HONG KONG (AP) — Turning a page on years of losses, Hong
Kong Disneyland said Monday it was profitable for a second straight year
and plans to build a third hotel to help cater to rising numbers of
visitors.
The theme park in the southern Chinese city more than
doubled its profit to 242 million Hong Kong dollars ($31 million) in the
year to September. Revenue climbed 15 percent to HK$4.9 billion as
visitors rose 10 percent to a high of 7.4 million.
The park had
struggled after opening in 2005, with its poor performance blamed on its
small size. But it became profitable in 2012 thanks to new attractions
that drew more visitors, especially from mainland China.
Officials
announced plans to build a 750-room resort-hotel that will cost HK$4.3
billion and is expected to open by early 2017. The new hotel will raise
total room capacity by three-quarters to 1,750.
"Expansion plans
are in place to sustain the momentum of growth and capture increasing
demand especially in the light of growing tourism in the region," said
Andrew Kam, the park’s managing director.
The Hong Kong government
owns 52 percent of the park, with the Walt Disney Co. owning the rest.
It’s still the smallest of Disney’s parks worldwide but an expansion
project completed last year added 25 percent to its size.
The park
is also building a new attraction based on the "Iron Man" movie
franchise, which is wildly popular in mainland China. It’s scheduled to
open in late 2016.
The new projects will help Hong Kong Disneyland
stay competitive with a Disney park under construction in Shanghai
that’s expected to open in 2015.
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