Hong Kong Disneyland Resort (HKDL) yesterday said that its revenue last year jumped 31 percent as the number of domestic visitors to its attractions hit a record, helping the company shrug off the effects of COVID-19 pandemic-related restrictions.
Revenue for the 52-week year ended on Oct. 1 last year grew to HK$2.2 billion (US$280.7 million), with the net loss narrowing to HK$2.1 billion from a HK$2.4 billion loss a year earlier, HKDL said in a statement.
Total attendance reached 3.4 million, most from local tourists during the pandemic.
Photo: Bloomberg
In fiscal 2022, HKDL’s theme park only operated for about six months in total due to mandatory closures and weeks when it could only operate five days out of seven.
HKDL said the theme park would review market conditions and adjust its operations to open six or seven days a week from the middle of next month to meet demand.
HKDL is to reopen Disney’s Hollywood Hotel in mid-July, unveil the Walt Disney and Mickey Mouse statue “Dream Makers” in October and open its “World of Frozen” in November, it added.
Hong Kong’s economy has waged a comeback after emerging from a recession in the first quarter of this year — its first three-month period of growth in more than a year.
GDP expanded by 2.7 percent year-on-year, vastly exceeding expectations among economists and marking a rebound from a 4.1 percent decline in the final quarter of last year, the Hong Kong government reported on May 2.
An influx of tourists has boosted demand. Visitor arrivals surged to about 2.5 million in March, up 68 percent from February.
Additional reporting by Bloomberg
Semiconductor business between Taiwan and the US is a “win-win” model for both sides given the high level of complementarity, the government said yesterday responding to tariff threats from US President Donald Trump. Home to the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), Taiwan is a key link in the global technology supply chain for companies such as Apple Inc and Nvidia Corp. Trump said on Monday he plans to impose tariffs on imported chips, pharmaceuticals and steel in an effort to get the producers to make them in the US. “Taiwan and the US semiconductor and other technology industries
SMALL AND EFFICIENT: The Chinese AI app’s initial success has spurred worries in the US that its tech giants’ massive AI spending needs re-evaluation, a market strategist said Chinese artificial intelligence (AI) start-up DeepSeek’s (深度求索) eponymous AI assistant rocketed to the top of Apple Inc’s iPhone download charts, stirring doubts in Silicon Valley about the strength of the US’ technological dominance. The app’s underlying AI model is widely seen as competitive with OpenAI and Meta Platforms Inc’s latest. Its claim that it cost much less to train and develop triggered share moves across Asia’s supply chain. Chinese tech firms linked to DeepSeek, such as Iflytek Co (科大訊飛), surged yesterday, while chipmaking tool makers like Advantest Corp slumped on the potential threat to demand for Nvidia Corp’s AI accelerators. US stock
The US Federal Reserve is expected to announce a pause in rate cuts on Wednesday, as policymakers look to continue tackling inflation under close and vocal scrutiny from US President Donald Trump. The Fed cut its key lending rate by a full percentage point in the final four months of last year and indicated it would move more cautiously going forward amid an uptick in inflation away from its long-term target of 2 percent. “I think they will do nothing, and I think they should do nothing,” Federal Reserve Bank of St Louis former president Jim Bullard said. “I think the
SUBSIDIES: The nominee for commerce secretary indicated the Trump administration wants to put its stamp on the plan, but not unravel it entirely US President Donald Trump’s pick to lead the agency in charge of a US$52 billion semiconductor subsidy program declined to give it unqualified support, raising questions about the disbursement of funds to companies like Intel Corp and Taiwan Semiconductor Manufacturing Co (台積電). “I can’t say that I can honor something I haven’t read,” Howard Lutnick, Trump’s nominee for commerce secretary, said of the binding CHIPS and Science Act awards in a confirmation hearing on Wednesday. “To the extent monies have been disbursed, I would commit to rigorously enforcing documents that have been signed by those companies to make sure we get
RSS