Disney to Invest $452 Million on Hong Kong Disneyland
Created 06/29/2009 - 23:00
Disney is set to spend roughly $452 million to upgrade the underperforming Hong Kong Disneyland, per VARIETY.
The money will buy 30 new attractions and three new theme areas, increasing the total area of the park by 23 percent over five years. The Hong Kong government (and Disney) wants to boost attendance before a planned larger Disneyland opens in Shanghai in 2014.
"If there is no expansion, the attraction of the theme park will fall over time," government economist Helen Chan said at a media briefing to announce details of the expansion Tuesday.
Hong Kong CEO Donald Tsang said he would not invest more capital in the joint venture but would convert part of its loan to the project in equity, leaving it with a 52 percent share.