Hong Kong Disneyland Resort
The Hong Kong Disneyland Resort is a resort built and owned by Hong Kong International Theme Parks Limited, a joint venture of the Government of Hong Kong and The Walt Disney Company in Hong Kong on reclaimed land beside Penny's Bay,[1] at the northeastern tip of Lantau Island, approximately two kilometres (1.2 mi) from Discovery Bay. It is the second Disney Resort in Asia and the first Disney Resort in China.[2] Officially opened on 12 September 2005, the resort contains the Hong Kong Disneyland theme park, the Hong Kong Disneyland Hotel, Disney's Hollywood Hotel, Disney Explorers Lodge and several retail, dining and entertainment facilities covering 1.3 square kilometres (320 acres) of the island.
Native name
Chinese: 香港迪士尼樂園度假區
12 September 2005
Penny’s Bay, Lantau Island, Hong Kong
Michael Moriarty (managing director)
香港迪士尼樂園度假區
香港迪士尼乐园度假区
Xiānggǎng Díshìní Lèyuán Dùjiàqū
Xiānggǎng Díshìní Lèyuán Dùjiàqū
Hoeng1 gong2 Dik6 si6 nei4 Lok6 jyun4 Dou6 gaa3 keoi1
The Hong Kong Disneyland Resort is the second Disney park extension into Asia after the opening of the Tokyo Disney Resort more than 20 years earlier.[1] Currently, the Resort is overseen by Managing Director Michael Moriarty who reports to Jill Estorino, President and Managing Director, Disney Parks International.
History and development[edit]
Concept and Background[edit]
In 1998, a Hong Kong theme park was proposed by Walt Disney Parks and Resorts. The designs made it the smallest of the Disney parks. The Legislative Council of Hong Kong gave approval in 1999 for funding the construction[1] at a former shipyard.[3]
A joint-venture company, Hong Kong International Theme Parks Limited (HKITP), was created in 1999 with Disney investing US$316 million for a 43% equity stake in the project. The Phase One build-out included a projected 10 million annual visitor Disneyland-style theme park, 2,100 hotel rooms, and an area for retail, dining and entertainment. The project was estimated to create 18,000 jobs at opening (both Disney and other employment) and up to 36,000 jobs over the following 20 years. The Hong Kong Government estimated that the first phase of the project will generate a present economic value of HK$148 billion (US$19 billion), or about 6% of gross domestic product (GDP) in benefits to Hong Kong over 40 years of operation.[1]
In 2000, Disney announced a second Chinese theme park resort in mainland China. Tourism workers associations and lawmakers want Disney to drop the mainland project to protect this and general tourism in Hong Kong. Disney promised not to open such a park for eight years.[1] Government Secretary for Economic Service Stephan Ip Shu-kwan and Walt Disney Attractions Chairman Judson Green signed the master project agreement in November 2000.[3]
The government began dredging for the park resort in July 2000. Fish around Ma Wan died as a result of land reclamation.[4]
Hong Kong International Theme Parks[edit]
Hong Kong International Theme Parks, Limited (HKITP) is the joint venture between Government of Hong Kong and The Walt Disney Company in which they respectively own 52% and 48% currently.
At the start, the Hong Kong Government held a 57% stake, while The Walt Disney Company had 43%. But after the expansion plans were announced in 2009, when The Walt Disney Company invested HK$3.63 billion (US$465 million), Hong Kong Government's holdings were reduced to 52% while The Walt Disney Company's shares increased to 48%.[32]