The scoop on Shanghai Disney~
With a full year of operations under its belt, Walt Disney Co.’s $5.5 billion Shanghai Disney Resort has almost broken even. That’s a feat that none of the resorts have been able to accomplish in the last 30 years according to CEO Bob Iger.
In an interview with Bloomberg Television at the Shanghai Disney Resort first anniversary celebration, Iger stated, “That’s an extraordinary achievement. I’m not sure we’ve ever done that. After the first year, I’m pleased to say that prospects are really strong for continued success and continued growth.”
Not only did they celebrate their first year anniversary, the park also welcomed over 11 million visitors, putting it in the top seven of theme parks worldwide. To compare parks, Tokyo Disneyland came in at 16.5 million visitors last year, Hong Kong Disneyland had 6.1 million, and Magic Kingdom at more than 20 million visitors, making it the company’s most popular park. Disney parks made up seven of the ten most attended parks around the world.
Shanghai is not without its struggles. With park attendance is higher than expected and the occupancy rates at its hotel extremely high, the merchandise, food, and beverage business has faced some challenges at the park. However, Shanghai Disney is a whopping success in comparison to Hong Kong Disneyland, which saw an 11% drop in attendance last year.
Like Walt Disney World’s Hollywood Studios, a Toy Story Land is also in the works for the Shanghai park, and should open around the same time. While Iger stressed that the first priority is to focus on expanding Shanghai, building another park in China isn’t off the table. In fact, he said, “There’s a great likelihood that we will.”
If you had a choice, where would the next Disney park to be built?