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After millions of dollars of losses within the last five years, Disneyland is finally turning a small profit for Hong Kong’s economy, thanks to the addition of new rides.
According to CNBC, the plan to create a Disneyland in Hong Kong was formulated alongside Walt Disney in 1999, during the time of the Asian Financial Crisis. Officials had hoped the theme park would bring much-needed revenue into the country.
Operations were a struggle from the very beginning. Three-fourths of the initial $3 billion cost was thrust upon the public. Moreover, ticketing issues and shoddy food services plagued the park.
The novelty wore off soon after the park’s opening in 2005, diminishing park attendance by more than one million from original records.
Recently, however, the addition of attractions like the mining town Grizzly Gulch and Toy Story Land have brought in 13% more visitors, totaling 6.7 million. Coming this spring is Mystic Springs, as Disney describes as “mysterious forces and supernatural events in the heart of a dense, uncharted rain forest,” reports The New York Times. Also in talks are other possible hotels on top of the two already in business within the surrounding area.
Although over the past year the park has earned $14 million, it is far from recovering from over $500 million in losses.
Shanghai has plans to create its own Disneyland by 2015, which may prove to be a competitive hindrance to Hong Kong, which contains the smallest of Disney’s global parks.