Hong Kong lawmakers voted to spend HK3.63 billion (Dh1.72bn) to expand the Disneyland theme park. Attendance has not met targets, and a rival theme park is planned for Shanghai, so the government is looking for ways to increase the number of visitors over the long term. Walt Disney will invest HK$3.5bn to help finance construction costs and will also convert its outstanding loan to the park of HK$2.76bn into equity. Hong Kong will convert a large portion of its HK$6.89 billion loan to the park into equity.
Finance Secretary John Tsang said the Disneyland park has already brought significant economic benefit to the city, and with its new features will “rise up to the keen competition on the tourism front”. Chairman of Disneyland Parks and Resorts Jay Rasulo said “This substantial investment represents our companies continued commitment to and confidence in the Hong Kong Disneyland.”
