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Update on Disney’s Failing Theme Park: Crowds Increase, Company Optimistic

With Disney raking in billions from its theme parks every year, it’s fair to assume that each and every park is thriving. However, that couldn’t be further from the truth – especially for Hong Kong Disneyland.

First opened in 2005, Hong Kong Disneyland has faced a series of financial and operational struggles since its inception.

A group of iconic Disney characters, including Mickey Mouse, Minnie Mouse, Donald Duck, Daisy Duck, Pluto, and Chip and Dale, dressed in festive attire, joyfully posing in front of a colorful parade float in a theme park with a castle in the background.
Credit: Hong Kong Disneyland

The Struggles of Hong Kong Disneyland

Initially expected to draw millions of visitors annually, the park underperformed in its early years due to its small size, limited attractions, and competition from nearby theme parks like Ocean Park, with many deeming the park a failure.

(For comparison, Shanghai Disneyland smashed expectations and managed to draw in over 11 million visitors, as well as breaking even in its first complete fiscal year, making it the fastest theme park business of its size to do so).

Hong Kong Disneyland fireworks over Castle of Magical Dreams
Credit: Disney

Visitor numbers stagnated, and by 2008, the park was forced to expand its offerings with new rides and themed areas to attract more guests. The global financial crisis further dampened attendance, with the park turning to multiple expansions – including Toy Story Land (2011), Grizzly Gulch (2012), and Mystic Point (2013) – in its attempts to turn a consistent profit.

These efforts paid off. Hong Kong Disneyland reported its first profit in 2012, earning HK$109 million (US$13.97 million). However, financial stability was short-lived, as the park fell back into mounting losses in 2015, 2016, and 2017. The opening of Shanghai Disneyland arguably cannibalized visitors, while the COVID-19 pandemic later compounded the park’s financial struggles, leading to further setbacks.

A mother and child enjoy a ride on the Dumbo the Flying Elephant attraction at an amusement park. They are seated in a Dumbo-shaped car, smiling and having fun. Other park visitors can be seen in the background, also riding similar Dumbo cars.
Credit: Hong Kong Disneyland

The latter forced the park to close and reopen multiple times between 2020 and 2022. In 2020, the Hong Kong government – a majority stakeholder in the park – approved a $5 billion bailout to keep operations afloat.

We’ve seen even more new additions in the subsequent years, such as the debut of Castle of Magical Dreams (which replaced Sleeping Beauty Castle) and Disney’s first-ever World of Frozen, to lure in more guests.

The Park Reports an Impressive Turnaround

Finally, things seem to be turning around for Hong Kong Disneyland.

Fresh off the heels of The Walt Disney Company announcing that a new Spider-Man attraction (thought to be similar to the Tower of Terror) will debut in the park’s Stark Expo area, Hong Kong Disneyland has reported an impressive performance in 2024.

Iron Man stands in front of Stark Expo at Hong Kong Disneyland at night
Credit: Hong Kong Disneyland

Anita Lai Pui-shan, Vice President of Communications and Public Affairs, described the year as “a prosperous one in both attendance and revenue” (via The Standard). Hong Kong Disneyland experienced “double-digit growth” of Shenzhen visitors during its Halloween season, with hotel occupancy exceeding 90% over Christmas thanks to high attendance from Mainland and overseas tourists.

In 2024, reports showed that Hong Kong Disneyland’s revenue more than doubled in the year leading up to September 2023, while its losses dropped significantly. Revenue surged 156% to HK$5.7 billion ($731 million) as attendance rose 87% to 6.4 million. Earnings before interest, taxes, and depreciation tripled to HK$924 million ($118 million), and net losses fell 83% to HK$356 million ($45.6 million).

The park remains optimistic about the coming years. “Since the opening of the World of Frozen, Mainland tourists purchasing annual passes have doubled. The Greater Bay Area remains a key market for the theme park,” said Lai.

Anna and Elsa in World of Frozen
Credit: Hong Kong Disneyland

Personally, we’ve always had a soft spot for Hong Kong Disneyland. While it’s not as grandiose as Shanghai Disneyland or as sprawling as Tokyo Disney Resort, it has its own quirks and a unique charm that reminds us the most of the OG Disneyland Park out of all of Disney’s castle parks worldwide. Here’s to an even stronger year in 2025!

Which international Disney parks have you visited?

Chloe James

Chloë is a theme park addict and self-proclaimed novelty hunter. She's obsessed with all things Star Wars, loves roller coasters (but hates Pixar Pal-A-Round), and lives for Disney's next Muppets project.

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