Hong Kong Disneyland Reports Record-Breaking Q1 2024, Attendance Rebound in FY23

Shannen Ace

A speaker in a suit stands in front of a screen displaying text about HKDL's profit in calendar 2023, with an illustrated background of a magical village scene.

Hong Kong Disneyland Reports Record-Breaking Q1 2024, Attendance Rebound in FY23

Hong Kong Disneyland Resort achieved profitability and a major attendance rebound in fiscal year 2023 (FY23).

Hong Kong Disneyland Resort FY23

A speaker in a suit stands in front of a screen displaying text about HKDL's profit in calendar 2023, with an illustrated background of a magical village scene.

The resort shared their FY23 results on Tuesday. According to figures from the Hong Kong Tourism Board, the theme park’s attendance rebound outpaced Hong Kong’s total visitor recovery when compared to 2018 numbers. The resort also saw record-high local attendance.

“We have entered a new era. I am extremely proud of all we have accomplished at Hong Kong Disneyland Resort in the lead-up to our 20th anniversary, achieving profitability in calendar year 2023 and our rebound in visitors outpacing the overall Hong Kong tourism market,” said Michael Moriarty, managing director of Hong Kong Disneyland Resort.

Hong Kong Disneyland had significant financial growth compared to the prior fiscal year:

  • Revenue grew 156% to HK$5.7 billion
  • EBITDA improved by 207% to HK$924 million
  • Net loss improved by 83% to HK$356 million
  • Per capita spending grew 54%
  • Total attendance grew 87% to 6.4 million
  • Hotels’ utilisation rate for the year was 77% and overall occupancy increased by 23 percentage points to 47%
A group of people, including individuals in fantasy costumes and one in formal attire, stand in front of a backdrop featuring an animated village and mountain landscape.

Q1 of 2024 was the resort’s most successful quarter ever, bolstered by the opening of World of Frozen in late 2023. They welcomed their 100 millionth guest soon after the land opened. The resort achieved record-breaking revenue, EBITDA, and net income in the quarter.

In December 2023, Hong Kong Disneyland also fully repaid their revolving loan facility funded by a subsidiary of The Walt Disney Company and has not drawn on it since.

Moriarty said Hong Kong Disneyland has firmly established as a key driver and contributor to Hong Kong’s economy and community through its ongoing investment in bespoke attractions, experiences, storytelling, and corporate citizenship efforts.

“Through a series of record-breaking achievements, fueled by creativity and innovation, including our new signature offerings — the reimagined Castle of Magical Dreams, ‘Momentous’ Nighttime Spectacular and most recently, World of Frozen, we have become a drawcard for Hong Kong tourists,” Moriarty said.

“We’ve created a unique, world-class tourist destination in the Greater Bay Area for our guests in Hong Kong and the region, who have embraced Disney in their own favorable way.”

Hong Kong Disneyland Resort lists their key accomplishments:

  • Distinctly Disney experiences spur continued growth
  • Successful seasonal programs powered by popular Disney franchises
  • Reignite source markets
  • Experiential offerings and entertainment
  • Guest-centric premium products and offerings
  • Ramping up operational capacity

Some new and seasonal offerings they cite include Chinese New Year celebrations, castle daytime show “Follow Your Dreams,” “Duffy and Friends Play House,” “Marvel Season of Super Heroes,” “StellaLou’s Wonderful Wishes Ballet,” and “Disney Live in Concert!”

They say new merchandise, food and beverage offerings, and Disney Premier Access contribute to record per capita spending.

There were still COVID-19 travel restrictions in early 2023 and Hong Kong Disneyland notes that they adjusted their operations to be open six or seven days a week in June 2023. Disney Explorers Lodge resumed seven-day operations in April 2023 and Disney’s Hollywood Hotel reopened in July 2023.

Hong Kong Disneyland Resort notes their continued contributions to Hong Kong’s economy and community include creating jobs (cumulatively 290,700 jobs since opening), providing more than 100,000 complimentary theme park tickets to NGOs, donating over 16,000kg of surplus food, and contributing nearly 120,000 Disney VoluntEARS hours.

Hong Kong Disneyland’s corporate social responsibility commitments include:

  • Spearheading innovation: Inspiring creativity among future generations through the Disney Imaginations Hong Kong competition.”
  • Making dreams come true: Continued longstanding support of Make-A-Wish Hong Kong to grant life-changing wishes for children with critical illnesses.”
  • Championing sports development: Rolling out youth sports training initiatives and supporting those in need.”
  • Promoting inclusivity and arts accessibility: Integrating theatrical interpretation into popular shows, with performers incorporating sign language through body movements.”
  • Caring for the environment: Building the city’s single largest solar panel site and incorporating sustainable design and processes in the park.”

To close his presentation, Moriarty said, “As HKDL celebrates its 20th anniversary next year, stay tuned for thrilling updates and offerings to come!”

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