files/pictures/picture-35.jpgAfter 10 years of negotiation with the Chinese government, Walt Disney Co. will break ground this week on its Shanghai theme park, according to The Hollywood Reporter
. The new park and two hotels will cost $3.7 billion. Shanghai Disney will be spread across 1.5 squares miles with 1.1 square miles left over for later expansion. Compared to Disney World, Shanghai Disney will be 1/26th the size. The second park in China will open in 2016.
Analysts expect the park to eventually draw at least 15 million guests per year. This could be the park making $200 million in revenue by 2026. In its first year, 7.3 million guests are expected.
Shanghai Shendi Group owns 57% of the park and Disney 43%, which is the same deal set out for Hong Kong Disneyland.