The Walt Disney Company reported more than $7 billion in theme park revenue for the fourth quarter of 2021, but one Disney Park isn’t making money at all.
Hong Kong Disneyland Resort reported a loss of HK $2.4 billion, or almost $307 million USD, for its last financial year, bringing the Disney Park‘s number of years in a row with no profit to seven.
Per the South China Morning Post, “the results for the financial year ending on September 30, 2021, revealed by the company on Monday, were 12% lower than the HK $2.66 billion shortfall recorded for the preceding 12 months.”
On January 6 of this year, Hong Kong Disneyland Resort closed for the fourth time since the coronavirus pandemic began in early 2020. Since that time, the Disney Park has extended its closure several times as park management continually reevaluates the risks associated with the COVID-19 virus. Unlike Walt Disney World in Florida and Disneyland Resort in California, Hong Kong Disneyland Resort has failed to remain open to Guests since its initial reopening.
According to reports from Hong Kong Disneyland Resort management, the park, which is located in Penny’s Bay on Lantau Island in Hong Kong, was not in operation for approximately 40% of the calendar days over the last financial year because of the government requirements regarding COVID-19 procedures and protocol.
Though the park saw a significant loss in revenue because of a low number of operating days, its total attendance did see a rebound of 64% to 2.8 million Guests year on year, according to the South China Morning Post. The majority of those visitors were Hong Kong residents.
Revenue loss at Hong Kong Disneyland was not only due to the low number of park operating days during which Guests could visit the park, but also because the country saw a “near-absence” of tourism, which usually accounts for at least a part of the Disney Park‘s revenue.
Hong Kong Disneyland remains closed and is poised to keep its gates locked until at least April 20. However, that date could be extended if it is determined that the risk of spreading COVID-19 is too great with the park open.
