Resort and a recent announcement to accelerate expansion there.
The expansion of HKDL is part of the Hong Kong park’s Phase I development. The expansion and development plan will run from 2018 until 2023, during which new attractions for visitors will be launched progressively almost every year. Disney estimates that the construction works of the expansion plan could create about 3 500 jobs, and another 600 full-time equivalent jobs could be provided in the park after completion of the expansion.
Both sides also agree to continue to keep and explore the Phase 2 development of HKDL as its long-term development plan.
HKDL received over 58 million visitors during the first 10 years since its opening in 2005, bringing substantial economic benefits to Hong Kong. During this period, its guests have made additional spending of up to $17.5 billion (HK$136 billion) in Hong Kong, according to a government statement.
Other upgrades in the new expansion plan include a transformed Castle and Hub area to showcase new daytime and nighttime spectaculars and entertainment experiences, and a new entertainment venue, Moana’s Village Festival in Adventureland, which will feature a lively stage show.
“We consider that it is the right opportunity to take forward a large-scale and progressive expansion and development plan at HKDL. This would attract more high-spending and overnight visitors from more diversified market sources, hence benefitting the tourism-related industries in Hong Kong,” said Greg So, the Secretary for Commerce and Economic Development.
“This proposed expansion brings the best of The Walt Disney Company to this wonderful tourist destination, giving guests an experience only Disney can deliver and infusing some of Disney’s most beloved characters and stories into this unique destination,” said Bob Chapek, chairman of Walt Disney Parks and Resorts.
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