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  1. #1

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    Post Mickey must keep up the magic

    Mickey must keep up the magic - The Standard

    Monday, December 30, 2013

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    Hong Kong's two theme parks did well during Christmas. A friend of mine decided to spend the holidays here but could not get a room at the Disneyland hotels. He later found that due to great demand, one would have to call at least a few months ahead.


    When the park opened in 2005, its performance was disappointing, but after management localization and shareholding restructuring, things have turned around.


    Business has been further boosted since the mainland introduced the individual visit scheme in 2003.


    The concern now is not patronage levels, but whether the park is expanding fast enough to meet the rising number of visitors.


    Demand is expected to shoot up further when the Hong Kong-Zhuhai-Macau Bridge begins operation in two years or so.


    To prepare for the opening of the bridge, Zhuhai is earnestly pushing forward its Hengqin development, which will include a large theme park. That facility will become a new tourist attraction, but it is not expected to have a direct impact on Hong Kong Disneyland due to the latter's brand advantage.


    Meanwhile, the Shanghai Disney Resort, which is to open in 2015, will serve the market in the north, as opposed to Hong Kong Disneyland that serves clientele from South China and Southeast Asia.


    Both resorts are managed by the Asia section of the Walt Disney Company, but as the Shanghai park will be larger and charge admission in yuan, its turnover may easily overtake the one in Hong Kong.


    If Hong Kong Disneyland does not want to lag too much, it must start investing in expansion as soon as possible.


    But as the government is a shareholder, any additional fund injection will have to get the approval of the Legislative Council, which is a protracted process.


    Someone observed that since the theme park is good business, and with new competition looming near, significant expansion would already be well under way had the same situation happened in Singapore.


    But in Hong Kong today, we can expect the usual dilly-dallying.

    Siu Sai-wo is publisher of Sing Tao Daily.
    Jul 1992: Disneyland Paris
    Apr 2006: Hong Kong Disneyland
    Jul 2010: Disneyland and Disney's California Adventure
    Mar 2011: Hong Kong Disneyland
    Jul 2013: Tokyo Disneyland and Tokyo DisneySea
    Sep 2013: Hong Kong Disneyland
    Jul 2014: Disney California Adventure

  2. #2

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    Re: Mickey must keep up the magic

    HKDL has had a long string of new rides. I wonder if Iron Man will come in quick enough to keep attendance moving up and the third hotel to capture more revenue This could prompt the construction of the gate across the way to be built soon.
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  3. #3

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    Re: Mickey must keep up the magic

    Yeah, as much as I wouldn't want a second gate (yet), it could easily be announced to steal some thunder from SHDL.

    It's especially frustrating for me that HKDL must not only undergo internal company processes and politics, but through the bureaucracy of gov't as well.

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    Re: Mickey must keep up the magic

    Quote Originally Posted by SirEdge View Post
    It's especially frustrating for me that HKDL must not only undergo internal company processes and politics, but through the bureaucracy of gov't as well.
    I may be wrong but I believe land is not private in Hong Kong. So it's a heck of a process to build what you want on their land.
    Be Cool Stay in School!
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    Re: Mickey must keep up the magic

    The HK govt co-owns HKDL so they have to approve what gets built. I don't know the process myself but the HK guys here on the boards might be more familiar.

  6. #6

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    Re: Mickey must keep up the magic

    Quote Originally Posted by swampymarsh View Post
    I may be wrong but I believe land is not private in Hong Kong. So it's a heck of a process to build what you want on their land.
    The land that HKDL sits on is owned by the HK govt and it is leased to Hong Kong International Theme Parks Ltd (HKITP), the joint venture company co-owned by HK govt and WDC.

    For the first gate, the lease is already signed and sealed. So it is just a matter of finding the money to build attractions on them.

    For the second gate, WDC has the priority, with associated cheaper land premium, to develop it, but this priority expires sometime in 2018 or 2020, I don't remember clearly. If it is not taken up, then it has to pay market price for the land. The govt can also lease/sell the land to a third party. (But very, very unlikely.)

    As I said before, the solution would be for HKITP to float on the stock market, probably in 2015, to raise new funds for the second gate. Both WDC and HK govt will see their shareholding diminish by doing so, but at least neither have to re-invest.

    HK govt takes pride in the HKSE and believes in the free market. WDC is of course familiar with the workings of the stock market, itself a company on the NYSE. (NYSE : DIS) With HKDL doing well financially, there will be no lack of interested investors. I will buy some shares myself if offered.

    Floating the company on the stock exchange was also how Oriental Land Company raised money for Tokyo DisneySea.
    Last edited by Asa; 01-01-2014 at 07:20 PM.
    Jul 1992: Disneyland Paris
    Apr 2006: Hong Kong Disneyland
    Jul 2010: Disneyland and Disney's California Adventure
    Mar 2011: Hong Kong Disneyland
    Jul 2013: Tokyo Disneyland and Tokyo DisneySea
    Sep 2013: Hong Kong Disneyland
    Jul 2014: Disney California Adventure

  7. #7

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    Re: Mickey must keep up the magic

    Etymon scoops Hong Kong Disneyland account - PRWeek US

    HKDL signed with a new PR agency for the next two years. Hopefully we will see better and more creative advertising campaigns then before.
    Jul 1992: Disneyland Paris
    Apr 2006: Hong Kong Disneyland
    Jul 2010: Disneyland and Disney's California Adventure
    Mar 2011: Hong Kong Disneyland
    Jul 2013: Tokyo Disneyland and Tokyo DisneySea
    Sep 2013: Hong Kong Disneyland
    Jul 2014: Disney California Adventure

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