Disney Looking To Increase Ownership Of Hong Kong Disneyland
Disney are looking currently looking to increase its share of ownership of Hong Kong Disneyland. According to some documents that where submitted this week to Hong Kong’s legislature (Legco), Disney has agreed to an equal split of the $1.41 billion (HK$10.9 billion) expansion and upgrade of the park, in exchange for an increase of ownership.
Currently Disney owns only 47% of the park, which would increase by just 1% after this agreement. The proposal reduces the burden for the Hong Kong government by some $45.2 million (HK$350 million), who own 53% of the park at the moment, which would reduce their ownership to 52%.
Hong Kong Disneyland is continuing to get deeper into debt and lawmakers feel the city of Hong Kong is getting a bad deal. Disney currently earn fixed management fees and rejected the governments calls to adjust the formula that calculates the fees. The Hong Kong resort has come under competition from Shanghai Disneyland.
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