Hong Kong Disneyland has reported that it trimmed its losses to HK$2.4 billion ($308 million in U.S. dollars).

Hong Kong Disneyland admissions climbed by 64% to 2.8 million during the last fiscal year, which ran from October 2020 to September 2021. Gross revenues increased by 19% to HK$1.7 million ($218 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) improved by 34% to a loss of HK$970 million ($124 million). The net losses including debt servicing improved by 12% to HK$2.4 billion.

Hong Kong Disneyland was closed for more than half of the previous fiscal year from October 2019 through September 2020. The resort had a total of 1.8 million visitors, with a revenue of $185 million and net losses of $341 million. Most visitors were local due to Hong Kong’s strict border rules amidst the pandemic.

“The resort’s local attendance grew by 117% year-on-year, while the Magic Access (annual pass) membership base expanded by 55% year-on-year, both at record highs. Local young adult attendance also hit a record high, and the number of student Magic Access membership jumped 132% from FY20,” Hong Kong Disneyland stated.

“I’m extremely optimistic about this financial year once we are able to open up,” Michael Moriarty, managing director of Hong Kong Disneyland, said.

Hong Kong Disneyland is currently closed through at least April 20.

The Hong Kong Tourism Board predicts that visitors to the city this year could reach 9.8 million, significantly higher than the 92,000 visitors in all of 2021.

Source: Variety

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