Credit: Hong Kong DisneylandDisney’s smallest theme park broke its visitor record in 2022 – but still continues to operate at a financial loss.
Opening its doors in 2005, Hong Kong Disneyland boasts many of the same beloved attractions as its Stateside counterparts. From “it’s a small world” and Hyperspace Mountain, to unique entries such as Ant-Man and The Wasp: Nano Battle!, the Park has received multiple updates over the years to establish it as a must-do for Disney fans everywhere.
However, financial success has long eluded this pint-sized park. It took seven years for Hong Kong Disneyland to turn its first profit in 2012, with the Resort dipping back into a loss in 2015. And, like other Disney Resorts worldwide, it was hit hard by the COVID-19 pandemic, which caused the Park to close and reopen multiple times over the course of two years.
But things are finally starting to look up for Hong Kong Disneyland Resort. On Monday, Hong Kong International Theme Parks (the joint venture between the Walt Disney Company and the Government of Hong Kong) unveiled its report for fiscal 2022, where it revealed positive signs of financial recovery.
Revenue jumped by 31% and losses were down by 12% to HK$2.1 billion ($268 million) compared to 2021. Hotel occupancy also rose, and Guest spending increased by 11% – despite the Park being closed for six months of the fiscal year.
Even more impressive is that the number of local visitors and Annual Passholder visitors surged by 22%. The attendance of local visitors during the Lunar New Year was also at a record high, despite more Hong Kong residents traveling abroad. And, as the city reopened to international tourists, the number of mainland visitors during the Labour Day holiday returned to levels not seen since 2019.
Despite Hong Kong Disneyland’s historic financial struggles, Michael Moriarty, the managing director of the Resort, confirmed that it has managed to avoid laying off any Cast Members in recent years. He also confirmed that it has no plans to increase ticket prices or request additional funds from its shareholders.
Considering what the next few months have in store for Hong Kong Disneyland, it’s safe to assume its path to recovery will continue throughout 2023. In November, it will debut World of Frozen – Disney’s first Frozen (2013) themed land – which will add 1,000 new Cast Members to the Park.
Additionally, Disney’s Hollywood Hotel is set to reopen in July following a three-year closure (and a partial makeover), while the Resort will increase its opening days to six, then seven, days a week from next month.