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.