Disney Resort Loses Over $300 Million During COVID Shutdown

in Hong Kong Disneyland

Mickey and Minnie at Town Square in Hong Kong Disneyland

Credit: Disney

Hong Kong Disneyland has been closed for quite a while and as of a few days ago, Shanghai Disneyland shut down to the ongoing COVID-19 pandemic, meaning that both Disney Parks in China are closed down. However, according to Varietyearlier Monday, the government indicated that the current travel restrictions and various other requirements may be reduced starting in early April, with social distancing practices may then be reduced in phases starting April 21.

mickey and minnie riding dumbo at hong kong disneyland
Credit: Disney

Related: Fans Slam New Disney Attraction, Call It A “Mess, Pure Vomit”

The Hong Kong Tourism Board also forecast that visitor numbers this calendar year could reach 9.8 million. That compared with the fewer than 92,000 who arrived in all of 2021. This does not negate the loss that Hong Kong Disneyland posted during its closure. Hong Kong Disneyland Resort lost $308 million while being shut down for roughly 40% of the year. However, despite this large number, the future looks bright for the Resort.

hong kong disneyland
Credit: Disney

Related: Disney Park Left A Ghost Town Days Before Indefinite Closure

The resort’s MD, Michael Moriarty said: “I’m extremely optimistic about this financial year once we are able to open up.”

As reported by Variety, Hong Kong Disneyland is 53% owned by the Hong Kong Government, with The Walt Disney Company holding the remaining 47% stake. Disney has provided the company with a HK$2.1 billion ($270 million) revolving loan. Moriarty said that he does not expect to seek additional funding.

shanghai disneyland
Credit: Disney

As we covered a few days ago, Shanghai Disneyland closed down completely due to COVID-19. We are unsure what this could mean for other Disney Parks and Resorts but as of now, we want to note that despite Hong Kong Disneyland and Shanghai Disneyland closing to the public, the other Disney Parks around the world, including Tokyo Disney Resort – which is made up of Tokyo Disneyland and Tokyo DisneySea — Disneyland Paris Resort, and Disneyland Resort and Walt Disney World Resort.

Have you ever been to Hong Kong Disneyland? Let us know in the comments below.

Let the expert team at Academy Travel help you plan your next magical vacation to Disneyland Resort, including Disneyland Park, Disney California Adventure, and the Downtown Disney District. Or what about Walt Disney World Resort’s four theme parks — Magic Kingdom, EPCOT, Disney’s Animal Kingdom, and Disney’s Hollywood Studios — and the Disney Springs shopping and dining district!

Comments Off on Disney Resort Loses Over $300 Million During COVID Shutdown