Hong Kong Disneyland posts record net loss due to pandemic
Written by tokyoclub on May 17, 2021
Visitors take photos of the Castle of Magical Dreams in Walt Disney Co.’s Disneyland Resort on June 18, 2020 in Hong Kong. (Getty/Kyodo)
Hong Kong Disneyland Resort on Monday posted a record HK2.7 billion (US$347 million) net loss for its fiscal year ending September 2020, its worst since it opened in 2005, amid a series of closures due to the coronavirus pandemic.
Having been closed for about five months from late January last year and about two months from mid-July due to the pandemic, or nearly 60 percent of the fiscal year, revenue was down 76 percent to HK$1.4 billion.
Visitor numbers decreased by 73 percent to 1.7 million, while hotel guests were also down sharply with average hotel occupancy at only 15 percent, a 59 percentage point drop.
According to Hong Kong media, it was the sixth straight year without a profit, though management expressed optimism about the resort’s future.