Hong Kong Disneyland posts nearly $350m net loss in fiscal year 2020

HONG KONG - Hong Kong Disneyland Resort reported a net loss of HK$2.7 billion ($348 million) in the fiscal year 2020 as its theme park was closed for nearly 60 percent of the year due to the COVID-19 epidemic.

Its revenue was down 76 percent to HK$1.4 billion ($180 million) from October 2019 to September 2020, Hong Kong Disneyland said in a statement on Monday. Earnings before interest, taxes, depreciation and amortization was negative HK$1.5 billion ($193 million).

During that fiscal year, its park attendance was 1.7 million, a drop of 73 percent from a year ago. Per capita spending also fell 18 percent.

Despite the lackluster business results, the resort remains optimistic.

"While last year presented challenges for our entire community, I'm proud of how we were able to react nimbly, adjust our operations, and identify innovative ways to generate revenue, while preserving jobs," said Michael Moriatry, managing director of Hong Kong Disneyland.

Upon the recent reopening of the theme park on Feb 19 this year, local guest reaction has been positive, showing a continued rebound in attendance. Annual pass membership reached a record high since its launch in 2011, the resort said.

"I'm optimistic about the future of Hong Kong Disneyland Resort and consider our recovery as an important part of reviving Hong Kong's tourism ecosystem," Moriatry said.