What is the CEO’s opinion on Hong Kong Disneyland’s net loss of HK$2.7 billion in fiscal year 2020?

The performance data released by Hong Kong Disney on May 18 showed that the profit before interest, tax, depreciation and amortization for the 2020 fiscal year was negative HK$1.5 billion, and the net loss was HK$2.7 billion. Mok Wai-ting, CEO of Hong Kong Disneyland, said that he is optimistic about the future of the park, and the recovery of Disney's business is an important part of helping Hong Kong's tourism industry pick up.

Mok Wai-ting said, "Even though our society as a whole has faced many challenges in the past year, the park team has been able to flexibly adjust operations, increase revenue in innovative ways, and strive to protect the employment of colleagues."

The epidemic has caused a severe decline in Hong Kong Disney's revenue

Hong Kong Disney stated that due to the impact of the new crown epidemic in the past year, the global tourism industry has faced unprecedented uncertainty and numerous challenges. Hong Kong Disney Theme Park was closed for about 60% of the entire fiscal year, and the park hotel could only maintain limited services.

The number of local Hong Kong tourists visiting Hong Kong Disneyland is not enough to make up for the significant decline in the number of overseas tourists visiting Hong Kong. Hong Kong Disney's attendance in fiscal year 2020 was 1.7 million, a sharp decrease of 73% year-on-year; per capita consumption decreased by 18% year-on-year; hotel occupancy rate fell by 59 percentage points year-on-year to 15%.