Hong Kong's 'Magic Kingdom' Finally Spins Gold

Seven years after it opened, China's first Disneyland resort is at last marching out of the red -- but it's also about to brave more competition.

Published

3 months ago

Categories

Finance

Topics

Travel & Tourism, Finance

Places

China

Companies

The Walt Disney Company

Transcript

TV AND WEB RESTRICTIONS~*NONE* After seven years of dancing down Hong Kong's Main street, Mickey's finally making money in China. Asian tourists have finally started pouring into Hong Kong Disneyland. It posted its first profit in 2012, bringing in 14 million dollars. Hong Kong Disney's Managing Director Andrew Kam. (SOUNDBITE) (English) HONG KONG DISNEYLAND MANAGING DIRECTOR, ANDREW KAM, SAYING: "This is a very significant milestone. We have seen the business has turned a corner." Disney's first foray into China has taken a long time to pay off. The world's smallest Disney theme park - it first failed to draw crowds, but picked up after an expansion, adding new attractions such as Toy Story Land. (SOUNDBITE) (Cantonese) DISNEYLAND VISITOR, VINCENT WONG, SAYING: "It's definitely a good thing. For example, we come here every two to three months. If they have more new activities, we'll come more often. We can experience something new." (SOUNDBITE) (English) REUTERS REPORTER, TARA JOSEPH, SAYING: "And now Disney's biggest competition is likely to be itself." In a couple of years, Shanghai is expected to open its own Disney resort about three times the size of Hong Kong's. Add the two Disney theme parks long up and running in Japan, and Disney's creations are clearly sparkling across Asia. ENDS