Hong Kong Disneyland could take $275 million hit from anti-government protests
The continuing anti-government protests in Hong Kong could cost Hong Kong Disneyland up to $275 million.
The park’s operating income declined $55 million in the fourth-quarter which ended in September, and expects revenue to fall $80 million in the current quarter.
Disney chief financial officer Christine McCarthy said continuing unrest could lead to a full-year decline of $275 million
The protests ‘have led to a significant decrease in tourism from China and other parts of Asia’ McCarthy said during Walt Disney Co’s earnings call.
It comes at a bad time as the park had narrowed its losses to just $6.9 million after recording park attendance growth by 8%
The protests will likely see the park stay in the red for a fifth consecutive year.
The HK government said it is now officially in recession and the tourism industry is reeling.
A number of global hospitality chains such as IHG have reported big declines in revenue.
Hyatt Hotels saw revenue per available room plunge by 36% in the third quarter in Hong Kong and was down 50% in October.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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