Disneyland has already adopted a new strategy to attract more guests from different countries, particularly from Indonesia, India, Singapore and Thailand. (Photo : Getty Images)
Hong Kong Disneyland Resort just recorded its first annual loss since 2011, according to an article by China Daily. The theme park's latest financial report states that it feel HK$148 million or about $19 million by the end of the fiscal year ending October 2015.
Hong Kong Disneyland also reported 6.4 percent loss in total revenues, only earning HK$5.11 billion last year, a drastic year-on-year decline since 2009.
Andrew Kam, the theme park's managing director, said that increasing competition and costs are to blame for the loss. Instead of going to the theme park, tourists are now flying to other countries due to imposed relaxations on requirements.
"Tourists now have more choices," Kam said in an interview with China Daily, "because many countries have relaxed their visa requirements."
"Currency rates in some countries have depreciated remarkably over the past two years and airlines are offering more international routes at competitive prices," Kam added.
In line with the recorded annual loss, attendance in the theme park also fell to 6.8 million, a 9.3-percent decrease, last year. The Disneyland Resort in the mainland is not faring any better as it also recorded a 23-percent drop in attendance last year.
It's been a challenging year for the company, according to Kam, but Disneyland has already adopted a new strategy to attract more guests from different countries, particularly from Indonesia, India, Singapore and Thailand.
Company officials were also in attendance in 16 major expos held in Asian markets to promote the theme parks. Hong Kong Disneyland will also open more new features and launch a three-day discount ticket to remain competitive against Shanghai Disneyland.
As for the mainland, officials have shifted the marketing focus on big cities and areas that are connected by high-speed rail in conjunction with the opening of the Guangzhou-Shenzhen-Hong Kong express line.
With the opening of the new Shanghai Disney Resort this summer, Kam remains optimistic that the Hong Kong park will continue to attract a steady stream of visitors with new attractions.
