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.