Worst Net Loss Recorded by Hong Kong Disneyland amid COVID-19 Pandemic
HONG KONG DISNEYLAND – The most popular theme park across the globe recorded its worst net loss amid the COVID-19 pandemic in the world.
Across the globe, the Hong Kong Disneyland is undeniably one of the most prominent and sought-after destinations. It is perfect go-to for families most especially if the focus of the trip is the enjoyment of the children.
Kids will surely have fun with the amazing rides in the theme park, the giant stuff toys they can buy, the interesting food, and a lot more. It is usually a family target place.
However, due to the COVID-19 pandemic, many people’s plan of visiting Hong Kong Disneyland is put on pause. There are travel restrictions implemented by several countries in the pursuit to curb the spread of the disease.
The Hong Kong Disneyland is one of those businesses whose income was affected negatively by the COVID-19 pandemic. Based on a report in ABS-CBN News, it recorded its worst net loss at HK $2.66 billion.
The said net loss is taking place following a series of closures and weeks wherein there are almost no guests due to the situation now. Based on the report, the said theme park is 53% owned by the government and the rest is owned by the Walt Disney Company in the United States.
According to HK Disneyland’s managing director, Michael Moriarty, Walt Disney has previously provided $2.1 billion revolving facility that can be used as a working capital. Meanwhile, despite the huge loss on its net income, Moriarty stressed that it is because of the pandemic and it cannot be the basis for the potential future of the theme park.
The HK Disneyland started its operation in 2005. In just three (3) years since it opened, it made a profit already. When asked if they would consider seeking for government funding amid the pandemic, its managing director said they have no plan to do so.
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