Hong Kong Disneyland Resort reports highs and lows in 2021 as it looks to the future
Hong Kong Disneyland Resort has released its annual financial report. There are ups and downs as the station continues to battle the impacts of COVID-19. The station has seen substantial growth in 2021 with local attendance up 117% from the previous year. Its annual pass program, called Magic Access, has also seen 55% year-over-year growth. Local young adult attendance has also seen substantial growth, with Magic Access student membership increasing by 132% from FY2020 to FY2021. The upshot of all of this is that Hong Kong Disneyland has seen an increase in attendance overall by 64% to 2.8 million during the year.
The importance of local growth has been critical for Hong Kong Disneyland Resort as the pandemic has continued to stifle travel. The report notes that inbound tourism has been fundamentally halted and has had a serious impact on Hong Kong’s tourism industry.
The pandemic has also impacted the station’s ability to operate. The report notes that Hong Kong Disneyland was closed for 40% of calendar days in fiscal 2021. Hotels in the resort were also expected to operate at a modified level to remain in compliance with local health guidelines.
Hong Kong Disneyland Resort revenue grew 19% to HK$1.7 billion. In US dollars, that’s about $217 million. The resort is also continuing its cost reduction efforts and was able to do so by 8%. The previous year, it had been able to reduce costs by 41% year over year. This led to Hong Kong Disneyland Resort’s profit for the year before interest, tax, depreciation and amortization by 34% to negative HK$970 million. This represents approximately 123 million US dollars. This is still under review. Overall, Hong Kong Disneyland Resort recorded a net loss of HK$2.4 billion or US$307 million. This actually indicates a 12% improvement over the prior year. If available capacity is taken into account, hotel rooms at the Hong Kong Disneyland Resort were at 77% occupancy in fiscal 2021 compared to 34% the previous year.
Looking ahead, Hong Kong Disneyland is optimistic about where things are headed. “HKDL made deliberate efforts to preserve jobs in FY21, and thanks to the dedication and resilience of our cast members, we continued to deliver outstanding customer satisfaction and positive results with customers. premises,” said Michael Moriarty, general manager of Hong Kong Disneyland Resort. “We are cautiously optimistic about our prospects ahead of the future gradual recovery of inbound tourism. Our new Castle of Magical Dreams, which has yet to be experienced by guests from outside Hong Kong, as well as our daytime show” Follow Your Dreams” and our upcoming nighttime spectacular “Momentous”, will be key drivers for local and inbound visits in the years to come.
The new night show, Important, will launch later this year with the Castel of Magical Dreams as the backdrop. Hong Kong Disneyland is also promising other new offerings throughout the year to attract more visitors to the park.
Hong Kong Disneyland also continues to work on health and safety initiatives to make it a safe place to work and visit. It said it was continuing to implement capacity limits, health checks, temperature checks, mask-wearing requirements, social distancing, and increased cleaning and disinfection. By the end of fiscal year 2021, 94% of full-time cast members had received two doses of a Covid-19 vaccine. The resort also reported that 94% of guests rated their overall experience as #excellent”, “very good” or “good”, and 97% of respondents felt they visited the park without worries.
Hong Kong Disneyland Resort has also continued to advocate for inclusion and equal opportunity for all over the past year. This included presenting the True Colors Symphony, Hong Kong’s largest inclusive orchestra. There was a special recreation of A whole new world with 20 musicians of various backgrounds, ages and abilities. In April 2021, Disney VoluntEARS produced a video with the Hong Kong Disabled Youth Federation and Disney characters to promote healthy living. Throughout the past year, Hong Kong Disneyland has also worked with local children’s hospitals, Make-A-Wish, food programs, and more.
During this recent pandemic wave, Hong Kong Disneyland has launched more initiatives under three main pillars:
- Activation of essential facilities
- Free online storytelling for the community
- Food and essential materials for ethnic minorities and underrepresented families
Hong Kong Disneyland Resort is also working to thank medical staff and other frontline workers.
Over the past 16 years, Hong Kong Disneyland Resort shared that it contributed HK$115.3 billion (US$14.7 billion) to Hong Kong’s economy. This represents about 0.29% of its GDP. It also created a total of 274,200 jobs. On average, Hong Kong Disneyland employs 5,000 full-time cast members and 1,200 part-time cast members in fiscal year 2021. This makes the resort one of Hong Kong’s largest employers for the tourism and entertainment industry. family entertainment. Its Disney VoluntEARS have also served 111,000 volunteer hours over the past 16 years.