Hong Kong Disneyland firms up finances to boost expansion

[HongKongDisneyland]

HONG KONG (AFP) — Hong Kong Disneyland has switched its hefty commercial loans to its US parent company, a spokesman said Wednesday, bringing the theme park a step closer to much-needed expansion.


The park, which recently celebrated its third anniversary in the southern Chinese city, has switched 3.3 billion Hong Kong dollars (423 million US) of loans and credit with banks to the Walt Disney Company, the spokesman said.
"Both the government and the Walt Disney Company are very happy we have come to this agreement," the spokesman told AFP.


"We can now focus on the further development of the park and more expansion."

Source : AFP for more details of the news

HK Disney clears commercial loans


HONG KONG — Hong Kong Disneyland said Wednesday it has cleared its commercial loans of about HK$3.3 billion ($425 million) - thanks to the help from The Walt Disney Co., which provided a cheap financial arrangement.


The loan payment, which was due Tuesday, removed a significant obstacle in the theme park's expansion as it wiped out worries that Hong Kong Disneyland would have to refinance in an increasingly tight credit market and accept less favorable terms.


The repayment of a HK$2.32 billion ($299 million) loan and HK$1 billion ($129 million) revolving credit facility came after the Hong Kong government, which owns a 57 per cent take in the park, agreed to accept a cheaper financial arrangement from Disney, said a Hong Kong Disneyland spokesman, who declined to be identified citing company policy.


"Hong Kong Disneyland can now focus on its expansion plan," he said in a phone interview Wednesday.

Source : The Canadian Press

[keithlee83]

Very good news for all HKDL lovers!

[Witches of Morva]

ORGOCH: 'Course we's all heard stuff like this befer, only ta be slam dunked by a lot a gum flappin' 'bout addin' rides, only ta find out there weren't no teeth ta the bite!!

[josh_kslow]

HURRAY!!! It is good news for all HKDL lovers. HKDL can go ahead now with the expansion plan. There is future for HKDL now.

[Baloo]

yes a major obstacle has been lifted.

[UncleMac]

I guess now we just wait for them to say what the plans are.

[Ride Warrior]

Originally Posted by Witches of Morva

ORGOCH: 'Course we's all heard stuff like this befer, only ta be slam dunked by a lot a gum flappin' 'bout addin' rides, only ta find out there weren't no teeth ta the bite!!

Glad that the Walt Disney company has paid off much of the debt that has been straddling Hong Kong Disneyland. I'll just be happy if HKD steps up efforts to build Pirates Mountain. If they'll do that, I'll become more of a believer.

[Baloo]

now that things are moving along for that park it would be a good time to book a around the world trip to all Disney parks.

2011-2012 will see major expansions in all the resorts

with Anaheim Disneyland resort opening new attractions and updates in DCA and Disneyland. Walt Disney World possibly opening a couple new attractions as well in DHS and Magic Kingdom, Disneyland Paris resort seeing more attractions in its second gate and possibly one in its first gate, Tokyo Disneyland seeing a major expansion/ renovation in Tokyo Disneyland park and last but not least Hong Kong Disneyland getting a unique expansion to an already beautiful park.

[TDLFAN]

Originally Posted by Baloo

now that things are moving along for that park it would be a good time to book a around the world trip to all Disney parks.

2011-2012 will see major expansions in all the resorts

with Anaheim Disneyland resort opening new attractions and updates in DCA and Disneyland. Walt Disney World possibly opening a couple new attractions as well in DHS and Magic Kingdom, Disneyland Paris resort seeing more attractions in its second gate and possibly one in its first gate, Tokyo Disneyland seeing a major expansion/ renovation in Tokyo Disneyland park and last but not least Hong Kong Disneyland getting a unique expansion to an already beautiful park.

How typical of WDW's management to only offer a possible "couple new attractions", when the other resorts are clearly preparing to offer much more to their respective guests. Why do people bother going to an inferior resort such as WDW? And please... do not use the "bigger is better" excuse as it won't fly with me.

[2DieFR]

Hong Kong Disneyland definitely needs the funding for expansion, good for them. It will be great to see what materializes.

[WDW1974]

I wouldn't yet again jump to conclusions about much here. The reason Disney is taking back $425 million in debt is because it had to. It has had no traction in negotiating with the HK SAR government any more than it has had with Beijing about the Shanghai project (which already has been in final design phase for quite a while yet there's still no announcement because there's nothing close to an agreement).

Now, I do believe this will allow Disney to go ahead with some expansion and I would expect an announcement on Mansion (which also has been designed fully) by early next year at the latest.

But Disney has a loooooooooooooong way to go in its dealings with the Chinese in all facets of its business units.

[TDLFAN]

Originally Posted by WDW1974

Now, I do believe this will allow Disney to go ahead with some expansion and I would expect an announcement on Mansion (which also has been designed fully) by early next year at the latest.

Well.. if I am not mistaken (and for what I saw from the plane on take off from nearby HK Int'l Airport..) the base for the Haunted Mansion has already been built in the spot where the current Demon Jungle attraction sits...

[tasman]

Originally Posted by TDLFAN

And please... do not use the "bigger is better" excuse as it won't fly with me.

Being bigger may not always be better...but WDW does already have more total attractions and more total guests than the other resorts...and as such it has less incentive to build as much as the other resorts, which are trying to achieve what WDW already has in those regards. Besides which, other than DCA, which resort or park is going to build more than WDW in the next three years? Is there going to be more than two significant attractions (not including spinner rides or sideshows) in Tokyo or Hong Kong or Paris in the next three years?

[Malin]

I am very interested to see whats going to be annouced first, but all rumours still point to it being the Haunted Mansion. What ever the expansion plans are the park needs something big ready to open in 2010, as thats when Ocean Park will be opening up its new areas of the park, which look very impressive.

[Hathaway Browne]

Originally Posted by WDW1974

I wouldn't yet again jump to conclusions about much here. The reason Disney is taking back $425 million in debt is because it had to.

Guess they didn't want another Paris on their hands? But I can understand the "had to" reason behind the deal.

Shame the deal is not an instant influx of cash like the restructuring of debt Paris got 3 or so years ago, but hey, its a step in the right direction for HK.

Originally Posted by TDLFAN

Well.. if I am not mistaken (and for what I saw from the plane on take off from nearby HK Int'l Airport..) the base for the Haunted Mansion has already been built in the spot where the current Demon Jungle attraction sits...

Y'know, I wouldn't be surprised to learn that they did that. Its not going to cost too much to lay the base and have it occupied for however long is necessary.
Let's just hope the Demon Jungle is on its way to Yester-Hong-Kong-Disneyland sooner rather than later.