In light of the $1.4 Billion expansion project at Hong Kong Disneyland the Walt Disney Company has offered to expand its share in the cost of this expansion from the Hong Kong government. Currently the Hong Kong government owns 53% of the park and Disney 47%, however Disney has offered to split the $1.4 Billion cost and in return increase its ownership to 48%. This would reduce the cost on the government’s end by $45.2 million. Disney is also proposing to wave its management fees for 2 years.
Hong Kong from the start has not been the success either party had hoped for, and has been in bad financial trouble. The Hong Kong lawmakers have been upset about the park going deeper and deeper into the red, with loses of $22.1 million in the last fiscal year.
However both sides are hoping that with this new expansion things will start to look up for Hong Kong Disney. Included in the expansion will be:
- A complete overhaul to the Castle and Hub area
- New Frozen-themed Land with most likely 2 attractions at the start
- New Marvel-themed Land with 2 new attractions besides the newly opened Iron Man Experience
- Moana Village Festival
- Plus a 3rd Hong Kong Disneyland Resort the “Disney Explorers Lodge” which is opening up later this year.
This is just one example of Disney trying to get back more control of its international properties as it comes after hearing about Disney trying to get full control of Disneyland Paris also. It seems Disney wants to have more freedom with how it runs its parks that it doesn’t currently have.
The proposals are going to be discussed in a session on Saturday, stay tuned more more results.
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News Source: Variety
My name is Ziggy and I love Disney, everything Disney! I grew up on Disney and it has and continues to be a huge part of my life. I started young when my parents took me to Disney World when I was 18 months old. Little did they know that would be the first of an uncountable number of trips we would take. I have so many amazing memories going to Disney with my family and friends and it has been interwoven into my DNA.