New MD for loss-making HK Disneyland

NOT SO MAGICAL: Hong Kong Disneyland Resort made a $26 million loss for the fiscal year ended October 2015. Business took a big hit after visitor numbers suffered a 9.3 per cent drop.


    Mar 09, 2016

    New MD for loss-making HK Disneyland


    HONG KONG Disneyland Resort said late on Monday it promoted Samuel Lau, vice-president of operations, to the post of managing director at the theme park to replace Andrew Kam, who resigned for "personal reasons".

    Controlled by a joint venture that is 47 per cent owned by The Walt Disney Company, the reshuffle comes weeks after it said it slid to a HK$148 million (S$26 million) loss for the fiscal year ended October 2015, from a HK$332 million profit a year ago, amid a fall in Hong Kong tourism.

    Hong Kong Disneyland Resort, which did not say exactly when Mr Kam left the company, reported that revenue dropped 7.3 per cent to HK$5.1 billion for the year ended October, from HK$5.5 billion a year earlier.

    Visitor numbers fell 9.3 per cent to 6.8 million in fiscal 2015 from 7.5 million in the previous year.

    A nearby rival, Shanghai Disney Resort, is slated to open in the middle of this year.