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  1. #16

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    Re: HKDL gets preliminary green light for expansion

    Makes sense, thanks for clarifying.
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  2. #17

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    Re: HKDL gets preliminary green light for expansion

    Quote Originally Posted by wishyouwell View Post
    HKDL is a join venture of Disney and HK government. If only Disney invest more money and HKG not coming up with the same amount to match, HKG will lose their status as the larger shareholder. HKG does not want to lose the power to make final decisions, that's the reason why Disney can't just invest more in HKDL alone.
    Exactly and I think that's a major stumbling block in HKDL's development. Ma said he believes HK citizens do not want to lose the major shareholder status, but I am a HK citizen and all I care is that HKDL gets expanded and bring more tourists in. I am not even sure I want HKDL profits to go to the HK govt, since they haven't really given us much in tax breaks, etc, given the current good economic state that we are in.

    I would like to see HKDL floated on the HK Stock Exchange and HK citizens will decide whethere we would invest in it or not. We don't need the HK govt to invest our money for us, they are doing bad enough already, look at the Mandatory Provident Fund (MPF).

  3. #18

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    Re: HKDL gets preliminary green light for expansion

    Quote Originally Posted by Asa View Post
    We don't need the HK govt to invest our money for us, they are doing bad enough already, look at the Mandatory Provident Fund (MPF).

    If you are a MPF fund manager, you must be reaping money with allot of profits. Trying to get your MFP provider to clawback the extra charges from the employer would be great.

  4. #19

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    Re: HKDL gets preliminary green light for expansion

    http://pshweb02.881903.com/apps/news...1430592700.htm

    Translated: Disney will pay off the US$293 million debt borrowed to build HKDL in the next year, rather than over the next 15 years, to save on interest payments. It will also waive the copyright fees paid by HKDL to Disney for the next few years. It will also continue talks with HK govt for expansion of HKDL.

  5. #20

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    Re: HKDL gets preliminary green light for expansion

    There are some discrepancies between the news report by Hong Kong/Chinese Media and US Media on the Walt Disney Company's Financial Announcement.

    If you read the news article by Reuters, there is no mentioning of paying off the 15-year term loan of US$293 million.

    The following is an excerpt from the News Article by Reuters:

    The Walt Disney Co (DIS.N: Quote, Profile, Research) has reached an agreement with creditors of its Hong Kong Disneyland joint venture to remove the debt covenants on a $293 million commercial loan for a year while it tries to boost attendance at the resort, Chief Financial Officer Tom Staggs said on Thursday.

    Disney has said it will continue to invest in the park, which has missed its attendance goals for two years running, and Staggs said the company will forgo royalties for "a couple of years" as part of that investment.
    what it really means is to remove the debt covenants on a $293 million commercial loan for a year.

    A Debt covenant, is an agreement between a company and its creditors that the company should operate within certain limits. Debt covenant is agreed as a condition of borrowing. It may be changed if debt is restructured.

    From my understanding is that The Walt Disney Company is going to change its debt structure for Hong Kong Disneyland and the creditors have agreed to suspend the terms of the loan for ONE (1) year.

    I guess some Hong Kong/Chinese Newspapers misunderstood the term "debt covenant". The terms "Debt Covenants" and "Debts" are different. The phrase "to remove the debt covenant" does not mean to pay off the debt or loan.

    ---------------------------
    just found out another part of the news from Reuters (reported and edited in Hong Kong):

    FRUSTRATED HONG KONG
    Creditors of the struggling Hong Kong Disneyland joint venture agreed to suspend the debt covenants of a $293 million commercial loan for a year and give owners Disney and the government of Hong Kong access to funds that had been frozen, Chief Financial Officer Tom Staggs said.

    In exchange, the joint venture will repay the loan by Sept. 30, 2008, and Disney will forgo royalties from the park for "a couple of years," Staggs said on a conference call.
    Hong Kong Disneyland, which opened in 2005, missed its first-year attendance target of 5.6 million by nearly 10 percent and has not released second-year totals.
    Hong Kong's commerce secretary, Frederick Ma, told the Standard newspaper this week that the government was now reconsidering its approach and may inject new funds to expand the park. But commerce officials declined comment.


    "The agreement with the creditors is a good thing," said a spokesperson for the Hong Kong Tourism Board. "We hope the park and its management will be able to develop a more concrete plan to attract more visitors." (Additional reporting by Joseph Chaney in Hong Kong; Editing by Edwin Chan & Lincoln Feast)
    Source : Reuters/Guardian
    Last edited by HongKongDisneyland; 11-09-2007 at 06:35 AM.

  6. #21

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    Re: HKDL gets preliminary green light for expansion

    HKDL is kinda short on lands with only Tomorrowland, Fantasyland and Adventureland, any more new lands coming with this expansion? How about a Haunted Mansion?

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  7. #22

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    Re: HKDL gets preliminary green light for expansion

    It's not just short of lands. Look at the attractions in each land that HKDL currently have. If you compared the number of attractions in each land vs the attractions in each land of other parks you would notice HKDL winds up in the short end of the stick.

  8. #23

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    Re: HKDL gets preliminary green light for expansion

    Quote Originally Posted by Asa View Post
    I would like to see HKDL floated on the HK Stock Exchange and HK citizens will decide whethere we would invest in it or not. We don't need the HK govt to invest our money for us, they are doing bad enough already, look at the Mandatory Provident Fund (MPF).
    Here! Here! I'll second that. Sign me up for a stock purchase...And toss out that guaranteed way to loose money (MPF)!


    Just curious, you aren't going to take advantage of that one off have kids this year tax break? What's wrong with you not wanting to pump out as many as you can in a year. If you had played your cards right you could have had 2 tax breaks! As if!

  9. #24

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    Re: HKDL gets preliminary green light for expansion

    Great news! HKDL cannot possibly improve without increasing its size and therefore the number of attractions it offers to its park guests.

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  10. #25

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    Re: HKDL gets preliminary green light for expansion

    ORGOCH: So, what's gonna' be the first new thing they add over there at Ping Pong Dizzyland? A Peter Pansey ride? A Snoozin' Floozie Castle Walk thru? A Snow Ball 'n the 7 Flake's Scary Adventure? Pirates a the Scary Beans? A Flaunted Mansion? Ya all tell me!!!

  11. #26

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    Re: HKDL gets preliminary green light for expansion

    Quote Originally Posted by Witches of Morva View Post
    ORGOCH: So, what's gonna' be the first new thing they add over there at Ping Pong Dizzyland? A Peter Pansey ride? A Snoozin' Floozie Castle Walk thru? A Snow Ball 'n the 7 Flake's Scary Adventure? Pirates a the Scary Beans? A Flaunted Mansion? Ya all tell me!!!
    Whatever they decided, it will sure be better than the crap they have been opening at WDW lately... And witches, those suggestions sound like fun rides to me.

  12. #27

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    Re: HKDL gets preliminary green light for expansion

    ORDDU: Well, I have the best suggestion of all for a new attraction at Hong Kong Disneyland. It would be a dark ride called Tarzan's Tunnel of Love. And I get to be the first witch to ride it with my favorite man in a loin cloth--all alone; just the two us. With all the security cameras turned off...and no expectations from ANYONE as to what the two of us were up to while we rode it together--just him and I...

  13. #28

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    Re: HKDL gets preliminary green light for expansion

    Witches, I don't think few that you and your group of witches suggested is enough. Personally, I think HKDl should build all those attractions left out in the original plan in 1999.
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  14. #29

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    Re: HKDL gets preliminary green light for expansion

    I hope they have something new and unique for HK. I don't want replicas from other DL. Something no one else has and will never have.

  15. #30

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    Re: HKDL gets preliminary green light for expansion

    Quote Originally Posted by HongKongDisneyland View Post
    Probably both.

    My understanding is that 1st park will be expanded and there will be plan for 2nd Park

    the secretary for commerce and economic development said details will be worked out later.
    Good deal! Hong Kong Disneyland is still way too short on attractions. The plans for many of the future rides (etc) sound fantastic...and I can't wait to visit one day. I'm glad they are planning for a second gate as well.
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