Disney’s troubled Hong Kong Disneyland theme park made a net loss of $169.4 million last year while attracting 4.6 million visitors, in its first major admission of its financial performance since its opening in 2005.
Since opening to great fanfare, Disney’s first magic kingdom in China has struggled to attract the expected flood of visitors from Mainland China.
The Hong Kong government, however, which has a 52% stake in the park – the Walt Disney Company (DIS.N) holds the other 48% – expressed disappointment with the park’s results.
The park saw 4.6 million visitors in 2009, 2% more than 2008, generating revenues of HK$2.541 billion.
Reuters reports that the theme park, Disney’s smallest, is now undergoing a $468 million expansion aimed at bolstering its competitiveness with a rival Disneyland that is scheduled to open in Shanghai in the next five or six years. But note the plans for that new park make it one of the smallest Disney has built.